Press Release Description
Laundry Tech Trends and Advancements Elevating the Washing Machine Market
The Global Washing Machine Market is projected to grow at a CAGR of around 5.2% CAGR during 2023-28, cites MarkNtel Advisors in the recent research report. Technological innovations in washing machines are making significant advancements. The market is primarily driven by the increasing inclination towards automated household chores that aid in minimal physical effort and reduced drying time. Many key players are involved in various research and development activities, bringing digital breakthroughs with installations of IoT and AI, simplifying the washing process with features like monitoring, alerts, and control through smart devices.
Additionally, changing lifestyles, rapid urbanization, and increasingly busy schedules of the working population have increased the facilitation of washing machines. As a result, manufacturers are working on new trends in the laundry industry to establish their leadership. This has paved the way for the introduction of next-generation washing machines, which have prompted further market growth, further states the research report, “Global Market Analysis, 2023.”
The market is broadly fragmented based on product, technology, capacity, end-user, and sales channel. On the basis of product, the market is segmented into fully automatic, semi-automatic, and dryers. And Based on technology, the market is segmented into smart contact and conventional. Based on capacity, the market is segmented into less than 6kg, 6.1 to 8kg, and above 8kg. Based on the end-user, the market is segmented into commercial and residential. Based on sales channels, the market is segmented into e-commerce and retail chains.
The Growing Impulse for Automated Washing Machines Mounting the Fully-Automatic Segment
The fully-automatic segment is expected to capture the largest share of the washing machine market during the forecast period. This is due to the significant increase in the working population who have limited time for laundry or household chores. The improving economic standards and rapid urbanization have resulted in the adoption of the latest automated washing machines. Moreover, the growing consumer awareness of the benefits of these machines in terms of time and effort savings for washing and drying is further propelling the market growth.
Unplanned Outdoors Activities Fosters the Market Growth in North America
North America is predicted to experience the fastest growth in the washing machine market during the forecast period. This is due to the growing consumer interest in diverse outdoor activities and sports like cricket, basketball, football, tennis, and others, which are inflating the sales of washing machines and fueling market growth. For instance, recent statistics show that people in the US are estimated to participate in 1 billion outdoor activities in the near future. Additionally, the increase in the construction of new homes has fostered the demand for home appliances, including washing machines. Therefore, the washing machine market is expected to grow exponentially due to various factors.
With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market players including Alliance Laundry Systems, Electrolux AB, GE Appliances, Girbau, Haier Inc, IFB Appliances, Kenmore, LG Electronics Inc., Miele, Panasonic Corporation, Robert Bosch GmbH, Samsung Electronics Co. Ltd., Sharp Corporation, Siemens AG, Whirlpool Corporation, and Others (Godrej, Fisher & Paykel Appliances, etc.)
Key Questions Answered in the Research Report
- What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
- What are the trends that have shaped the industry to its current form?
- What key factors would propel and impede the Global Washing Machine Market?
- How has the industry been evolving in terms of geography & product adoption?
- How has the competition shaped across various countries, followed by their comparative factorial indexing?
- How have buying behavior, customer inclination, and expectations from Washing Machine manufacturers evolved during 2018-28?
- Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?
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