Global Washing Machine Market Insights Forecasts to 2030

• The Washing Machine Market size was valued at USD 55.61 Billion in 2021
• The market is growing at a CAGR of 5.6% from 2022 to 2030
• The Global Washing Machine Market is expected to reach USD 84.31 Billion by 2030
• North America is expected to grow the fastest during the forecast period

 

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The Global Washing Machine Market is expected to reach USD 84.31 billion by 2030, at a CAGR of 5.6% during the forecast period 2022 to 2030. The outbreak of COVID-19 has resulted in a decrease in product consumption, which can be attributed to the government's strong measures to maintain social distance, lockdown, and store availability.In addition to labour difficulties, the decline in washing machine production and exports in countries including China, Germany, the United States, Japan, and South Korea has significantly decreased global market revenues in 2020.

 

Market Overview

A washing machine is a unit of electronic equipment that is used in the household to wash clothes. In contrast to dry cleaners or ultrasonic cleaners, the phrase is most commonly used to describe water-using equipment. To add laundry detergent to the wash water, the consumer purchases it in liquid or powder form. The washing machines on the market are mostly fully automatic, semi-automatic and dryers. The majority of the time, early automatic washing machines was connected to a water supply via temporary slip-on connectors to sink taps. Later, as high-capacity laundry water hook-ups became more common, permanent connections to both hot and cold water sources became the norm. People who work and lead hectic lives prefer to use a washing machine over a vacuum cleaner. As a result, they save time and energy by not having to stay active during the washing cycle.

 

Report Coverage

This research report categorizes the market for global washing machine market based on various segments and regions and forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the washing machine market. Recent market developments and competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segments of the washing machine market. 

 

    

Driving Factors

Macroeconomic factors such as the digital revolution, industrialization, shifting consumer purchasing patterns, and manufacturing demand in developing countries are propelling the washing machine market to new heights. Over the projected period, it is anticipated that the emergence of next-generation washing machines that make use of technologies for the effective use of both electricity and water will have a significant influence on the demand for these commodities. Government authorities are urging manufacturers and consumers to convert to energy-efficient appliances that make use of smart grids to lower high energy consumption. Demand for smart, connected technology with the Internet of Things is anticipated to contribute to global washing machine growth.

 

Restraining Factors

The high initial cost of smart washing machines is one of the limitations. Additional factors restricting the market are the availability of launderettes and the rise in the use of online on-demand laundry services. Furthermore, the majority of washing machine's high power consumption is impeding the market growth.

 

Market Segmentation

• In 2021, the smart connectedsegment is witnessing a higher growthrate over the forecast period.

On the basis of technology, the global washing machine market is segmented into smart connected, conventional, and others. Among these, the smart connected segment is witnessing a higher growth rate over the forecast period.The growing adoption of convenience and the rapidly changing consumer lifestyle are driving the growth of the smart connected segment.The demand for smartphone-based machine management and control is growing in the domestic sector.The implementation of smart devices is being encouraged and by legislative and governmental bodies, is expected to boost the global washing machine revenue.

 

• In 2021, thefully automatic segment is witnessing significant CAGR growth over the forecast period.

On the basis of product, the global washing machine market is segmented into fully automatic, semi-automatic, dryers, and others. Among these, the fully automatic segment is witnessing significant CAGR growth over the forecast period. A fully automatic washing machine system provides a clean wash and effectively extracts dirt and stains. Also, these washing machine systems use less water, consume less energy, and have a better voltage management system. Furthermore, it reduces washing time and aids in increasing the preference rate.

 

• In 2021,between 6.1 to 8 kg is witnessing significant growth over the forecast period.

Based on capacity, the global washing machine market is segmented into less than 6 kg, between 6.1 to 8 kg, more than 8 kg, and others. Among these, between 6.1 to 8 kgis witnessing significant growth over the forecast period. Owing to consumer demand, machines with capacities ranging from 6.1 to 8 kg are preferred because they provide adequate laundry capacity for the majority of households worldwide.Additionally, compared to other washing machine capacities, washers with a 6–8 kilogram capacity save more electricity.

 

• In 2021,the supermarket and hypermarket segment is dominating the market with the largest market share of 30% over the forecast period.

Based on distribution channels, the global washing machine market is segmented into supermarkets and hypermarkets, specialty stores, department stores, e-commerce, and others. Among these, the supermarket and hypermarket segment dominates the market with the largest market share of 30% over the forecast period. The supermarket and hypermarket segment assists businesses in reaching a larger customer base. Furthermore, the supermarket and hypermarket platform offers product comparison, pricing, easy returns, and timely delivery. To achieve maximum customer penetration, major manufacturers are employing marketing strategies such as product advertisement and celebrity marketing.

 

Regional Segment Analysis of the Washing Machine Market

• North America (U.S., Canada, Mexico) 
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America) 
• The Middle East and Africa (UAE, South Africa, Rest of MEA)

 

Asia Pacificis dominating the market with the largest market share of 40%.

 

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Asia Pacific has the largest market share of 40%, as washing machines have gained popularity due to their compatible and user-friendly features.The demand for washing machines is steadily increasing, owing to people's lack of time for laundry as a result of their hectic lifestyles.Furthermore, this market is driven by the region's emerging economies, rapid urbanization, and an expanding middle-class population.In China, for example, Xiaomi Global Community introduced a fully automatic smart washing machine in December 2018. The product has a load capacity of 10 kg, is powered by the latest BLDC variable frequency motor, and costs around 2000 Chinese Yuan or $300.

 

North America is expected to grow the fastest during the forecast perioddue to the requirement to replace conventional machinery with smart, networked ones. The market for washing machines in North America is being driven by the rising need for energy-efficient gadgets in the United States.

 

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the global washing machine market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

 

List of Key Market Players

• Whirlpool Corporation
• Electrolux AB
• Electrolux AB
• Onida Electronics
• Samsung Electronics Co. Ltd.
• Haier Group Corporation
• Panasonic Corporation
• Maytag
• Bosch
• Toshiba Lifestyle Products and Services Corporation
• Voltas Limited
• IFB Appliances
• Speed Queen
• IFB Home Appliances
• Voltas
• Robert Bosch GmbH
• Bsh Hausgeräte Gmbh
• Miele
• GE Appliances
• Lloyd
• BPL Limited
• SIEMENS AG
• MIELE AND CIE. KG
• BSH Home Appliances Ltd
• Electrolux AB
• Mirco Electronics Limited

 

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting And Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

 

Recent Development

• In August 2020, Panasonic continued to expand its washing machine chain with the introduction of 21 new models, including fully automatic and top-load washing machines with a five-star rating. They have built-in heater technology and Stain Master+, which help to eliminate bacteria.
• ­In January 2020,Xiaomi introduced the Mija smart washing machine and dryer pro. This model includes a remote control and the ability to dispense detergent intelligently.

 

Market Segment

This study forecasts revenue at global, regional, and country levels from 2021 to 2030. Spherical Insights has segmented the global washing machine market based on the below-mentioned segments:

 

Washing Machine Market, By Technology

• Smart Connected
• Conventional
• Others

Washing Machine Market, By Product

• Fully automatic
• Semi-automatic
• Dryers

Washing Machine Market, By Capacity

• Less than 6 kg
• Between 6.1 to 8 kg
• More than 8 kg

Washing Machine Market, By Distribution Channel

• Supermarket And Hypermarket
• Specialty Store
• Department Store
• E-Commerce
• Others

 

Washing Machine Market, Regional Analysis

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • Uk
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Qatar
  • South Africa
  • Rest of the Middle East & Africa