Dublin, Dec. 19, 2023 (GLOBE NEWSWIRE) -- The "Dryers Global Market Report 2024" has been added to ResearchAndMarkets.com's offering.
The dryers market size has grown strongly in recent years. It will grow from $13.01 billion in 2023 to $14.25 billion in 2024 at a compound annual growth rate (CAGR) of 9.6%. The dryers market size is expected to see strong growth in the next few years. It will grow to $19.83 billion in 2028 at a compound annual growth rate (CAGR) of 8.6%.
The anticipated growth in the forecast period can be attributed to various factors, including an emphasis on energy efficiency, the integration of smart and connected features in appliances, a focus on health and allergen control, the importance of customization and aesthetics, and the demand for compact and space-saving solutions.
Prominent trends in the forecast period encompass the adoption of heat pump dryers for enhanced efficiency, the utilization of steam and wrinkle-release functions, the integration of sensor technology for improved performance, the use of sustainable materials in dryer construction, and a focus on quieter operation, which is increasingly valued by consumers. These trends are expected to drive growth in the electric dryer market.
Anticipated technological advancements are set to be a driving force behind the growth of the dryer market in the foreseeable future. The widespread availability of the internet and the pervasive use of smartphones have facilitated the development and adoption of technologically advanced appliances. As of April 2021, the global population of internet users exceeded 4.72 billion, with more than 330 million people accessing the internet, and approximately 48.2% of internet users utilizing mobile devices for web access. Furthermore, the increasing integration of the Internet of Things (IoT) has enabled consumers to connect with their dryers over the internet, allowing for remote control of essential functions through data collection and exchange. These technological advancements are expected to drive the growth of the dryer market in the forecast period.
The growth of the dryer market is expected to be fueled by the increasing purchasing power of consumers. Purchasing power signifies the value of a currency concerning the quantity of goods or services that a single unit of currency can obtain. Enhanced purchasing power equips individuals with greater ease in acquiring new dryers. For instance, data from the European Commission in February 2023 anticipates that the global middle-class or consumer class is poised to expand to 4.8 billion individuals by 2030, signifying a substantial increase of 1.3 billion individuals with greater purchasing power compared to the present scenario. Consequently, the rising purchasing power is expected to be a driving factor behind the growth of the dryer market.
The growth of the dryer market may face constraints due to the increasing demand for online on-demand laundry services. The on-demand laundry services market is anticipated to benefit from a stable economic growth outlook in both developed and developing countries. As per the International Monetary Fund (IMF), global real GDP growth was at 3.7% in 2019 and is expected to remain at 3.6% from 2021 to 2023. Furthermore, emerging markets are projected to maintain slightly higher growth rates compared to developed markets during the forecast period. For instance, China's GDP growth reached approximately 8.1% in 2021, according to the World Bank. Stable economic growth, higher internet penetration, increased disposable income, and the fast-paced lifestyles of individuals are expected to drive the growth of on-demand laundry services, potentially limiting the growth of the dryer market.
To mitigate environmental impact and promote energy savings for consumers, dryer manufacturers are increasingly producing energy-efficient products. The proliferation of energy-efficient appliances is influenced by strict government regulations governing electrical home appliances and technological advancements. Energy-efficient appliances are designed to complete their tasks using minimal energy. Presently, more than 80 countries have established standards and labels for energy-efficient appliances. In the United States, for instance, dryers certified under ENERGY STAR use 20% less energy than standard models.
Major companies in the dryer market are focusing on innovative technologies, such as the Dyson Airblade, a hand dryer solution. The Dyson Airblade hand dryers operate within a highly competitive market where companies continually introduce novel and creative products to meet the evolving needs of their customer base. For example, in March 2023, Central Marketing Group (CMG), a subsidiary of Thailand's Central Retail Corporation (CRC), launched the 'Dyson Airblade' hand dryer in Thailand, offering three variations: Dyson Airblade wash+dry, Dyson Airblade 9KJ, and Dyson Airblade V.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Scope
- Markets Covered:
- By Type: Spin Dryers; Condenser Dryers; Heat Pump Dryers; Mechanical Steam Compression Dryers; Solar Clothes Dryer; Other Types
- By Type Of Vent: Vented Dryer; Ventless/Condenser Dryer
- By Distribution Channel: Specialty Stores; Company-Owned Stores; Hypermarkets and Supermarkets; Online; Other Distribution Channels
- By End User: Commercial; Residential
- Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
- Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
- Time series: Five years historic and ten years forecast.
- Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
- Data segmentations: Country and regional historic and forecast data, market share of competitors, market segments.
Company Profiles
- Haier Electronics Group
- LG Electronics
- Samsung Electronics
- Robert Bosch
- Koninklijke Philips
- Whirlpool
- Panasonic
- Groupe
- HAAN
- Conair
- Fridja
- Electrolux
- Jiffy Steamer
- Sears Holdings
- Asko Appliances
- Crosslee
- Midea Group.
- Miele & Cie.
- SMEG
- Gorenje
- Amana
- Frigidaire
- Maytag
- Zanussi
- Bosch
- GE Appliances
- Kenmore
- Speed Queen
- Fisher & Paykel Appliances
- Blomberg
- Summit Appliance
- Danby Appliances
- Avanti Products
- Panda
- Magic Chef
- Equator Advanced Appliances
- EdgeStar
- Hotpoint
- Hoover
- Ariston
- Candy
- Beko
- Hisense Group
- Toshiba
For more information about this report visit https://www.researchandmarkets.com/r/3rl3tj
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