Smart Washing Machine Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

A smart washing machine is a laundry machine that consists of a smart washer and dryer that can connect to the network through wi-fi. Anyone can control a smart washing machine using mobile phone apps or using Alexa or Google assistant. Samsung and Hoover were the first manufacturers to launch smart washing machines.

An increase in the use of the Internet of things (IoT) and rapid urbanization drive the growth of the global smart connected washing machine industry. Moreover, the rise in disposable income of people and increase in efficiency of smart connected washing machines such as the use of less electricity and water are expected to boost the market growth. However, the availability of laundry shops and growth in online laundry services hinder the growth of the market. On the contrary, technological and innovative advancements related to smart connected washing machines is anticipated to provide lucrative opportunity for the manufactures operating in this market.

Greater penetration of smartphones and wireless internet connections is helping increase the adoption rate of smart washing machines, across the residential as well as commercial sectors.Installation of these products in the residential areas helps in tracking and controlling the wash to avoid unnecessary wash cycles and water usage, thereby incurring higher demand among residential consumers. Additionally, a significant rise in household luxury spending, as well as greater adoption of smart appliances, are providing an impetus to the growth of the residential segment. Moreover, rising developments in the hospitality sector and hospitals are resulting in continuous demand for convenient and faster laundry washing, thereby increasing demand for smart washing machines in the commercial application segment.

The growth in Smart Washing Machine is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges.

Key Market Trends

Rise in Demand for Energy Efficient Products is Driving the Market

Manufacturers of washing machines are rapidly developing energy-efficient models in order to lower their carbon footprint and provide consumers with energy savings. The rise of energy-efficient appliances can be attributed to government rules governing electric home appliances as well as technological advancements. Energy-efficient appliances are designed to use the least amount of energy possible to achieve the task at hand. Over 80 countries already have energy-efficient appliance regulations and labeling. ENERGY STAR certified washing machines, for example, use 25% less energy and 33% less water than ordinary washing machines in the United States.

In the forecast period, the growing need for energy-efficient washing machines will propel the smart washing machines market further. To lower carbon footprint and provide energy savings for consumers, the smart washing machine sector is progressively manufacturing energy-efficient technologies. When compared to traditional washing machines, smart washers with Energy Star ratings can save a lot of water. For instance, Samsung's 6.0 cu. ft. FlexWash Washer in Black Stainless Steel model of product with an Energy Star rating and Wi-Fi connectivity uses 4,278 gallons of water per year. Whereas, conventional washing machines wash approximately 300 loads of clothes a year and consume about 12,000 gallons of water in a year.

The smart appliance industry is being reshaped by the introduction of smart appliances that incorporate IoT. Several developments in washing machines have been made in recent years, resulting in increased efficiency in terms of achieving sustainability. Smart washing machines with wi-fi connectivity and innovative features like smart diagnosis, automatic detergent dispensing, smart control, eco-check, and steam-care functions are boosting market growth.

Asia-Pacific is Expected to Witness the Highest Growth

The Asia Pacific market is expected to expand at the fastest growth rate over the forecast period, as smart connected washing machines have gained popularity owing to their compatibility and user-friendliness features. Furthermore, the market expansion is fueled by rising urbanization and an expanding middle-class population. The presence of important market participants in the region also helps to support the development of innovative products to expand the customer base. Furthermore, the desire for smart connected washing machines is fueled by a lack of time for laundry due to a hectic lifestyle. Product demand in this region is expected to be fueled by rising internet penetration and technology improvements in developing economies such as China and India. In India, the average rate of IoT penetration is in the single digits, whereas the global average rate is in the double digits. This creates a huge opportunity for the smart washing machine industry to flourish in Asia Pacific's growing economies.

The Asia-Pacific region has the most price-sensitive customers, forcing companies to use promotional techniques like Black Friday specials, Holiday sales, and additional online deals to boost sales of smart washing machines. Water scarcity and excessive electricity use in densely populated places have prompted a hunt for technologically advanced items such as smart washing machines that have a low global environmental impact.

Competitive Landscape

This market has many companies fragmented over minor shares. Companies are focusing on expanding their product line through product innovation, particularly in developing economies, to meet the rising demand. Some of the major players in the smart washing machine market are Samsung, LG Electronics, Whirlpool Corporation, Haier Group, Robert Bosch GmbH, Siemens AG, GE Appliances, AB Electrolux, Techtronic Industries, Panasonic Corporation, and Others.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support