I machine wash (front loader) and machine dry my stuff (usually not after every ride, (note below)) and it seems to last forever. I have stuff well over 10 years old that's still fine. I do usually have 6 pair of shorts/bibs and maybe 8 jerseys in rough rotation so the wear and tear does get distributed among them.

Note: I'm not wanting to start a discussion on laundering after ride, but IMO, much if not most wear and tear on clothing occurs during laundering. Less laundering usually means an article of apparel will last longer. There are certainly social and personal hygiene considerations.