New York, May 19, 2023 (GLOBE NEWSWIRE) -- As per the research report “Global Residential Washing Machines Market” published by Consegic Business Intelligence, the market was worth USD 27,067.21 Million in 2022 and is anticipated to reach over USD 50,467.09 Million by the year 2030, growing at a CAGR of 8.4%.
A washing machine is a home appliance that is deployed in households to wash daily clothes and laundry. Residential washing machines aid in reducing the manual labor and are highly convenient to use and time-saving. The washing machines in the market are available as fully automatic, semi-automatic and dryers. Fully-automatic washing machines are gaining popularity among consumers due to its ability to wash clothes without human intervention.
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Global Residential Washing Machines Market Size, Share & Trends Analysis, By Operation (Fully-Automatic and Semi-Automatic), Product Type (Front Loading, Top Loading, Dryers, and Washer Dryer), Technology (Smart Connected and Conventional), Capacity (Up to 6 Kg, 6.1-8Kg, and Above 8Kg), Pricing (Low, Medium, and Premium), Sales Channel (Online and Offline), and By Region, Forecast Period 2023 – 2030.
The changing lifestyle of consumers is driving the growth of global residential washing machines market. Consumers are increasingly preferring fully-automatic washing machines in order to save time and effort. Moreover, technological advancements in washing machines such as remote control and voice control features is accelerating the growth of the market. For instance, in March 2023, Haier Inc. introduced a new line-up of anti–scaling top load washing machines for 8 kg and 9 kg capacity featuring anti-scaling technology to provide efficient, simple, and effortless washing experience. Thus, continuous advancements in technology have resulted in the growth of residential washing machines market.
The incorporation of advanced technologies such as the Internet of Things (IoT) in washing machines is providing significant growth opportunities for the growth of residential washing machines market. The growing adoption of smart home devices is expected to drive the demand for residential washing machines that are easily connected to smartphones or other home appliances. Consequently, the market for residential washing machines is expected to grow during the forecast period. However, the presence of on-demand laundry services is restraining the growth of the market.
| Report Attributes | Report Details |
| Market Size By 2030 | USD 50,467.09 Million |
| Forecast Period | 2023-2030 |
| CAGR (2023-2030) | 8.4% |
| Base Year | 2022 |
| Study Timeline | 2017-2030 |
| Key Players | Electrolux AB, Whirlpool Corporation, Godrej Industries Ltd, Haier Group Corp, IFB Industries Ltd., LG Electronics Inc., Mirc Electronics Limited, Panasonic Corporation, Samsung Electronics Co. Ltd., Whirlpool Corporation |
| By Operation | Fully-Automatic and Semi-Automatic |
| By Product Type | Front Loading, Top Loading, Dryers, and Washer Dryer |
| By Technology | Smart Connected and Conventional |
| By Capacity | Up to 6 Kg, 6.1-8 Kg, and Above 8 Kg |
| By Pricing | Low, Medium, and Premium |
| By Sales Channel | Online and Offline |
| Report Coverage | Company Ranking and Market Share, Growth Factors, Total Revenue Forecast, Regional Competitive Landscape, Business Strategies, and more |
| By Region | North America, Europe, Asia-Pacific, Latin America, Middle East & Africa |
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Key Market Highlights
- The global residential washing machines market size is estimated to reach USD 50,467.09 Million by 2030 and grow at a CAGR of 8.4% during the forecast period (2023-2030).
- Globally, residential washing machines are divided based on the operation into fully-automatic and semi-automatic.
- In the context of product type, the market is separated into front loading, top loading, dryers, and washer dryer.
- Based on the technology, the market is segregated into smart connected and conventional.
- In the context of capacity, the market is separated into Up to 6 Kg, 6.1-8Kg, and above 8Kg.
- Based on the pricing, the market is segregated into low, medium, and premium.
- Based on the sales channel, the market is divided into online and offline.
- The market is geographically divided into five regions: North America, Europe, Asia-Pacific, Latin America, Middle East & Africa.
- Asia Pacific and North America are estimated to support the market growth during the forecast period in terms of the large presence of market players combined with high expenditures on technological advancements in residential washing machines market.
Residential Washing Machines Market Growth Drivers:
- Rising demand for washing machines as a result of changing consumer lifestyles is driving the market growth.
- The increasing government initiatives to promote the adoption of energy-efficient home appliances is propelling the growth of the market.
Restraints
- Environmental concerns associated with washing machines restrain the market growth.
- The implementation of tariffs on international consumer goods including washing machines impedes the domestic market growth.
Opportunities
- The integration of advanced technologies such as Artificial Intelligence (AI) in washing machines is expected to present potential opportunities for the growth of residential washing machines market.
Global Residential washing machines Market Segmentation Details:
Based on Operation, the fully-automatic segment contributed the largest shares to the market growth in 2022. The ability of fully-automatic washing machines to wash clothes without any supervision by the user is driving the growth of the market. Fully-automatic washing machines are have the ability to perform washing and drying procedures in the same drum, thereby proving convenience to the user.
