Increase in working youth population, disposable income, innovation in technology of washing machines is expected to drive the global washing machine market.
INVC NEWS
New York
According to TechSci Research report, “Global Washing Machine MarketBy Type(Fully Automatic & Semi-Automatic), By Machine Capacity(Below 6 Kg, Between 6-8 Kg and 8 Kg & above), By Technology(Smart Connected Washing Machine & Conventional Washing Machine), By Region, Competition, Forecast & Opportunities, 2026”, global washing machine market is forecast to grow at a rate of over 7% during 2021-2026.A washing machine is an appliance that is used for washing clothes, and a washing machine’s primary medium is water. Increased demand for home appliance automation is driving the market for washing machines.The expanded number of double income households combined with lacking time for clothing has prompted developing demand for washing machines.Over the last decade, several technical developments have been made in these devices, contributing to their greater performance in terms of water and energy savings. This has also helped key players in this market to gain a considerable market share in the global washing machines market.
In addition, cross-border technology exchanges have made life easier and more convenient, and many of the recipient countries are emerging as promising new technology markets. Thus, in the coming decade, the rising tide of globalization is likely to contribute to the developments in the washing machine industry.
The global washing machine market is segmented based on type, fully automatic and semi-automatic.Due to the growing urbanization and user-friendly functionality, the fully automatic washing machine segment is expected to register the highest CAGR during the forecast period.Recent trends show that, owing to different energy labels and energy efficiency policies, manufacturers are focusing on the development and production of some energy-efficient products.
In terms of regional analysis,the washing machine market is segmented into North America, Europe, Asia-Pacific, South America, and Middle East Africa. Out of which, Asia-Pacific is the fastest growing region among the global washing machine market and the region is anticipated to maintain its growth rate over the next five years as well. As washing machines have gained popularity due to their compatibility and user-friendliness, the Asia-Pacific washing machine market has experienced a rapid increase. Moreover, this demand is driven by emerging economies in this area, rapid urbanization, and an expanding middle-class population.Major Asian countries such as India and China are registering high population levels and the increased disposable income. Consequently, the region is witnessing an increase in the usage of washing machines.An increase in demand for energy-efficient and cost-effective washing machines is a factor that is expected to drive North America’s market growth.
Based on machine capacity, the global washing machine market is projected to be dominatedby between 6 to 8 kg of machine capacity over the forecast era, as these machines have gained high customer preference as they provide perfect laundry capacity for most households worldwide. Furthermore, washing machines with a size of 6-8 kg are better at saving energy compared to other washing machines.
Based on technology, the smart connected washing machine is expected to increase in the forecast period.These devices connect to a network in the same way as tablets or phones do via Wi-Fi.Increasing penetration of smartphones and the Internet has led to increased awareness regarding innovative and smart washing machines, resulting in the growth of the global market.Some of the key factors contributing to increased demand for smart washing machines in the world market are ease of operation and relaxed sliding.During the washing process, smartly linked washing machines make efficient use of water and electricity. Technology innovation in smartly connected washing machines offers real-time knowledge of washing stages through remote sensing to the customer. Using Wi-Fi networking will make it easy for users to operate the washing machine conveniently from a remote location.
“The worldwide washing machine industry is powered by rising disposable revenue and developments in rural electrification. Furthermore, increasing washing machine affordability and increasing urbanization are further boosting the demand for washing machines across the world. However, it is likely that the availability of laundry shops and the rise of online laundry services would impede business growth.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Global Washing Machine MarketBy Type (Fully Automatic & Semi-Automatic), By Machine Capacity (Below 6 Kg, Between 6-8 Kg and 8 Kg & above), By Technology (Smart Connected Washing Machine & Conventional Washing Machine), By Region, Competition, Forecast & Opportunities, 2026” has evaluated the future growth potential of washing machinegloballyand provides statistics and information on market structure, size, share and future growth. The report is intended to provide cutting-edge market intelligence and help decision makers take sound investment decision. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities present in the global washing machine market.
