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Cloth Drying Products Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Product Type and Distribution Channel

Cloth Drying Products Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Product Type and Distribution Channel

  • July 2022
  • 140 pages
  • ID: 6316374
  • Format: PDF
  • The Insight Partners

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The cloth drying products market is projected to reach US$ 4,910.54 million by 2028 from US$ 3,697.85 million in 2022. It is expected to grow at a CAGR of 4.8% during 2022–2028.

The growth of the cloth drying products market is driven by the shift in socio-economic conditions due to rapid economic development and the high disposable income of people in developing regions.Moreover, rapid urbanization, modern lifestyle, and consumer spending capacity are changing their overall shopping habits.

Now, they look forward to buying innovative products in their daily life.In many urban areas, the growing need for portable drying products results from the growing demand for compact, effective, and efficient products that can readily be installed in a smaller space.

One of the main drivers of the cloth drying product industry is the rising need for convenience when drying clothing in small spaces.

People prefer innovative products, such as smart drying products that automatically retract in the event of rain.Similar to this, the newest technologies that open up new business chances for expanding the drying products market include remotely controlled products and intelligent internal motors that enable drying products to move the rods to dry the clothes.

With expanding urbanization, demand for residential housing units surged at phenomenal rates.The number of dwelling units is anticipated to increase the demand for drying products in small spaces.

Rising disposable income and improving lifestyles are the key factors driving the growth of the global laundry industry. Moreover, the increasing demand for cloth drying products is attributed to the availability of various products at multiple retail channels at affordable prices.

Based on product type, the global cloth drying products market is segmented into rotary dryer, wall-mounted dryer, and drying rack.In 2021, the drying rack segment accounted for the largest revenue share, while the wall-mounted dryer segment is expected to account for the highest growth rate over the forecast period.

Wall-mounted dryers are ideal for small spaces, such as balconies, small garden areas, or indoor rooms.They are compact and have foldable arms that can be easily closed when not in use.

Many wall-mounted dryers have enough drying space to hold the entire wash load of 2 families.

Moreover, they are suitable for large laundry items.Wall-mounted dryers are commonly preferred by people living in urban areas and metro cities, where apartments and living spaces are compact.

The rising demand for wall-mounted clotheslines in urban cities due to lack of space is expected to drive the segment’s growth over the forecast period.

By region, the cloth drying products market is segmented into North America, Europe, Asia-Pacific (APAC), Middle East & Africa (MEA), and South & Central America (SAM).In 2020, North America held the largest share of the market.

However, APAC is estimated to register the highest CAGR in the market during the forecast period.

The North America cloth drying product market is segmented into the US, Canada, and Mexico.The cloth drying product market is growing significantly due to a demand for small, portable products that can be used in compact spaces.

The growth of the cloth drying products market is also attributed to the rising number of dual-income households and nuclear families. People are trying to save time and effort and prefer to dry their clothes on drying products instead of hanging their clothes outside their balconies, which is driving the growth of the laundry industry in the region.

Addis Housewares Ltd.; Brabantia Branding B.V.; Honey-Can-Do International LLC; Freudenberg Home and Cleaning Solutions GmbH; INTER IKEA SYSTEMS B.V.; JOMOO KITCHEN & BATH CO., LTD.; Julu Ltd.; RACKBUDDY; Vale Mill (Rochdale) Ltd.; Juwel; and Leifheit AG are the players operating in the cloth drying products market. These companies provide a wide range of product portfolios for the market. The companies have their presence in developing regions, providing lucrative market growth opportunities. Market players are developing high-quality, innovative products to meet customer requirements.

The size of the global cloth drying products market has been derived using both primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market.

Also, multiple primary interviews have been conducted with industry participants to validate the data and gain analytical insights into the topic. Participants in this process include industry experts, such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants, such as valuation experts, research analysts, and key opinion leaders, specializing in the cloth drying products market.

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