DUBLIN--(BUSINESS WIRE)--The "Global Washing Machine Market Overview, 2023-28" report has been added to ResearchAndMarkets.com's offering.
According to this report the market is anticipated to across USD 90.86 Billion market size by 2028, increasing from USD 62.62 Billion in 2022. The market is projected to grow with 7.73% CAGR by 2023-28.
The increasing trend of smart homes is surging the demand for smart washing machines with connected features is augmenting the market growth. As smart washing machines can be efficiently controlled by mobile apps, they are increasingly preferred to enhance the comfortability, thereby propelling the industry growth.
Moreover, the rising demand to eliminate the requirement to manually change settings is surging the use of smart washing machines. The development of innovative smart washing machines that can streamline drying, washing, and folding is expected to bolster the growth of the market in upcoming years.
The deployment of the latest technologies like ultra-sonic technology to convert water into micron particles to iron clothes is anticipated to augment the growth of the market. In addition, the integration of the Internet of Things (IoT) to connect smart washing machines, folding machines, and laundry racks, among others, is estimated to propel the industry growth in the forecast period.
The market is classified into three product categories: fully automatic, semi-automatic, and dryers. Due to consumers' increased willingness to pay more for technologically advanced products, the fully automatic segment is expected to maintain a significant position. Furthermore, the product's capacity to wash and dry in the same drum, which saves washing time, contributes to a higher preference rate.
Furthermore, semi-automatics and dryers have a strong market presence due to their user friendliness, particularly among older individuals, which has raised demand. Furthermore, a large number of consumers preferring to possess separate drying machines is helping to gain traction. Furthermore, the market is divided into three segments based on capacity: less than 6 kilogrammes, 6.1-8 kg, and more than 8 kg.
The 6.1-8 kg sector is expected to be the most dominant since it is seen as an appropriate choice for the majority of households worldwide because it complements the strength, power, and capacity demanded by the majority of households. The below 6 kg sector, on the other hand, has gained appeal, particularly among single-person households and married couples without children.
Furthermore, the above 8 kg sector is predicted to be in high demand in hotels, hospitals, laundry services, and other establishments. In addition, the worldwide washing machine market is classified into smart connected, conventional, and others based on technology.
Among them, the smart connected category is expected to increase at a faster rate throughout the projection period. The increased acceptance of convenience and the quickly changing consumer lifestyle are propelling the smart linked segment forward. Domestic demand for smartphone-based machine management and control is increasing. The use of smart gadgets, which is pushed by legislative and political organisations, is predicted to increase worldwide washing machine income.
The Asia Pacific region has the biggest market share. As a result of their suitable and user-friendly characteristics, washing machines have gained popularity in Asia Pacific. People's lack of time for laundry as a result of their hectic lifestyles is driving up demand for washing machines. Furthermore, the region's rising economies, rapid urbanisation, and an expanding middle-class population are driving this industry.
Furthermore, due to the need to replace traditional machinery with smart, networked machines, North America is predicted to develop the fastest during the forecast period. The growing demand for energy-efficient gadgets in the United States is driving the North American washing machine industry. Moreover, the increased awareness of ENERGY STAR certified items is fuelling growth in the United States. Furthermore, the regional market is expected to increase significantly due to the necessity to replace traditional machinery with smart linked devices.
Companies Mentioned:
- Whirlpool Corporation
- Samsung Electronics Co. Ltd
- Panasonic Holdings Corporation
- LG Corporation
- Robert Bosch GmbH
- AB Electrolux
- Arcelik A.S.
- Haier Group Corporation
- IFB Industries Limited
- Midea Group
Recent Developments:
- November 2022: Lowe's Companies, Inc. partnered with Miele, a German domestic appliances manufacturer, to expand the range of its premium appliances such as dishwashers and washing machines.
- December 2022: Xeros Technology Group partnered with an Indian washing machine manufacturer, IFB Industries Ltd., to develop a premium range of domestic washing machines for Indian households and Indian railway systems. The products are equipped with Xeros' proprietary care technology, which enhances the load performance of the washer.
- March 2023: Sharp Business Systems (India) Pvt. Ltd. launched a new range of top load washing machines equipped with best-in-class Japanese technologies in India.
Aspects covered in this report
- Global Washing Machine market with its value and forecast along with its segments
- On-going trends and developments
- Top profiled companies
- Strategic recommendation
By Product Type:
- Front load Automatic
- Top Load Automatic
- Semi-Automatic
- Dryer
BY Capacity
- Below 6 Kg
- 6.1 K to 8 Kg
- Above 8 Kg
By Technology Type
- Smart Connected
- Conventional
By Distribution Channel
- Multi Branded Store
- Brand Exclusive stores
- Supermarket and Hypermarkets
- online
- other ( institutional sales)
For more information about this report visit https://www.researchandmarkets.com/r/6hvjmy
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