The report forecasts the global commercial washing machine market to grow at a CAGR of 4.53% during the period 2016-2020.
The report has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
One of latest trends in the market is increase in online laundry services. Many laundry service providers are going online and also introducing mobile applications to attract more customers. Increasing internet penetration worldwide has enabled customers to access online laundry services.
According to the report, one of the primary drivers in the market is increase in number of laundromats and growth of online laundry services in APAC. The number of launderettes is increasing at a fast pace in various APAC countries. For instance, the popularity of coin laundries is increasing rapidly Japan owing to the increased number of dual-income households. One of the main reasons for the increase in female employment in Japan is the acute labor shortage. In 2015, the job opening-to-applicant ratio in the country stood at a 23-year high of 1.28 times, meaning there were 28% more jobs available than people seeking work in Japan.
Although the government is permitting foreigners to work, employers are tapping into the female talent pool in the country as supply remains scarce. Many women are taking part-time jobs. In 2015, of all the total workforce in Japan, 40% were part-timers, while 57% were female workers. As working women find it difficult to make time for doing laundry, among other chores, they prefer coin laundries. This has increased the demand for coin laundries in the country. According to the Japanese Health, Labour and Welfare Ministry, the number of coin laundries in the country is rising annually. For instance, over 16,500 new coin laundries were opened across the country in 2013.