USD 55.18 billion
Washing Machine Market Size, Share, Growth Analysis, By Product(Fully automatic (Front-load, Top load), Semi-automatic, Dryers), By Technology(Smart connected, Conventional), By Capacity(Below 6 kg, 6.1 to 8 kg, Above 8 kg), By End-Use(Commercial, Residential), By Application(Healthcare, Hospitality, Others), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG25E2080 |
Region:
Global |
Published Date: July, 2001
Pages:
242
|Tables:
143
|Figures:
78
Washing Machine Market Insights
Washing Machine Market size was valued at USD 55.18 billion in 2019 and is poised to grow from USD 58.21 billion in 2023 to USD 94.26 billion by 2031, growing at a CAGR of 5.5% in the forecast period (2024-2031).
The increased demand for commercial washing equipment is predicted to fuel market expansion. With the development of novel solutions, the commercial washing machine market is undergoing a shift. The development of card-based laundry payment systems as an alternative to coin laundries is reshaping the laundry industry in preparation for greater automation.
Unlike typical coin-operated laundries, digital laundry payment choices reduce the frequency of coin collection while giving laundry operators with more flexible payment options. The growing preference for convenience, as well as the quickly changing consumer lifestyle, are driving the expansion of smart linked products.
US Washing Machine Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Smart connected
Fastest Growth
Smart connected
Growth Rate
5.5% CAGR
Global Washing Machine Market, 2021-2028 ($ Bn)
Country Share for North America Region- 2021 (%)
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Washing Machine Market Segmental Analysis
The global Washing Machine market is segmented based on product, technology, capacity, end-use, application, and region. Based on product, the Washing Machine market is segmented into Fully automatic (Front-load, Top load), Semi-automatic, Dryers. Based on technology, the Washing Machine market is segmented into Smart connected, Conventional. Based on capacity, the Washing Machine market is segmented into Below 6 kg, 6.1 to 8 kg, Above 8 kg. Based on end-use, the Washing Machine market is segmented into Commercial, Residential. Based on application, the Washing Machine market is segmented into Healthcare, Hospitality, Others. Based on region, the Washing Machine market is categorized into North America, Europe, Asia-Pacific, and MEA.
Washing Machine Market Analysis by technology
In 2021, the smart connected washing machine dominated the market and is anticipated to maintain its dominance throughout the forecast period. The growing preference for convenience, as well as the quickly changing consumer lifestyle, are driving segment expansion. The demand for cellphones to manage and operate devices is gaining traction in the residential sector. Revenue growth is being aided by regulatory and government bodies' efforts to utilize smart gadgets.
The proclivity of customers to adopt linked technology is projected to boost demand for these products. To obtain a competitive advantage, companies such as Samsung Electronics Co. Ltd. and LG Electronics have changed their focus to creating smart washing machines.
Global Washing Machine Market By Technology, 2021 (%)
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Washing Machine Market Regional Insights
In 2021, the Asia Pacific washing machine industry accounted for more than 40% of total revenue. The increasing penetration of these products in the Chinese market can be linked to the expansion. The rapidly growing middle-class population, as well as rising demand for fully automatic and smart linked washing machines from emerging markets such as Indonesia, India, and Vietnam, are expected to contribute to regional demand. The growing demand for energy-efficient gadgets in the United States is boosting the market for washing machines in North America. The increased awareness of ENERGY STAR certified items is fueling 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.
Global Washing Machine Market By Geography, 2021-2028
- Largest
- Fastest
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Washing Machine Market Dynamics
Washing Machine market Driver
- Rising increased growth in the apparel and fashion industry to support demand
The increased consumption of clothes and fashion garments will increase the need for washing machines, boosting market growth. For example, according to World Bank.Org data issued in September 2019, worldwide garment consumption would climb from 62 million metric tons in 2019 to 102 million tons in ten years. Furthermore, the use of appealing marketing methods by apparel and fashion firms, such as buy one get one free, seasonal discount, gift cards, and others, has helped boost consumption.
Washing Machine market Restraint
- High electricity consumption is expected to stymie the growth of the washing machine market
The majority of washing machines' excessive power consumption is having a negative influence on market growth. For example, the Samsung 7 Kg Front Load Fully Automatic, J Series WW71J42E0BX has a power usage of 2000 watts, according to Reliance Digital.
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Washing Machine Market Competitive Landscape
Whirlpool Corporation, Samsung Electronics Co. Ltd., LG Electronics Inc., and Electrolux AB are among the major industry participants. New product launches and investment in supply chain management are two significant tactics used by industry participants. Furthermore, manufacturers are working on building comprehensive distribution networks in order to expand their consumer base.
Washing Machine market Top Players Company Profiles
- Whirlpool Corporation
- LG Electronics Inc.
- Samsung Electronics Co. Ltd.
- Haier Group Corporation
- Electrolux AB
- Panasonic Corporation
- Robert Bosch GmbH
- Midea Group Co. Ltd.
- Toshiba Corporation
- Qingdao Hisense Electric Co. Ltd.
- GE Appliances (a subsidiary of Haier Group Corporation)
- Siemens AG
- Arçelik A.S.
- Sharp Corporation
- Groupe SEB (a parent company of Gorenje Group)
- Vestel Ticaret A.S.
- Candy Hoover Group S.r.l. (a subsidiary of Haier Group Corporation)
- Daewoo Electronics Corporation
- Indesit Company (a subsidiary of Whirlpool Corporation)
- SANYO Electric Co. Ltd.
Washing Machine market Recent Development
- In May 2022, Samsung announced the launch of its 2022 range of artificial intelligence enabled bi-lingual AI EcoBubble fully automatic front load washing machines. The new line-up comes with all new AI Wash feature for an effortless laundry experience and larger capacity models going up to 12 kg, as consumers shift their preference to bigger washing machines.
- In April 2022, LG Electronics unveiled its new 2022 Home Appliances lineup, which includes a variety of Smart Home Appliances. The latest goods raise the bar with sophisticated designs to move to a premium lifestyle, raising the bar with the new portfolio. New Stunningly Stylish Refrigerators - InstaView Door-in-DoorTM and Frost Free Refrigerators, AI Direct Drive Washing Machines, PuricareTM Wearable Air Purifier, VIRAAT Air Conditioners, UV+UF Water Purifiers, and a new variety of Charcoal Microwaves are part of the 2022 lineup.
Washing Machine Key Market Trends
- IoT Technology integration in washing machines is a major trend in the washing machine market that is likely to favour the market growth. The growth of science and technology has resulted in a greater use of IoT technologies in washing machines. This technology will simplify the washing process by monitoring, alerting, and controlling the machine via intelligent devices. In September 2018, for example, Haier announced the introduction of its smart laundry services in New Delhi, India. This launch includes IoT washing machines that are cloud-connected and can be handled separately via an app on a smartphone device.
Washing Machine Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our business information services team that collects, collates, co-relates, and analyses the data collected by means of primary exploratory research backed by the robust secondary desk research.
According to our analysis, several technological breakthroughs have been made in washing machines in recent years, resulting in improved efficiency in terms of saving water and electricity. This has also allowed the leading firms to earn a large market share. Furthermore, the government has undertaken a number of measures aimed at the development of rural families in Asia-Pacific emerging countries, which is likely to enhance demand for residential washing machines. Increased disposable income and advances in rural electrification could propel the household washing machine industry.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 55.18 billion |
| Market size value in 2031 | USD 94.26 billion |
| Growth Rate | 5.5% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
| Historical Year | 2019 |
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Washing Machine Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Washing Machine Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Washing Machine Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Washing Machine Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Washing Machine Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Washing Machine Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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