Based on Product Type, top-loading washing machine segment offered substantial shares to the global residential washing machines market in the year 2022. The ability of top-load washing machines to provide faster cycle times for washing clothes is driving the growth of the market. Top-load washing machines allow consumers to add or remove clothes in the middle of the washing cycle, thereby contributing to the growth of the market.
Based on Technology, the conventional washing machines segment contributed the largest shares to the market growth in 2022. The ability of conventional washing machines to perform basic cleaning tasks is driving the growth of residential washing machines market. Conventional washing machines provide high load capacity suitable for majority of homeowners. Moreover, customers lacking technical knowledge prefer conventional washing machines that further results in the market growth.
Based on Capacity, the 6.1-8kg segment contributed the largest shares to the market growth in 2022. Washing machines with capacity 6.1-8kg is well-suited for majority of middle-class households based on the strength, capacity, and power requirements of the users. Moreover, the washing machines are available in front-load and top-load options that further attracts a large number of customers towards this segment.
Based on Pricing, medium priced washing machines segment offered substantial shares to the global residential washing machines market in the year 2022. The growing affordability of washing machines is accelerating the growth of the market. Middle-class population prefer washing machines that provides effective and efficient cleaning of clothes rather than washing-machines equipped with advanced functionalities and features. Consequently, medium-priced washing machines contributes the largest shares to the residential washing machines market.
Based on Sales Channel, the offline segment contributed the largest shares to the market growth in 2022. Customers have a tendency to purchase expensive home appliances such as washing machines from offline stores as they prefer to test the product physically before purchasing. Moreover, the salesperson in specialty stores, hypermarkets and supermarkets provide accurate guidance to the customers according to their interests and choices.
Based on region, The Asia-Pacific region has been a major contributor to the growth of residential washing machines market. The changing consumers’ lifestyle due to hectic schedules has resulted in the increased demand for residential washing machines that provide ease and convenience to the customers. Moreover, continuous advancements in technology such as remote control is further attracting a large section of population towards this segment.
Recent Developments
- In July 2022, Samsung delivers smart and sustainable solutions by launching AI Washer and Dryer that saves users energy, resources and costs.
- In November 2022, Godrej Appliances expanded its premium range of fully automatic top-load washing machines with the 5-Star rated Eon Velvet range to wash all kinds of clothes and stains.
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List of Major Global Residential Washing Machines Market Players
The market research report examines various market factors to determine the key drivers, limitations, and opportunities affecting market players. The report includes a SWOT analysis, regional analysis, and segment analysis to give a complete view of the market situation. This evaluation helps to identify possible growth opportunities through the implementation of technology, product utilization, business strategies, and the launch of new products. The following are major market players operating in the market environment —
- Electrolux AB
- Whirlpool Corporation
- Godrej Industries Ltd.
- Haier Group Corp
- IFB Industries Ltd.
- LG Electronics Inc.
- Mirc Electronics Limited
- Panasonic Corporation
- Samsung Electronics Co. Ltd.
Global Residential Washing Machines Market Segmentation:
- By Operation
- Semi-Automatic
- Automatic
- By Product Type
- Front Loading
- Top Loading
- Dryers
- Washer Dryer
- By Technology
- Smart Connected
- Conventional
- By Capacity
- Up to 6 Kg
- 6.1-8 Kg
- Above 8 Kg
- By Pricing
- Low
- Medium
- Premium
- By Sales Channel
- Online
- Offline
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Key Questions Covered in the Residential Washing Machines Market Report
- What is residential washing machine?
- Residential washing machines are the appliances used to wash various types of clothes without applying any physical efforts. Washing machines are used to remove stains from the clothes by applying a centrifugal force. Thus, residential washing machines provide ease and convenience to the customers for washing clothes.
- What will be the potential market valuation for the industrial food processing machines market industry by 2030?
- The market for global industrial food processing machines is expected to reach USD 50,467.09 Million in 2030 growing at a CAGR of 8.4% due to increasing demand for washing machines in households as a result of changing consumer lifestyle.
- What specific segmentation details are covered in the residential washing machines market report, and how is the fastest segment anticipated to impact the market growth?
- The report consists of segments including Operation, Product Type, Technology, Capacity, Pricing, and Sales Channel. Each segment is projected to have the fastest-growing sub-segment being fueled by industry trends and drivers. For instance, by operation segment has witnessed fully-automatic washing machines as the fastest-growing segment due to its ability to wash clothes automatically without any human supervision.
- Which region contributes the largest shares to the residential washing machines market?
- The Asia-Pacific region accounted for the largest revenue share in the year 2022 due to ease and convenience offered by residential washing machines to customers. Moreover, the increasing government initiatives to promote the adoption of energy-efficient home appliances is accelerating the growth of the regional market.
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