PUBLISHER: Bonafide Research | PRODUCT CODE: 1287700
PUBLISHER: Bonafide Research | PRODUCT CODE: 1287700
The global washing machine market is a large and expanding industry that includes a diverse range of products designed for both residential and commercial applications. Consumers' disposable income is increasing, consumer lifestyles are changing, and there is growing awareness about the benefits of using washing machines. The availability of advanced features such as automation, internet connectivity, and energy efficiency is also expected to fuel market growth. With increased urbanization and real estate growth, more people are moving into apartments and condominiums, where space is limited. Washing machines become necessary in such situations due to a lack of space for traditional washing methods. Energy efficiency has become a growing focus in the washing machine market, driven by both regulatory requirements and consumer demand. Many manufacturers are now producing washing machines that use less water and energy, reducing their environmental impact while also saving consumers money on utility bills.
According to the research report, "Global Washing Machine Market Outlook, 2028" Published by Bonafide Research, the market is anticipated to attain market size of USD 90.86 billion by 2028, increasing from USD 62.62 billion in 2022. The overall market is projected to grow with 7.73 % CAGR for 2023-2028. The increasing penetration of washing machines in emerging markets is surging their demand, which is driving the growth of the market. With the growing disposable income, consumers are preferring washing machines with excellent wash, which is fuelling the industry growth. The growing demand for large models of washing machines with shortened replacement cycles is augmenting the market growth for washing machine. Moreover, the growing inclination towards low-maintenance washing machines to enhance their cost-efficiency is significantly contributing to the market growth.
Based on product Type, the market is divided into front load automatic, top load automatic, semi-automatic and dryer. The front load automatic washing machine is anticipated to contribute the largest market share of washing machine market. Front-loading washing machines are more energy-efficient than top-loading models. They use less water and less energy to operate, which can save consumers money on their energy bills and they also use less water than top-loading models. This is because the drum is positioned horizontally, allowing clothes to be lifted and dropped in and out of the water, which requires less water to fill the drum. Front-loading washing machines are generally considered to be better at cleaning clothes than top-loading models. This is because the drum rotates on a horizontal axis, allowing clothes to be agitated more thoroughly and ensuring that every garment is in contact with the detergent and water.
Based on Capacity Type, the market is segmented into below 6 kg, 6.1 kg to 8 kg and Above 8 kg among these the 6.1 to 8 kg washing machine is market's largest and fastest growing segment. Most households' laundry needs can be met by washing machines weighing between 6.1 and 8 kg. They can wash a full load of laundry while still allowing for movement and cleaning. These washing machines are also energy-efficient. They use less water and electricity than larger capacity washing machines, which can save consumers money on their energy bills. These washing machines are also easy to use. They are not too heavy, making them simple to move and install. They can also fit into most spaces, making them ideal for smaller apartments or homes.
Based on Technology Type, the market is divided into smart connected and conventional washing machine. Currently the conventional washing machine holds the largest market share in washing machine market but during the forecast period the smart connected washing machine is expected gain the major market share of washing machine globally. Smart, connected washing machines provide greater convenience by allowing users to control their machines remotely from their smartphone or tablet. This means they can start or stop a wash cycle, change settings, and receive notifications about the wash cycle's progress even when they are not at home. Smart, connected washing machines are more efficient as well. They optimize the amount of water and detergent used, as well as the duration and intensity of the wash cycle, using sensors and advanced algorithms. This can help consumers save money on their energy bills while also reducing their environmental impact. Personalized washing experiences can also be provided by smart, connected washing machines. Some models can detect the fabric type and adjust the wash cycle accordingly; ensuring that delicate fabrics are not damaged and clothes are cleaned effectively.
Based on Distribution Channel, the market is segmented into multi brand store, brand exclusive store, supermarket and hypermarket, online, other (institutional sales), Among them the market is dominated by multi brand stores. Multi-brand stores stock a wide variety of washing machines from various brands, giving customers a variety of options to choose from. This allows customers to compare the features, prices, and quality of various brands and models before making an informed decision. During the forecast period 2022-2028 the online distribution channel is anticipated to propel the global washing machine market. Online shopping allows you to shop from the comfort of your own home, eliminating the need to visit a physical store. Customers can browse and purchase products from any location at any time, making it convenient for busy customers to make purchases. Due to lower overhead costs, online retailers frequently offer lower prices than multi-brand stores. Customers may be able to purchase a washing machine at a lower cost as a result of this. Furthermore, there is a rise in internet penetration globally, which is propelling market growth.
The Asia-Pacific washing machine market is expected to grow at the fastest rate from 2023 to 2028. Growing population, rising GDP and disposable income in Asia-Pacific are propelling the market of washing machine. The demand for washing machines is steadily increasing in Asia-Pacific, owing to people's lack of time to do laundry as a result of their hectic lifestyles. The industry's performance over the next five years is expected to be mixed. This will primarily occur as a result of developing countries such as China and India rapidly adopting corporate work cultures, which will increase the prevalence of inactive lifestyles in the region. Furthermore, rapid economic expansion is increasing the amount of demand in the economy, stimulating demand for high-end home appliances like these machines.
The growing trend of smart homes is driving up demand for smart washing machines with connected features, which is fueling market growth. Because smart washing machines can be controlled efficiently via mobile apps, they are increasingly preferred to improve comfort, thereby propelling industry growth. Furthermore, the growing desire to eliminate the need to manually change settings is increasing the use of smart washing machines. The development of innovative smart washing machines that can simplify drying, washing, and folding is expected to boost market growth in the coming years. The use of cutting-edge technologies such as ultrasonic technology to convert water into micron-sized particles to iron clothes is expected to boost market growth. Furthermore, the use of the Internet of Things (IoT) to connect smart washing machines, folding machines, and laundry racks, among other things, is expected to drive industry growth during the forecast period.
The cost of developing washing machines is a major constraint. Manufacturers must strike a balance between the cost of manufacturing a washing machine and the price consumers are willing to pay for it. Water scarcity is a growing concern in many parts of the world, and washing machines consume a significant amount of it. The development of washing machines that use less water while maintaining performance is thus a critical consideration. Because washing machines are expected to last for several years, durability is an important consideration in their design. Manufacturers must ensure that their machines are built to last and are not prone to breakdowns.
Regulations and standards governing energy efficiency, water usage, and environmental impact can limit the design and functionality of washing machines. The COVID-19 pandemic has highlighted the vulnerability of global supply chains, with disruptions in raw materials, components, and logistics affecting manufacturers worldwide. These disruptions can have an impact on the availability, quality, and cost of washing machines, making it difficult for manufacturers to meet consumer demand.
COVID-19 had an impact on various manufacturing industries, resulting in the closure of workplaces, disruption of supply chains, and transportation restrictions. This pandemic slowed the consumer electronics market's growth rate, affecting the washing machine market. The same is true for the roofing industry. During this time, the supply chain of numerous manufacturing units was disrupted, resulting in a significant drop in revenues and profits. However, with increasing relaxations, an increase in imports and exports is expected. Governments are beginning to lift these imposed restrictions, which is a good sign for the market.
This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and listing out the companies that are present in the market. The secondary research consists of third-party sources such as press releases, annual report of companies, analysing the government generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducted trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers in regional aspects, tier aspects, age group, and gender. Once we have primary data with us we have started verifying the details obtained from secondary sources.
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