Report on Shemaroo

Global washing machine market to exceed $32,000 million by 2026

Increase in working youth population and disposable income is expected to drive market growth.

NEW DELHI: With the outbreak of Covid2019 and people becoming more hygiene conscious, the global washing machine market is forecast to grow at a rate of over seven per cent during 2021-2026, revealed a report by global management consulting firm TechSci Research. 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.

Further, the report stated that 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 globalisation is likely to contribute to the developments in the washing machine industry.

Browse 139 market Figures spread through 110 Pages and an in-depth TOC on   

"Global Washing Machine Market"

The global washing machine market is segmented based on type, fully automatic and semi-automatic. Due to rising urbanisation and user-friendly functionality, the fully automatic washing machine segment is expected to register the highest CAGR during the forecast period, according to the report by TechSci Research. 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 these regions, Asia Pacific (APAC) is the fastest growing in the global washing machine market and 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 APAC washing machine market has experienced a rapid increase. Moreover, this demand is driven by emerging economies in this area, rapid urbanisation, and an expanding middle-class population. Major Asian countries such as India and China are registering high population levels and increased disposable income. Consequently, the region is witnessing an increase in the usage of washing machines. A surge 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 dominated by between six to eight 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, the report forecast. Furthermore, washing machines with a size of six to eight 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,” said TechSci Research research director Karan Chechi. “Furthermore, increasing washing machine affordability and increasing urbanisation 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.”

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