Market Insights & Analysis: Global Washing Machine Market (2023-28)
The Global Washing Machine Market is projected to grow at a CAGR of around 5.2% CAGR during 2023-28. The growth of the market is projected to be driven primarily by the growing focus of consumers on maintaining hygiene and their increasing inclination toward automated household chores, i.e., demonstrating a higher sale rate for washing machines across different countries worldwide.
Besides, as the economic conditions of the people are improving, alongside the rapid urbanization, the mounting demand for smart features like minimal physical efforts, reduced drying time, etc., in these machines is another contributor to the market growth.
Moreover, with the growing working population with minimum or no time for household chores, the sales of washing machines are peaking rapidly and, in turn, instigating the leading manufacturers to widen their production & distribution capacities in order to cater the ever-increasing consumer requirements.
In addition, higher interest of people in sporting disciplines like cricket, basketball, football, tennis, and others, are also propelling the sales of washing machines due to the high laundry generation, thereby further driving market growth globally.
|Study Period||Historical Data: 2018-21|
|Base Year: 2022|
|Forecast Period: 2023-28|
|Regions Covered||North America: USA, Canada, Mexico|
|South America: Brazil, Argentina|
|Europe: The UK, Germany, France, Spain, Italy, Rest of Europe|
|Asia-Pacific: China, India, Japan, South Korea, Rest of Asia-Pacific|
|Middle East & Africa: UAE, Saudi Arabia, Turkey, South Africa, Rest of Middle East & Africa|
|Key Companies Profiled||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, Godrej, and Fisher & Paykel Appliances|
|Unit Denominations||USD Million/Billion|
The Emergence of Smart Washing Machines: A Prominent Growth Contributor to the Market
As developments are rapidly taking place to make life easier, technological innovations in washing machines are nowhere behind. Many prominent companies are indulged in numerous research & development activities, brining modern solutions with an increased usage of IoT technologies in these machines. It, in turn, demonstrate betterment in the simplicity of the washing process with features like monitoring, alerts, & control through smart devices, making it much convenient for the users to operate in their busy schedules. For instance:
Global Washing Machine Market (2023-28): Segmentation Analysis
The Global Washing Machine Market study of MarkNtel Advisors evaluates & highlights the major trends & influencing factors in each segment & includes predictions for the period 2023–2028 at the global, regional, and national levels. Based on the Product Type, and Capacity the market has been further classified as:
Based on Product Type,
Of them all, the fully-automatic segment acquired the largest share of the market in the previous years, and the same trend is likely during 2023-28. It owes to the rapidly increasing working population with minimum or no time for laundry or house chores, demonstrating greater consumer inclination toward technologically advanced products. Besides, improving economic standards and rapid urbanization are also shaping the prospect of home automation and contributing to the sales of fully automatic washing machines. Moreover, growing consumer awareness about the benefits of these machines in offering assistance in washing & drying in the same drum, and saving a massive amount of time & physical effort, is also hinting toward higher user preference in buying fully-automatic machines and stimulating the overall market growth through the forecast period.
Based on Capacity:
Here, capacity ranging between 6.1- 8 kg held the largest market share in the past few years. It owes to the increasing number of nuclear families & single households on account of rapid urbanization, coupled with the mounting consumer focus on electricity & water savings. On the other hand, the demand for more than 8 kg capacity is expected to register significant growth, primarily for commercial purposes in hotels, hospitals, and among laundry service providers. Since these facilities generate massive laundry, they require more capacity for a large number of clothes to be washed in one go and achieve energy & water efficiency. Hence, the growing establishment of commercial facilities worldwide is likely to boom the sales of washing machines with over 8kg capacity and, consequently, stimulate the overall market growth in the coming years.
Global Washing Machine Market Regional Projection
On the geographical front, the Global Washing Machine Market expands across:
Of all regions globally, the North America Washing Machine Market is anticipated to demonstrate the fastest growth during 2023-28. It owes to the growing consumer interest in diverse outdoor activities, resulting in greater laundry needs. In addition, many commercial places are offering laundry services to customers, i.e., also demonstrating peaking sales of washing machines in different countries, especially in the US & Canada. Besides, rapid urbanization and a hike in the construction activities for new homes are also fostering the demand for home appliances, including these machines, and favoring the market in North America.
On the other hand, Asia-Pacific is anticipated to dominate the market with the largest share during the forecast period. This dominance is backed by improving economic conditions and rising disposable incomes, i.e., showcasing an increasing purchasing power for these machines. Besides, the growing working population, especially in the middle & lower-income sections, is emerging as prominent consumers of washing machines, increasing the overall consumption rate, particularly across countries like China & India. Moreover, the presence and active participation of numerous domestic brands like Samsung, Haier, & LG, among others, and their progressive role in maximizing the production and distribution of washing machines inbuilt with new technologies, are also catering to the overall market growth with an opportunistic future in the region.
Global Washing Machine Market Possible Growth Restraint
Much High Power Consumption: A Big Concern for Most Consumers - As high power utilization by these machines is a severe concern for many consumers, their sales might register a slow growth pace in a few regions, particularly underdeveloped or rural areas. For instance: leading brands like Reliance Digital, Samsung, and others, have models with power consumptions of over 2000 watts, which might not showcase a decent demand for these machines across all regions and negatively influence the fledged growth of the Global Washing Machine Market during 2023-28.
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Frequently Asked Questions
A. The Washing Machine Market is likely to register around 5.2% CAGR during 2023-28.
A. The growing focus of consumers on maintaining hygiene and their increasing inclination toward automated household chores are the prime aspects projected to drive the Washing Machine Market during 2023-28.
A. 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, Godrej, and Fisher & Paykel Appliances, among others, are the key companies participating in the Washing Machine Market.
A. Above 10kg capacity is expected to create lucrative prospects for the leading players in the Washing Machine Market during 2023-28.
A. Globally, North America would create substantial growth opportunities for the Washing Machine Market during 2023-28.
Global Washing Machine Market Research Report (2023-2028) - Table of Contents