Residential Washing Machine Market Growth & Trends
The global residential washing machine market size is expected to reach USD 113.0 billion by 2030. It is projected to register a CAGR of 6.6% from 2024 to 2030. Rising standard of living coupled with the rapid urbanization across the globe is expected to drive the growth. Moreover, significant improvement of electricity infrastructure in developing countries including India, Indonesia, and China is expected to further fuel the product demand.
The fully automatic segment is expected to witness the fastest CAGR during the forecast period, owing to the ease of operation, high energy efficiency, and less water consumption and drying times. Major manufacturers including Samsung Electronics Co. Ltd.; Whirlpool Corporation; and LG Electronics Inc. are introducing latest technologies such as Internet of Things (IoT) to gain competitive edge in the market. For instance, in February 2018, Samsung Electronics Co. Ltd. announced to introduce smart washing machine featuring the Bixby AI interface. The introduction of Artificial Intelligence (AI) in the washing machines will change the industry as it will offer an extended ease of operation to the consumers and will fuel the market growth over the forecast period.
Over the past few years, the major players have adopted marketing strategies including expansion of production capacity, innovative product launch, introduction of latest technologies, and mergers and acquisitions to cater to the increasing demand for washing machines in the region. For instance, in June 2018, Godrej Appliances, an India based home appliances manufacturer inaugurated its new facility at Mohali, India, with a production capacity of four to six lakh units per year. In addition, in January 2018, LG Electronics Inc. launched ‘Wi-Fi Inverter’ washing machines in Sri Lanka. The product is equipped with Wi-Fi technology and energy-efficient features.
Residential Washing Machine Market Report Highlights
- Asia Pacific residential washing machine dominated the market with a revenue share of 33.4% in 2023 and is anticipated to witness the fastest CAGR during the forecast period
- Semi-automatic dominated the market and accounted for a share of 50.3% in 2023
- Washing machines with 6 to 8 kg accounted for the largest market revenue share of 47.0% in 2023
- Top load accounted for the largest market revenue share of 68.4% in 2023, owing to affordable cost of washing machines and convenient loading.
Why should you buy this report?
- Comprehensive Market Analysis: Gain detailed insights into the global market across major regions and segments.
- Competitive Landscape: Explore the market presence of key players worldwide.
- Future Trends: Discover the pivotal trends and drivers shaping the future of the global market.
- Actionable Recommendations: Utilize insights to uncover new revenue streams and guide strategic business decisions.
This report addresses:
- Market intelligence to enable effective decision-making
- Market estimates and forecasts from 2018 to 2030
- Growth opportunities and trend analyses
- Segment and regional revenue forecasts for market assessment
- Competition strategy and market share analysis
- Product innovation listing for you to stay ahead of the curve
- COVID-19's impact and how to sustain in these fast-evolving markets
This product will be delivered within 1-3 business days.
Table of Contents
Chapter 1. Methodology and Scope
Chapter 2. Executive Summary
Chapter 3. Residential Washing Machine Market Variables, Trends, & Scope
Chapter 4. Residential Washing Machine Market: Product Estimates & Trend Analysis
Chapter 5. Residential Washing Machine Market: Capacity Estimates & Trend Analysis
Chapter 6. Residential Washing Machine Market: Technology Estimates & Trend Analysis
Chapter 7. Residential Washing Machine Market: Distribution Chanel Estimates & Trend Analysis
Chapter 8. Residential Washing Machine Market: Regional Estimates & Trend Analysis
Chapter 9. Competitive Landscape
Companies Mentioned
- Hitachi, Ltd.
- Midea Group Co. Ltd.
- Panasonic Corporation
- IFB Industries Ltd.
- BSH Hausgeräte GmbH
- GE Appliances
- AB Electrolux
- LG Electronics Inc.
- Samsung Electronics Co. Ltd.
- Whirlpool Corporation
Methodology
LOADING...
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 80 |
| Published | August 2024 |
| Forecast Period | 2023 - 2030 |
| Estimated Market Value ( USD | $ 72.24 Billion |
| Forecasted Market Value ( USD | $ 113 Billion |
| Compound Annual Growth Rate | 6.6% |
| Regions Covered | Global |
| No. of Companies Mentioned | 10 |
