Global Washing Machine Market Size To Grow USD 84.31 Billion By 2030 | CAGR of 5.6%

Category: Consumer Goods

RELEASE DATE Mar 2023
REPORT ID SI1563

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Global Washing Machine Market Size Worth USD 84.31 Billion by 2030

 

According to a research report published by Spherical Insights & Consulting, The Global Washing Machine Market Size is to grow from USD 55.61 billion in 2021 to USD 84.31 billion by 2030, at a Compound Annual Growth Rate (CAGR) of 5.6% during the forecast period. The major driving aspect is the growing adoption of washing by many businesses, including supermarkets and hypermarkets, specialty shops, department stores, e-commerce, and others. A washing machine is widely used in home settings since it takes little energy and is simple to use and repair.

 

Washing Machine Market

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Browse key industry insights spread across 200 pages with 130 market data tables and figures & charts from the report on the "Global Washing Machine Market Size, Share, and COVID-19 Impact Analysis, By Technology (Smart Connected, Conventional, Others), By Product (Fully automatic, Semi-automatic, Dryers), By Capacity (Less than 6 kg, Between 6.1 to 8 kg, More than 8 kg), By Distribution Channel (Supermarket And Hypermarket, Specialty Store, Department Store, E-Commerce, Others) and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2021 – 2030." Get Detailed Report Description Here: https://www.sphericalinsights.com/reports/washing-machine-market

 

A washing machine is an electronic device that uses spinning to spin water as its primary medium when washing garments. The laundry is cleaned by the centrifugal force created by the high-speed spinning, which removes water and debris. It lessens the need for manual labour and procedures including washing, soaking, and drying. Before the invention of the washing machine, laundry was originally done along waterways and then in lavoirs, which are public restrooms. Several technological advancements have been made to these devices in recent years, increasing their effectiveness in terms of water and electricity conservation. As a result of this, the leading companies have gained a sizable market share. However, the proliferation of laundry shops and the rise of online laundry services are impeding growth. Washing machine technological and innovative advancements present a significant opportunity for manufacturers operating in this market.

 

The smart connected segment is witnessing a higher growth rate 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.

 

The fully 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 has a single motor that can wash and whirl on its own, without the assistance of any manual intervention. Front load and top load fully automatic machines are also available, although front load machines are currently more popular due to their convenience, ability to save space, and water and energy efficiency.

 

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 kg is witnessing significant growth over the forecast period. To obtain a competitive edge in the market, leading producers including Samsung Electronics Co. Ltd. and BSH Home Appliances Group are introducing a wide range of washing machines in the 6 kg to 8 kg weight segment. Over the projected period, it is anticipated that the introduction of these new products will further increase demand.

 

The offline 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 offline segment dominates the market with the largest market share of 30% over the forecast period. The main manufacturing firms have been boosting their expenditure in developing nations like India, Thailand, and Taiwan over the past several years to grow their distribution networks and create exclusive stores to achieve a sustainable competitive boost.

 

Asia Pacific is dominating the market with the largest market share of 40%.

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 in Asia Pacific, owing to people's lack of time to do laundry as a result of their hectic lifestyles. Over the next five years, the industry's performance is expected to be mixed. This will mostly happen as a result of developing countries like China and India adopting corporate work cultures at a faster rate, which would increase the prevalence of inactive lifestyles in the area. In addition, rapid economic expansion is increasing the amount of demand in the economy, stimulating demand for high-end home appliances like these machines.

 

Washing Machine Market

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Major vendors in the Global Washing Machine Market include 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, andamong others.

 

About the Spherical Insights & Consulting

Spherical Insights & Consulting is a market research and consulting firm which provides actionable market research study, quantitative forecasting and trends analysis provides forward-looking insight especially designed for decision makers and aids ROI.

Which is catering to different industry such as financial sectors, industrial sectors, government organizations, universities, non-profits and corporations. The company's mission is to work with businesses to achieve business objectives and maintain strategic improvements. 

 

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