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Coin-operated Laundries Products Market Size, Share, & Trends Analysis Report (2023 – 2030)
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Report Overview
The global coin-operated laundries products market size was valued at USD 8.4 billion in 2022 and is expected to grow at a CAGR of 5.8% during the forecast period of 2023–2030. The growing demand for coin-operated laundries products is being driven by the rising popularity among customers who prefer the convenience of these machines over that of manual laundry. Additionally, the increasing number of student populations in universities and colleges, who have limited access to laundry equipment and resources, is further driving the demand for coin-operated laundries products.
The increasing availability of coin-operated laundries products that are equipped with features such as automatic payment, remote accessibility, and energy-saving capabilities is further propelling the demand for these products. For instance, in November 2021, Maytag launched a coin-operated laundry product that has a wireless connectivity feature that allows the user to monitor laundry cycles, receive notifications, and even track energy consumption. Furthermore, the company’s new product is also equipped with a touch-screen display that allows customers to select the desired cycle and pay with coins, credit cards, or mobile wallets.
Furthermore, the increasing trend of premiumization among customers is also driving the coin-operated laundries products market. For instance, in May 2021, Wascomat launched a new coin-operated laundry product, which is equipped with a touchscreen display, Wi-Fi connectivity, and a mobile app for remote control. The product is also equipped with features such as automatic payment and energy-saving capabilities. Additionally, several companies are launching new products to cater to the demand for coin-operated laundries products from consumers. For instance, in February 2021, Speed Queen launched its new coin-operated laundry product with features such as a touch-screen display, Wi-Fi connectivity, and a mobile app for remote control.
In addition, the increasing number of laundromats worldwide is further driving the demand for coin-operated laundries products. The increasing trend of self-service laundromats has led to a rise in the number of laundromats worldwide. For instance, in the U.S., the number of laundromats has increased from 25,000 in 2020 to 27,000 in 2021. Moreover, the growing number of commercial laundries is also driving the demand for coin-operated laundries products. Furthermore, the increasing number of travel and tourism activities is also boosting the demand for coin-operated laundries products, as travelers prefer to use self-service laundries while they are away from home.
Product Insights
The coin-operated washers segment accounted for a share of around 39.1% in 2020. Coin-operated washers are the most popular and in-demand product among coin-operated laundries. Benefits such as convenience, lower costs, and comparatively smaller size as compared to other washers are some of the major factors driving the demand for coin-operated washers. According to an article published by Laundry Solutions, in December 2018, 73% of households in the US prefer using coin-operated washers. Furthermore, technological advancements such as the development of energy-saving and water-efficient washing machines are expected to further drive the demand for coin-operated washers in the near future.
The coin-operated dryers segment is anticipated to expand at the fastest CAGR of 5.1% over the forecast period. Coin-operated dryers are popular in laundries due to their convenience, cost-effectiveness, and comparatively smaller size. According to an article published by the University of Illinois, in April 2020, coin-operated dryers provide a faster drying cycle than standard residential dryers. In addition, the growing adoption of coin-operated dryers in commercial laundries due to their efficiency and low cost is expected to drive the market growth.
Distribution Channel Insights
The coin-operated laundries segment is expected to remain the largest distribution channel, accounting for a share of more than 37.1% in 2022. The segment is expected to remain the largest revenue contributor due to the convenience of coin-operated laundries and the presence of a large number of laundromats in the market. Coin-operated laundries are preferred due to their low cost and convenience as they are located near residential areas, thereby providing an easy and cost-effective laundry service.
The online segment is anticipated to witness the fastest growth rate during the forecast period with a CAGR of 10.4%. The online segment is driven by the increasing digitalization and the growing preference for online shopping due to the convenience it offers. Moreover, manufacturers are introducing convenient options such as home delivery and pick-up services to attract more customers. For instance, in 2020, Speed Queen launched its online store for laundry products and accessories. The online store helps customers buy products online and get them delivered to their doorstep.
