NEW YORK, Nov. 19, 2021
NEW YORK, Nov. 19, 2021 /PRNewswire/ -- Global sales of cloth drying racks are estimated to reach US$ 3.9 Bn by the end of 2031, increasing at a CAGR of 3.6% from 2021 to 2031, mostly driven by high demand for freestanding cloth drying racks, which held more than 54% market share in 2020.
Innovation in technology and advancements of industries have helped the cloth drying racks industry grow and diversify the product line. With the help of innovation, players in the industry provide various types of cloth drying racks that can be mounted on different platforms according to customer requirements.
Availability of electric cloth drying racks that use minimal energy to heat the rods and improve efficiency has helped the laundry industry grow and provide various services at affordable rates. Further, introduction of smart cloth drying racks that can be accessed using the product through smartphones has eased customer experience. In addition, innovation in modern machinery has helped build drying racks not only for residential purposes but also for industrial use.
Due to the constant contribution toward product innovation, growth in number of players in the industry has fuelled competition, which has encouraged them to provide unique, safe, and effective products. The market is currently experiencing the emergence of small local and regional players.
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Key Takeaways from Market Study
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"Leading companies are aggressively marketing a wide range of cloth drying racks with various products and mounting types. Moreover, introduction of electrical smart cloth drying racks that improve efficiency and usability has helped the laundry service industry grow," says an analyst at Persistence Market Research.
Key Market Players
The report underlines ground-breaking insights into the competitive scenario of the cloth drying racks market, along with the highlights of differential strategies used by manufacturers.
Some of the key players identified across the value chain include CRESNEL, Honey-Can-Do, Pennsylvania Woodworks, Aero, AmazonBasics, JOMOO, HK, Whitemor Inc., BallcapBuddy, Mr. Bond, AMEZIEL Inc., Cobbe, Xcentrik, Orlant, Lbest, Hotata, ASJ, L-Best, Schloeman, and Jeyang, among others.
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Know More about Report Inclusions
Persistence Market Research published a new market report on the cloth drying racks market, covering global industry analysis of 2016-2020 and forecasts for 2021 to 2031. This research report provides compelling insights on the basis of product type, mounting type, price range, material, and sales channel, across all major regions of the world.
The report also includes forecast factors and vital macroeconomic factors that are anticipated to boost the growth of the global market. It also addresses the restraints that are projected to hinder market growth, along with the latest trends and potential opportunities in the market.
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