Cleaning Services Market Share Growing at 6.5% CAGR to Hit USD 111,498.8 Million by 2030
cleaning services Research trends
the carpet and upholstery segment is projected to witness the highest CAGR of 7.8%, in revenue terms, during the forecast period.
PORTLAND, OREGON, UNITED STATES, November 29, 2023 /EINPresswire.com/ -- The global cleaning services market size was valued at $55,715.0 million in 2020, and is projected to reach $111,498.8 million by 2030, registering a CAGR of 6.5% from 2021 to 2030. The floor care segment was the highest contributor to the market, with $12,293.8 million in 2020, and is estimated to reach $22,820.2 million by 2030, at a CAGR of 5.7% during the forecast period.
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Prime determinants of growth
Improved online presence and growth in demand among commercial consumers drive the growth of the global cleaning services market. However, intense competition hinders the market growth. On the other hand, demand for construction and post-construction cleaning services presents new opportunities in the coming years.
Covid-19 Scenario
The outbreak of the Covid-19 pandemic positively has impacted the growth of the global cleaning services market positively.
Household cleaning services have become an essential thing due to spread of coronavirus. Furthermore, the governments of numerous countries have released a number of SOPs/guidelines that firms must follow in order to reduce the risk of subsequent waves of the existing pandemic.
This trend is likely to be continued in the post-COVID era too.
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The floor care segment to maintain its leadership status throughout the forecast period
Based on type, the floor care segment held the highest market share in 2020, accounting for more than one-fifths of the global cleaning services market, and is estimated to maintain its leadership status throughout the forecast period. The growth in this segment is attributed to the rising demand for high-end cleaning products, growing demand of cleanliness in office and home premise. Moreover, the maid services segment is projected to manifest the highest CAGR of 7.2% from 2021 to 2030, owing to growth in the sales of home décor items such as rugs, carpets, furniture and more among others.
The commercial segment to maintain its lead position during the forecast period
Based on end user, the commercial segment accounted for the largest share in 2020, contributing to more than two-fifths of the global cleaning services market, and is projected to maintain its lead position during the forecast period. This is due to rise in the number of commercial premises such as offices, hospitals, clubs and more among others. Moreover, the residential segment is expected to portray the largest CAGR of 4.5% from 2021 to 2030, owing to increasing in working hours coupled with growing trend of cleanliness among house owners.
North America to maintain its dominance by 2030
Based on region, North America held the highest market share in terms of revenue in 2020, accounting for nearly one-third of the global cleaning services market. The growth can be attributed to the highly developed channels of distribution, which encourages large sale of consumer good in the region. Moreover, the Asia-Pacific region is expected to witness the fastest CAGR of 7.4% from 2021 to 2030, owing to improvement in the infrastructure and convenience in setting up new businesses.
Key findings of the study
On the basis of type, the carpet and upholstery segment is projected to witness the highest CAGR of 7.8%, in revenue terms, during the forecast period.
On the basis of end user, the commercial segment is expected to dominate the market from 2021 to 2030.
The residential segment is expected to grow at a significant CAGR during the forecast period.
U.S. was the largest country, in terms of revenue generation for cleaning services in 2020.
Asia-Pacific is anticipated to witness highest growth rate, registering a CAGR of 7.4% from 2021 to 2030
The cleaning services market is for the most part an organized market which is dominated by few players. The key players in the cleaning services industry relies on strategies such as product launch and acquisition to stay relevant in the global cleaning services market share. The key players profiled in the report are ABM Industries Inc., Analog Cleaning Systems, Aramark Corporation, Chem-Dry, Cleannet, Jani-King International, Inc., Pritchard Industries Inc, Sodexo, Coit Cleaning And Restoration Services, And The Servicemaster Company, Llc.
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