Type Insights
The coin-operated laundry machines segment held the largest revenue share of 78.7% in the year 2022. The increasing demand for coin-operated laundry machines is attributed to their affordability, convenience, and availability. These machines require minimal maintenance and their efficiency has been improved by the introduction of advanced technologies. For instance, in June 2021, Alliance Laundry Systems LLC launched a new coin-operated laundry machines, which are equipped with card payment systems and provide the user with various options such as wash and dry, dry only, and wash only. Moreover, the increasing demand for self-service laundry machines in developed countries such as the U.S., U.K., Germany, Japan, and France is likely to propel the growth of this segment.
The multi-housing laundry machines segment is expected to expand at the highest CAGR of 8.3% over the forecast period. The increasing demand for multi-housing laundry machines is attributed to its low installation cost, high efficiency, and low maintenance cost. Moreover, the rising trend of multi-housing laundry machines in developing countries such as India and China are likely to propel the growth of this segment.
Regional Insights
North America is expected to be the most significant regional market for coin-operated laundries in the coming years. This can be attributed to the growing demand for convenient and cost-effective laundry services in the region. Moreover, the presence of several major players in the region is expected to support the growth of the market. For instance, in November 2021, Coin Laundry Association (CLA) launched its first coin-operated laundry in Las Vegas, which offers coin-operated laundry services to consumers.
Asia Pacific is expected to witness the fastest growth in the coming years. This can be ascribed to the rising disposable incomes and population in countries such as India and China, coupled with the increasing awareness about the benefits of using coin-operated laundry services. In addition, the presence of several leading players in the region and their efforts to expand their businesses are expected to drive the growth of the market in the region. For instance, in June 2021, Coin Laundry Association (CLA) launched its first coin-operated laundry in India.
Financial Projections
In this part of the coin-operated laundry products business plan we will provide a detailed breakdown of all income and expense categories of the business. These forecasts include cash flow projections and capital requirements for your coin-operated laundry products business. Usually, these projections are drafted for a 5-year period.
Revenue Assumptions
The main source of revenues for a coin-operated laundry products business comes from the sale of washing machines, dryers, detergents and other laundry products. Other sources of income may include vending machines, coin-operated video games, and other services such as laundry delivery and pickup.
Projecting Expenses
In this section, all the regular expenses related to keeping the coin-operated laundry products business running will be described. The list of operating expenses includes wages, rent, utilities, insurance policies, advertising, maintenance and repairs, and others. Depending on the location, additional costs may include taxes, permits, and licenses.
Key companies & market share insights
Some of the key companies operating in the coin-operated laundries market are increasingly focusing on product launches and expansion of the distribution channel to gain prominent visibility among consumers. Some of the initiatives are:
– In June 2022, Speed Queen launched a new line of coin-operated washers and dryers.
– In August 2022, Maytag launched a new line of coin-operated washers and dryers with enhanced energy efficiency.
– In October 2022, Huebsch launched a new line of coin-operated washers and dryers with advanced features.
Some of the prominent players in the coin-operated laundries market include:
– Maytag
– Speed Queen
– Whirlpool Corporation
– Electrolux AB
– Huebsch
– Alliance Laundry Systems
– Dexter Laundry
– Wascomat
– Continental Girbau
– IPSO International
Global Coin-operated Laundries Market Segmentation
This report forecasts growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global coin-operated laundries products market based on product type, end-use, and region:
1. Product Type Outlook (Revenue, USD Million, 2017 – 2030)
– Washers
– Dryers
– Accessories
– Others
2. End-use Outlook (Revenue, USD Million, 2017 – 2030)
– Commercial
– Residential
3. Regional Outlook (Revenue, USD Million, 2017 – 2030)
– North America
– Europe
– Asia Pacific
– Central & South America
– Middle East & Africa
Frequently Asked Questions
[Q]: What Factors are Driving the Coin-operated Laundries Market?
