According to the latest report by IMARC Group “Washing Machine Market: Global Industry Trends, Size, Share, Growth, Opportunity and Forecast 2023-2028“, The global washing machine market size reached US$ 51.9 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 68.3 Billion by 2028, exhibiting a growth rate (CAGR) of 4.5% during 2023-2028.
A washing machine is an electrical appliance used to wash and dry various types of clothes. It comprises washing machine tub, agitator, impeller, machine motor, drain pump, water inlet valve, washer drain hose, and console. It operates by spinning the fabric at high speed and generating centrifugal force to pass the detergent through the clothes and remove filth from the fibers of the clothes. It helps remove the bad odor and facilitates washing by shaking clothes in soapy suds and water before spinning them in the water after the cycle. Besides this, washing machine is easy to operate, requires low power, and assists in saving time and effort compared to hand. At present, it is available in top-load, front-load, semi-, and fully automatic models and comes with various features, such as child lock, air dry function, reloads option, smart rinse, and memory wash.
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Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Market Trends:
Improving standards of living and inflating disposable incomes of individuals represent one of the key factors positively influencing the market. In addition, the easy availability of washing machines across online and offline distribution channels, coupled with the facilities of free doorstep delivery and secured payment gateways, is bolstering the market growth. This, in confluence with the escalating demand for simple and fast home appliances due to the rising inclination towards a comfortable lifestyle, is creating a favorable market outlook. Apart from this, a significant increase in the working population and hectic schedules of people are offering lucrative growth opportunities to the key market players to introduce appliances that support household work. In line with this, the rising focus of key market players in marketing strategies, such as social media promotion, banner advertising, and celebrity endorsement, is creating a positive market outlook.
Moreover, the availability of various colors and sizes options to choose from is attracting a wider consumer base and increasing product sales. Apart from this, various technological advancements, such as artificial intelligence (AI) and internet of things (IoT) solutions to provide real-time alerts of the machine on smartphones, are strengthening the market growth. Additionally, the introduction of smart appliances that can be connected to wireless, Bluetooth, and internet devices is providing a thrust to the market growth. In addition, leading companies are integrating voice-controlled applications, such as Google Assistant and Alexa, into their product to gain a competitive edge in the market. Furthermore, the increasing inclination toward the development of energy-efficient appliances to save energy is driving the market. Furthermore, numerous favorable initiatives undertaken by governments of various countries to support electronics manufacturing are anticipated to drive the market.
Breakup by Product:
- Fully Automatic
- Front Load
- Top Load
- Semi-Automatic
- Dryers
Breakup by Technology:
- Smart Connected
- Conventional
Breakup by Capacity:
- Below 6 kg
- 6.1 to 8 kg
- Above 8 kg
Breakup by Application:
- Healthcare
- Hospitality
- Others
Breakup by End Use:
- Commercial
- Residential
Market Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Competitive Landscape with Key Player:
The competitive landscape of the market has also been analyzed, with some of the top leading washing machine companies.
- AB Electrolux
- Alliance Laundry Systems LLC
- Godrej Group
- Haier Group Corporation
- IFB Industries Limited
- LG Electronics Inc.
- MIRC Electronics Limited
- Panasonic Corporation
- Robert Bosch GmbH
- Samsung Electronics Co. Ltd.
- Toshiba Corporation
- Whirlpool Corporation.
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
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