According to the latest report by IMARC Group, titled "Residential Washing Machine Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," the global residential washing machine market size reached US$ 41.7 Billion in 2022. A residential washing machine is a household appliance used for cleaning laundry. It uses water and detergent to clean clothes and other fabrics by agitating them in a drum. It operates by spinning the laundry at high speed, thereby generating centrifugal force that removes water from the laundry along with dirt. It comes in numerous varieties that assist in washing, rinsing, and drying without the need to supervise different operations and is available in different sizes to accommodate different laundry loads. It also offers several features, such as multiple wash cycles, temperature settings, and soil level options. Additionally, it provides developed features, including steam cleaning, delayed start, and automatic detergent dispensers. It aids in saving time and is easier to clean, operate, and repair compared to other electrical devices.
Global Residential Washing Machine Market Trends:
The growing adoption of washing machines is driving the global market. Along with this, the escalating demand for residential washing machines among the masses due to hectic lifestyles and less time for laundry is contributing to the market. Moreover, the growing inclination towards low-maintenance washing machines to enhance their cost-efficiency is significantly strengthening the demand. In response to the escalating demand, several key players are heavily investing in research and development (R&D) activities to integrate technological advancements in washing machines and introduce product variants that are highly efficient in saving water and electricity is providing a boost to the market. In line with this, the development of washing machines with energy-efficient settings, automatic dispensers, and smart controls that can be operated remotely through a smartphone app is creating a positive market outlook. Apart from this, various initiatives undertaken by the government of several countries to develop rural households is augmenting the market. Besides, consumers are becoming more environmentally conscious that has led to the rising demand for energy-efficient washing machines, is acting as another growth-inducing factor. Furthermore, with the availability of financing options, such as installment plans and credit facilities, consumers are more able to purchase high-end washing machines that would otherwise be out of their budget range, which is impacting the market favorably. Other factors, such as inflating disposable income levels of the masses and the advent of home delivery models, are also influencing the market. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 54.2 Billion by 2028, exhibiting a growth rate (CAGR) of 4.32% during 2023-2028.
- On the basis of the product, the market has been divided into fully automatic, semiautomatic, and dryer.
- Based on the technology, the market has been segmented into top and front loads.
- On the basis of the machine capacity, the market has been bifurcated into below 6 Kg, 6 to 8 Kg, and 8 Kg and above.
- Based on the distribution channel, the market has been classified into supermarkets and hypermarkets, specialty stores, department stores, e-commerce, and others.
- On the basis of the region, the market has been categorized into North America (the United States, and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and the Middle East and Africa.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market. Some of the key players include Electrolux AB, Godrej Consumer Products Ltd., Haier Group Corporation, Hitachi Ltd., IFB Industries Limited, LG Electronics Inc., Midea Group, Miele, Panasonic Holdings Corporation, Robert Bosch GmbH, Samsung Electronics Co. Ltd., Toshiba Corporation and Whirlpool Corporation.
|Base Year of the Analysis
||Product, Technology, Machine Capacity, Distribution Channel, Region
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||Electrolux AB, Godrej Consumer Products Ltd., Haier Group Corporation, Hitachi Ltd., IFB Industries Limited, LG Electronics Inc., Midea Group, Miele, Panasonic Holdings Corporation, Robert Bosch GmbH, Samsung Electronics Co. Ltd., Toshiba Corporation and Whirlpool Corporation
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