[A]: Factors such as the increasing affordability of coin-operated laundry equipment, the availability of convenient services and the demand for quick and easy cleaning solutions are driving the coin-operated laundries market. The rising demand for self-service laundries and the increasing focus on hygiene are also contributing to the growth of the coin-operated laundries market.
[Q]: Who are the Major Players in the Coin-operated Laundries Market?
[A]: Major players in the coin-operated laundries market include The Maytag Corporation, Pellerin Milnor Corporation, Alliance Laundry Systems, Huebsch Corporation, Washex Corporation, and Dexter Laundry Inc.
[Q]: What is the Market Outlook for Coin-operated Laundries?
[A]: The coin-operated laundries market is expected to witness significant growth over the forecast period, with the global revenue estimated to reach $2.5 billion by 2025. The market is expected to be driven by the increasing demand for convenience and hygiene, as well as the availability of innovative and cost-effective services.
[Q]: What are the Key Regional Markets for Coin-operated Laundries?
[A]: North America is expected to be the largest regional market for coin-operated laundries, followed by Europe and Asia-Pacific. In terms of growth, the Asia-Pacific region is expected to be the fastest-growing market, due to the increasing demand for coin-operated laundry services in countries such as India, China, and Japan.
[Q]: What are the Key Trends in the Coin-operated Laundries Market?
[A]: Key trends in the coin-operated laundries market include the introduction of advanced technology, the increasing focus on hygiene and sustainability, and the increasing demand for coin-operated laundry services.
Research Methodology
Impact Analytix employs a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. The company utilizes a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. In Addition, a recurring theme prevalent across all our research reports is data triangulation which looks market from three different perspectives. Critical elements of the methodology employed for all our studies include:
Preliminary data mining
Raw market data is obtained and collated on a broad front. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. For a comprehensive understanding of the market, it is essential to understand the complete value chain and in order to facilitate this; we collect data from raw material suppliers, distributors as well as buyers.
Technical issues and trends are obtained from surveys, technical symposia, and trade journals. Technical data is also gathered from an intellectual property perspective, focusing on white space and freedom of movement. Industry dynamics with respect to drivers, restraints, and pricing trends are also gathered. As a result, the material developed contains a wide range of original data that is then further cross-validated and authenticated with published sources.
Statistical model
Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously. These factors are studied on a comparative basis, and their impact over the forecast period is quantified with the help of correlation, regression, and time series analysis. Market forecasting is performed via a combination of economic tools, technological analysis, industry experience, and domain expertise.
Econometric models are generally used for short-term forecasting, while technological market models are used for long-term forecasting. These are based on an amalgamation of the technology landscape, regulatory frameworks, economic outlook, and business principles. A bottom-up approach to market estimation is preferred, with key regional markets analyzed as separate entities and integration of data to obtain global estimates. This is critical for a deep understanding of the industry as well as ensuring minimal errors. Some of the parameters considered for forecasting include:
Market drivers and restraints, along with their current and expected impact
Raw material scenario and supply v/s price trends
Regulatory scenario and expected developments
Current capacity and expected capacity additions up to 2030
We assign weights to these parameters and quantify their market impact using weighted average analysis, to derive an expected market growth rate.
Primary validation
This is the final step in estimating and forecasting our reports. Exhaustive primary interviews are conducted, face to face as well as over the phone to validate our findings and assumptions used to obtain them. Interviewees are approached from leading companies across the value chain including suppliers, technology providers, domain experts, and buyers so as to ensure a holistic and unbiased picture of the market. These interviews are conducted across the globe, with language barriers overcome with the aid of local staff and interpreters. Primary interviews not only help in data validation but also provide critical insights into the market, current business scenario, and future expectations and enhance the quality of our reports. All our estimates and forecast are verified through exhaustive primary research with Key Industry Participants (KIPs) which typically include:
Market-leading companies
Raw material suppliers
Product distributors
Buyers
The key objectives of primary research are as follows:
To validate our data in terms of accuracy and acceptability
To gain an insight into the current market and future expectations
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