Washing Machine Market Outlook
According to a new report by Expert Market Research titled “Global Washing Machine Market Size, Price, Share, Analysis, Report, Demand, Forecast 2023-2028″, the global washing machine market reached a value of over USD 60.54 billion in 2022. Aided by the growing demand for energy-efficient washing machines with innovative features, the market is projected to further grow at a CAGR of 7.1% between 2023 and 2028 to reach a value of more than USD 91.4 billion by 2028.
Washing machines, once considered a luxury, have rapidly transformed into an essential household appliance. Designed to wash laundry, such as clothing and sheets, these machines have significantly reduced manual labour, replacing the traditional methods of hand washing. Technological advancements have further equipped washing machines with features like smart controls, various wash cycles, and energy-saving capabilities, thus elevating their role in modern-day households.
Among the key washing machine market trends is the product innovation and development of new models with latest technology. Smart washing machines, enabled with IoT (Internet of Things) capabilities, allow users to operate and monitor washing cycles remotely via smartphones. Furthermore, the integration of AI (Artificial Intelligence) has enabled features like laundry detergent recipe suggestions and energy consumption optimisation, presenting the market with robust growth avenues.
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According to the washing machine market analysis, the demand for energy-efficient models is expected to surge due to rising environmental concerns. Recognising the significant water and energy consumption patterns of conventional washing machines, manufacturers have made investments towards the development of environmental-friendly machines. These machines not only use less water but also minimise detergent use, and their energy-efficient designs resonate well with the eco-conscious consumers, thereby expanding the washing machine market size.
The commercial sector, especially hospitality and healthcare, is another lucrative segment for the market. With a continuous influx of guests in hotels and a rising number of patients in hospitals, there exists an ever-present demand for clean linens, thus necessitating the use of commercial grade washing machines.
The exponential growth in the urban population and shrinking living spaces have brought compact and multi-functional appliances, including washing machines, into the limelight. This trend is central to the washing machine market demand. As urban dwellers grapple with demanding work schedules, the need for efficient home appliances that can offer time-saving solutions is likely to surge further, aiding the market.
Washing Machine Market Segmentation
The market can be divided based on product, technology, capacity, end-use, and region.
Market Breakup by Product
- Fully Automatic
- Front Load
- Top Load
Market Breakup by Technology
- Smart Connect Machines
- Conventional Machines
Market Breakup by Capacity
- Below 8 Kg
- Above 8 Kg
Market Breakup by End-Use
Market Breakup by Region
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the washing machine market. Some of the major players explored in the report by Expert Market Research are as follows:
- LG Electronics Inc.
- Samsung Electronics Co., Ltd.
- BSH Home Appliances Ltd
- IFB Appliances
- Voltas Limited
- Panasonic Corporation
- Toshiba Lifestyle Products and Services Corporation
- Whirlpool Corporation
- GE Appliances
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