Washing Machine Market Size By Technology, By Product, By Capacity, By Geographic Scope And Forecast
Washing Machine Market Size And Forecast
Washing MachineMarket is growing at a faster pace with substantial growth rates over the lastfew years and is estimated that the market will grow significantly in theforecasted period i.e., 2021 to 2028.
The increasing urbanization, innovation, and advanced product launches, demand for automationare a few of the Washing Machine Market drivers and trends fueling the growthof the market. The Global Washing Machine Market report provides a holisticevaluation of the market. The report offers a comprehensive analysis of keysegments, trends, drivers, restraints, competitive landscape, and factors thatare playing a substantial role in the market.
GlobalWashing Machine Market Definition
A WashingMachine is an electronic appliance used for washing clothes with water as themain medium which operates by spinning the laundry. Due to this high-speedspinning, centrifugal force is produced leading to the removal of water anddirt from the laundry. They use different components for effective cleaning.
Washing Machinereduce human intervention and the manual processes like soaking, washing anddrying. They also provide few other features like spinning, heating and others.They provide more comfort and accessibility to the customers. Workingpopulations who have a busy lifestyle prefer using Washing Machine instead ofmanual cleaning. This saves their time and effort and ensures that they neednot have to stay engaged throughout the washing cycle.
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GlobalWashing Machine Market Overview
Increasingurbanization, changing preferences and the lifestyle of consumers to movetowards higher living standards is an important driver for the global WashingMachine Market. They save both their time and energy. Also, technologicaladvancements leading to higher efficiency, reduced water and power consumptionis another major driver. Consumers preferring smart, connected technology withthe Internet of Things is expected to add to the growth of the market.
Recently, in2021, Samsung has launched an AI-powered bilingual Washing Machine in theIndian market with its proprietary EcoBubble and QuickDrive technology. Thecompany claims that this saves time and power while providing 45% extra fabriccare. This Washing Machine is IoT enabled and can be connected to Samsung’sGalaxy Smartphones, Smart TVs as well as Alexa and Google Home. Some of theother drivers are higher disposable income and subsequent improvement inaffordability.
The rise indemand for technology-driven and intelligent Washing Machine gives anopportunity for the growth of the Washing Machine Market. Such a WashingMachine can be controlled remotely by using mobile apps. With the penetrationof the internet and smartphones, customers are now more aware of suchinnovative and smart machines giving a good opportunity for growth. The energyefficiency policies from the government stressing energy saving devices open upanother opportunity for Washing Machine manufacturers to come up withpower-efficient devices with a reduced carbon footprint.
Currently, over80 countries have set standards or labels for the energy efficiency ofappliances. Consumer convenience has also become a priority during the pandemicand they are preferring appliances that simplify their lives. Thus, there areample growth opportunities for the market. However, there are some restraintslike the high initial cost of smart Washing Machine. Also, the availability oflaundry shops, increase in the use of online on-demand laundry services areother factors restraining the market.
GlobalWashing Machine Market: Segmentation Analysis
The GlobalWashing Machine Market is segmented based on Technology, Product, Capacity, AndGeography.
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WashingMachine Market, By Technology
Going byTechnology, the smart connected washing machine segment is expected to registergood growth, due to increasing preference towards convenient devices thatsimplify lives.
WashingMachine Market, By Product
Based onProduct, the Fully automatic, Semi-automatic, and Dryers fully. The automaticsegment is expected to have a significant share of the global market in termsof revenue due to minimal need of supervision and increasing needs from thehousehold users.
WashingMachine Market, By Capacity
• Less than 6 kg
• Between 6.1 to 8 kg
• More than 8 kg
Based onCapacity, the market is segmented into Less than 6 kg, Between 6.1 to 8 kg, andMore than 8 kg.
WashingMachine Market, By Geography
• North America
• Asia Pacific
• Rest of the world
On the basis ofGeography, the Global Washing Machine Market is classified into North America,Europe, Asia Pacific, and the Rest of the world. Customers opting forenergy-efficient, cost-effective Washing Machine are aiding the growth in theNorth American market. Looking forward, Asia Pacific will be among thefastest-growing regions due to consumers going for fully automatic and smart connectedWashing Machine. This region is also seeing a growing middle-class populationand higher disposable income. Major players are present in countries like Chinaand India.
KeyPlayers In Washing Machine Market
The “WashingMachine Market” study report will provide a valuable insight with an emphasison the global market. The major players in the market are Whirlpool Corporation, SamsungElectronics Co. Ltd., LG Electronics Inc., Electrolux AB, Haier GroupCorporation, Robert Bosch GmbH, Miele, Panasonic Corporation, GE Appliances,and IFB. Thecompetitive landscape section also includes key development strategies, marketshare, and market ranking analysis of the above-mentioned players globally.
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