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Global Washing Machine Market Research Report, 2023-28

Global Washing Machine Market Research Report, 2023-28

Actual Market Research 31-05-2023 104 Pages Figures : 18 Tables : 30 Category : Consumer Goods & Services Appliances & Equipment

1. IFB Industries Limited

2. Midea Group Co Limited

3. Panasonic Corporation

4. Samsung Corporation Limited

5. LG Electronic

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Globally, the demand for washing machines is expanding as their penetration into new markets increases, which is fuelling the market's expansion. Consumer preference for washing machines with great wash quality is increasing as disposable income rises, which is boosting industry growth. The market for washing machines is expanding as a result of the rising demand for large models with shorter replacement cycles. Additionally, the market is rising rapidly as a result of consumers' increased preference for low-maintenance washing machines, which increases their cost-efficiency. Furthermore, demand for washing machines in a variety of hues is skyrocketing as consumers are increasingly favouring white items with aesthetic appeal, which is boosting the industry's expansion. The market is expanding as a result of the rising demand for energy-efficient washing machines among the expanding sustainable population. Additionally, the growing acceptance of washing machines that use less water while still performing well contributes to the expansion of the sector. In the upcoming years, it is anticipated that market expansion will be driven by the development of washing machines that eliminate microorganisms to improve the sanitation of clothing in the wake of the COVID-19 pandemic. According to the research report," Global Washing Machine Market Research Report, 2023-28" published by Actual Market Research, 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. Based on distribution channel, the market is divided into multi-branded stores, brand-excessive stores, supermarkets and hypermarkets, online, and other (institutional sales). Multi-brand stores, also known as appliance retailers or electronics stores, are widely present in various countries and regions worldwide. Furthermore, these stores offer a wide range of washing machine brands and models, catering to diverse customer preferences and budgets. For instance, multi-branded stores include Best Buy, MediaMarkt, Harvey Norman, Darty, and Bic Camera. In addition, brand-exclusive stores are dedicated retail outlets operated by specific washing machine brands. These stores focus exclusively on products from a particular brand, providing a comprehensive selection and a unique brand experience for customers. For instance, Samsung Experience Stores, LG Brand Shops, Bosch Home Appliance Stores, Whirlpool Brand Stores, and more Furthermore, supermarkets and hypermarkets are major retail destinations that cater to a wide range of consumer needs, including home appliances. For instance, supermarkets and hypermarkets include Walmart, Carrefour, Tesco, Lidl, and Coles. Recent Developments: • April 2022, Microban International partnered with General Electric Company to build its business innovation capabilities. This partnership helped General Electric Company roll out washing machines equipped with the latest technologies such as smarter wash, smart dispense, tangle control, and microban antibacterial control technologies. • June 2022: TCL Electronics partnered with an appliances retail giant, Jashanmal, to increase the reach of its top range home appliances in the UAE, Oman, and Bahrain markets. The range includes products such as top & front-load washing machines, refrigerators, chest freezers, and dryers. • 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. Major Companies present in the market: Whirlpool Corporation, Samsung electronics co. ltd , Panasonic Holdings Corporation, LG Corporation, Robert Bosch GmbH, AB Electrolux, Arçelik A.?., Haier Group Corporation, IFB Industries Limited, Midea Group. Considered in this report • Geography: Global • Historic year: 2017 • Base year: 2022 • Estimated year: 2023 • Forecast year: 2028 Regional covered in the report: • North America • Europe • Asia Pacific • South America • Middle East & Africa 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) The approach of the report: This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and listing out the companies that are present in the market. The secondary research consists of third-party sources such as press releases, annual report of companies, analyzing the government generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducted trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers in regional aspects, tier aspects, age group, and gender. Once we have primary data with us we have started verifying the details obtained from secondary sources. Intended audience This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to ready to washing machine industry, government bodies and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.

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