Europe Coin-operated Laundries Market Hit Big Revenues In Future

Posted on 2022-12-01 by researchinsights in Industrial // 0 Comments

Europe Coin-operated Laundries Industry Overview

The Europe coin-operated laundries market size is anticipated to reach USD 7.5 billion by 2028, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 9.1% from 2021 to 2028. The industry has undergone a revolution. Laundromats are no longer dingy, unsafe, and tedious places that customers must endure on a weekly basis, and have instead become fun and attractive multiservice centers that customers may even enjoy visiting. Modern-day businesses have snack bars, a place to leave off and pick up dry cleaning, and video games. Some of them even use additional methods of payments instead of exclusively being dependent on coins. Many laundry owners also employ attendants to keep an eye on the store and help customers use the equipment.

In addition, owners have realized that they can maximize their profits by providing customers with access to multiple services. Since they pay a set amount of rent on their commercial space, they have started to use that space to its fullest potential. Coin-operated laundry firms are located in apartment housing and are referred to as multi-housing laundry businesses or route laundry businesses. These businesses thrive in periods of both growth and recession. During periods of recession, when homeownership decreases, the self-service laundry market expands as more people are unable to afford to repair, replace, or purchase new washers and dryers, or as they move to apartment housing with inadequate or nonexistent laundry facilities. The market size grows proportionately to the increase in population.

Moreover, most hotels, hostels, and temporary lodging establishments offer coin-operated laundry services for their guests. Hotels often have an agreement that lets guests use laundromat services. In January 2021, Springboard Hospitality expanded its roster of Hawaii properties with the addition of Ohia Waikiki Studio Suites. The studio suit, along with offering 251 apartment-style accommodations, full kitchens, pool, bar, and restaurant, also offers coin-operated laundry facilities. Similarly, in November 2020, 304-room Marriott Tacoma Downtown was inaugurated, which, along with various facilities, also offers coin-operated laundry services.

Europe Coin-operated Laundries Market Segmentation

Grand View Research has segmented the Europe coin-operated laundries market on the basis of application and country:

Based on the Application Insights, the market is segmented into Residential and Commercial

In terms of value, the residential sector segment dominated the market for coin-operated laundries and accounted for the largest venue share of 80.6% in 2020. The growing number of residential constructions, rapid urbanization, and an increasing number of nuclear families are acting as major drivers for market growth. This is also attributed to the COVID-19 pandemic that has created an environment in which customers are acutely aware of health standards and hygiene protocols, and as a result, have been increasing their visits to the laundromats.
The commercial sector is estimated to witness a CAGR of 8.4% in the market for coin-operated laundries from 2021 to 2028. The commercial segment accounted for a revenue share of 19.4% in 2020. The commercial services sector makes one of the largest segments of the market. This involves hospitality, industry workers, factory or warehouse workers, healthcare sectors, beauty salons, and spas. In a majority of these sectors, uniforms, sheets, tablecloths, upholstery, and towels are soiled in large numbers at the end of every week. Thus, instead of washing the soiled textile or linen at the commercial establishment, launderettes are used to save time and effort.

Europe Coin-operated Laundries Country Outlook

Germany
K.
France
Spain
Italy
Russia

Key Companies Profile & Market Share Insights

The market for coin-operated laundries is fragmented in nature with the presence of a large number of regional and international players. The industry has been witnessing innovative strategies that have had a positive impact on its growth. Companies are also focusing on offering satisfactory services to the growing number of consumers.

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