The global washing machine market size was valued at USD 59.39 billion in 2023 and is projected to grow to USD 83.47 billion by 2030, exhibiting a CAGR of 4.98% during the forecast period.
Information Source:
https://www.fortunebusinessinsights.com/washing-machine-market-102645
List of Key Players Profiled in the Washing Machine Market Report:
- Whirlpool Corporation (U.S.)
- Samsung Electronics Co., Ltd. (South Korea)
- LG Electronics Inc. (South Korea)
- Electrolux AB (Sweden)
- Haier Smart Home Co., Ltd. (China)
- Godrej Industries Ltd. (India)
- IFB Industries Ltd. (India)
- Panasonic Corporation (Japan)
- Mirc Electronics Limited (India)
- Bsh Hausgeräte GmbH (Germany)
Report Coverage:
The report offers:
• Major growth drivers, restraining factors, opportunities, and potential challenges for the market.
• Comprehensive insights into regional developments.
• List of major industry players.
• Key strategies adopted by the market players.
• Latest industry developments include product launches, partnerships, mergers, and acquisitions.
Drivers & Restraints:
Urbanization's Rapid Expansion will Accelerate Market Development
Urban areas now have more people living in them due to improved infrastructure, a significant number of corporate headquarters, and higher-quality schools and universities, which, in turn, is fueling the market's expansion. According to data provided by the United Nations Conference on Trade and Development (UNCTAD), the proportion of the population living in urban areas in Asia and Oceania went from 43.3% in 2011 to 50.0% in 2021. The need has also increased as a result of the abundance of hotels, motels, and resorts in urban areas, which need a quicker method of laundry cleaning. These factors will result in an increase in the global washing machine market share.
However, the high consumption of power by cleaning machines may impede the global washing machine market growth.
COVID-19 Impact:
Declining Consumer Electronics Market to Reduce Demand for Laundry Appliances
Due to the government's aggressive measures regarding the preservation of social isolation, lockdown, and decreased store occupancy, the COVID-19 eruption has resulted in a decline in the product's use. In 2020, China's retail sales of household appliances totaled USD 127.4 billion (833.3 billion yuan), a 6.5% decrease from the previous year, according to the China Centre for Information Industry Development's report, ""Appliance & Electronics World Expo of Shanghai."" Additionally, the shortage of workers has a detrimental effect on the expansion of the company by increasing the difficulties in moving items from the manufacturing facility to the global sales channel.
Segments:
Fully Automatic Segment Holds Major Market Share due to Significant Consumer Demand for Innovative Products
By product, the market is divided into fully automatic, semi-automatic, and dryers. Due to consumers' increased willingness to spend more money on technologically advanced products, fully automatic segment is predicted to hold the majority of the market share. The product's capacity to wash and dry in the same drum, which reduces drying time and also contributes to the increase in preference rates.
6.1-8 Kg Segment to Continue Leading as it Caters to Consumers’ Most Needs
Based on capacity, the market is divided into below 6 kg, 6.1-8 kg, and above 8 kg. The 6.1-8 kg segment is anticipated to be the best option for majority of households globally since it complements the strength, power, and capacity needed by most households, making the 6.1–8 kg category the dominant one.
Regional Insights
Expanding Popularity of Outdoor Activities Drives the Market in North America
According to projections, North America will have a significant presence in the global market. People are changing their clothes more frequently due to the expanding popularity of outdoor activities, which is a driving element in the consumption rate. The Outdoor Industry Association said that 54% of Americans aged 6 and over engaged in at least one outdoor activity in 2021. The region's demand for home appliances, notably laundry appliances, has also been boosted by the ongoing building of new residences.
Competitive Landscape
Significant Players Moving Toward Innovation for Development
The major players are putting a lot of effort into creating novel products that can use less electricity, clean clothing faster, use less water, and have other benefits. For instance, Samsung Electronics Co., Ltd. introduced a new line of EcoBubble Fully Automated Top Load Washing Machines in November 2022. These machines can reduce water and power use by 19% and 73%, respectively, and improve fabric care by 20% while in use.
Key Industry Development:
- May 2022: Samsung Electronics Co., Ltd. launched an AI-enabled bilingual washing machine in an Indian market. The machine is equipped with proprietary EcoBubble and QuickDrive technologies that provide extra fabric care to the users.
