Global Washing Machine Market Insights
Washing Machine Market size was valued at USD 55.18 billion in 2021 and is poised to grow from USD 58.21 billion in 2022 to USD 94.26 billion by 2030, growing at a CAGR of 5.5% in the forecast period (2023-2030).
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.
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Global 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 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
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Global 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.
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