Rapid urbanization, rise in disposable income, surge in affordability of washing machines, and improvements in rural electrification drive the growth of the global residential washing machine market
Allied Market Research published a report, titled, “Residential Washing Machine Market by Product Type (Fully Automatic, Semiautomatic, Dryer), by Machine Capacity (Below 6 Kg, Between 6-8 Kg, 8 Kg And Above), by Distribution Channel (Supermarket And Hypermarket, Specialty Store, Department Store, E-Commerce, Others), : Global Opportunity Analysis and Industry Forecast, 2020-2031″. According to the report, the global residential washing machine industry generated $37.42 billion in 2020, and is anticipated to generate $73.01 billion by 2031, witnessing a CAGR of 8.3% from 2022 to 2031.
Prime determinants of growth
Rapid urbanization, rise in disposable income, surge in affordability of washing machines, and improvements in rural electrification drive the growth of the global residential washing machine market. However, availability of laundry shops and growth in online laundry serviceshinder the market growth. On the other hand, technological and innovative advancement related to washing machines presents new opportunities in the coming years.
Covid-19 Scenario
- The outbreak of the COVID-19 pandemic has had a positive impact on the growth of the global residential washing machine market. This is because people got more engaged in home designing during the pandemic, which in turn, increased the sale of washing machines.
- Also, consumers have started to replace their old washing machines with the new & advanced technology based washing machines, which is sequentially boosting the growth of the market.
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The fully automaticsegment to maintain its leadership status throughout the forecast period
Based on product type, the fully automatic segment held the highest market share in 2020, accounting for nearly three-fifths of the global residential washing machine market, and is estimated to maintain its leadership status throughout the forecast period. Moreover, the same segment is projected to manifest the highest CAGR of 8.5% from 2022 to 2031.The fully automatic washing machine is capable of preforming washing and spinning activities in a sequential manner, without any intervention of human. The energy requirement of the fully automatic washing machine is low as compared to semiautomatic washing machine, which is why, it saves electricity. These factors are boosting the growth of the segment.
The specialty store segment to maintain its lead position during the forecast period
Based on distribution channel, the specialty store segment accounted for the largest share in 2020, contributing to more than one-fourth of the global residential washing machine market, and is projected to maintain its lead position during the forecast period, owing to easy availability. However, the e-commerce segment is expected to portray the largest CAGR of 9.1% from 2022 to 2031. This is because people are opting for online applications or sales channel to buy various products.
Asia-Pacific, followed by North America, to maintain its dominance by 2031
Based on region, Asia-Pacific, followed by North America, held the highest market share in terms of revenue 2020, accounting for nearly half of the global residential washing machine market, owing to presence of emerging economies, rapid urbanization, expanding middle class population. Moreover, the LAMEA region is expected to witness the fastest CAGR of 9.4% during the forecast period, attributed to decline in prices of washing machine, increase in middle class population, and rise in disposable income.
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Leading Market Players
- Samsung Group (South Korea)
- LG Electronics Inc. (South Korea)
- Siemens AG (Germany)
- Haier Group Corporation (China)
- AB Electrolux (Sweden)
- Whirlpool Corporation (U.S.)
- Robert Bosch GmbH (Germany)
- Miele and Cie. KG (Germany)
- Panasonic Corporation (Japan)
- GE Appliances (U.S.)
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