Global Washing Machine Market to Reach US$ 78.7 Billion by 2032, Propelled by Shifting Lifestyle Patterns of Urban Population

February 21, 2023 | Retail

According to the latest report by IMARC Group, titled “Washing Machine Market Report by Product (Fully Automatic, Semi-Automatic, Dryers), Technology (Smart Connected, Conventional), Capacity (Below 6 kg, 6.1 to 8 kg, Above 8 kg), Application (Healthcare, Hospitality, and Others), End Use (Commercial, Residential), and Region 2024-2032”, the global washing machine market size reached US$ 54.3 Billion in 2023. A washing machine is an electronic appliance that operates by spinning fabrics at high speed and generating centrifugal force to remove dirt with water from fibers. It is primarily used to wash clothes, rinse off of dirt, remove bad odor and ultimately dry the clothes. The components of the washing machine, such as tub, tub guards, balance rings and pumps, are manufactured using sheet steel and plastic with zinc or porcelain coatings for corrosion resistance and longer operational life. Washing machines are commonly available in fully automatic variants with pre-programmed wash, dry and rinse functions or semi-automatic with twin-tub system for washing and drying separately. Some of the advantages of washing machines include time efficiency, space savings, enhanced convenience and better cleanliness.

Global Washing Machine Market Trends:

The global market is majorly driven by the increasing working population with hectic schedules. This can be attributed to rapid urbanization and the shifting lifestyle patterns of the masses. Also, the growing popularity of online and offline on-demand laundry and dry-cleaning services is providing an impetus to the market. Moreover, the rising consumption of apparel and fashion garments across the globe, particularly in emerging economies, is creating lucrative growth opportunities in the market. Additionally, the integration of the Internet of Things (IoT), artificial intelligence (AI) and smartphone applications for facilitating automated washing machine functions are fueling the market growth. Besides this, the rising environmental concerns leading to the development of energy-efficient product variants with lower carbon footprint and enhanced wash and dry features are impacting the market positively. Furthermore, the implementation of innovative marketing strategies as well as mergers and acquisitions (M&As), partnerships and collaborations among key players to enhance their geographical presence are propelling the market. Some of the other factors contributing to the market include considerable growth in the electronics industry, growing infrastructure development activities, emergence of smart homes, inflating disposable income levels and extensive research and development (R&D) activities. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 78.7 Billion by 2032, exhibiting a CAGR of 4.1% during 2024-2032.

Market Summary:

Based on the product, the market has been segmented into fully automatic (front load and top load), semi-automatic, and dryers.
On the basis of the technology, the market has been divided into smart connected and conventional.
Based on the capacity, the market has been classified into below 6 kg, 6.1 to 8kg, and above 8 kg.
On the basis of the application, the market has been categorized into healthcare, hospitality and others.
Based on the end use, the market has been segmented into commercial and residential.
On the geographical front, the market has been segregated into North America (the United States and Canada), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Latin America (Brazil, Mexico and others), and Middle East and Africa.
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players. Some of these players include AB Electrolux, Alliance Laundry Systems LLC, Godrej Group, Haier Group Corporation, IFB Industries Limited, LG Electronics Inc., MIRC Electronics Limited, Panasonic Corporation, Robert Bosch GmbH, Samsung Electronics Co. Ltd., Toshiba Corporation, and Whirlpool Corporation.

Report Coverage:

Report Features	Details
Base Year of the Analysis	2023
Historical Period	2018-2023
Forecast Period	2024-2032
Units	US$ Billion
Segment Coverage	Product, Technology, Capacity, Application, End Use, Region
Region Covered	Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered	United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered	AB Electrolux, Alliance Laundry Systems LLC, Godrej Group, Haier Group Corporation, IFB Industries Limited, LG Electronics Inc., MIRC Electronics Limited, Panasonic Corporation, Robert Bosch GmbH, Samsung Electronics Co. Ltd., Toshiba Corporation and Whirlpool Corporation
Customization Scope	10% Free Customization
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Global Washing Machine Market to Reach US$ 78.7 Billion by 2032, Propelled by Shifting Lifestyle Patterns of Urban Population

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