New York , March 04, 2024 (GLOBE NEWSWIRE) -- The global washing machine market size is expected to expand at 5% CAGR from 2024 to 2036. The market is anticipated to garner a revenue of USD 103 billion by the end of 2036, up from a revenue of USD 60 billion in the year 2023. The market growth is attributed to the rising clothing and fashion sectors across the world. The increasing dependency of people on electronic appliances for daily activities such as cleaning, washing, sweeping, and cooking is estimated to expand the market growth. The number of clothing generated worldwide by the fashion industry was over 120 billion products each year.
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Additionally, the urbanization of the towns and cities with the application of advanced technology is propelling the market size. The demand for the market size is accredited to the enhancing implementation of the Internet of Things (IoT) in household chores. As of 2021, over 40% of U.S. households have a smart home device, and is expected to reach 50% by the end of 2025.
Washing Machine Market: Key Takeaways
- Market in Asia Pacific region to propel the highest growth.
- The Fully Automatic segment to garner the highest growth
- Market in North America region to grow at the highest rate
Fostering the Production of Various Types of Washing Machines for Various Needs the Growth of the Washing Machine Industry
The production of various washing machines with different capacities and technology systems to meet the needs of various people is proliferating the market size. The market progression is credited to the integration of artificial intelligence to improve the operation of the system with ease. The investment in the production of high-end technology in washing machines to improve their features and functionality is driving the market size. The Thomson invested USD 2.5 million to set up a washing machine manufacturing plant with a capacity to produce more than 4,00,000 units
Washing Machine Industry: Regional Overview
Changing Lifestyle and Growing Disposable Income is Envisaged to Boost the Market Growth in the Asia Pacific Region
Asia Pacific region washing machine market is projected to acquire a lion's share of 50% in the year 20236 owing to the change in lifestyle habits and escalating disposable income of people. The progress of the market is attributed to the rising spending capacity of the population in the region with economic growth and development in the rural and urban areas. Multiplying manufacturers of washers with connectivity technology enabling Wi-Fi and remote operation is fueling the market trends. More than 12% of the households have an electric washing machine as per the reports in 2022.
High Demand for Clothes and Other Clothing Accessories is Fostering Market Expansion in the North American region
The North American region is predicted to secure a sustainable market share of 24% in the forecast period with the production of high-end technology laundry machines. The availability of numerous characteristics and specifications such as eco-friendly mode and water-saving modes is propagating the demand for washing machines in the region. Also, the incorporation of dryers in the washers is an added advantage to the cool climate of the region to avoid drying issues which is likely to intensify the progress of the market. Over 80% of U.S. homes have a washer and dryer as of 2022 stats and each year about 280 loads of laundry are washed.
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Washing Machine Industry Segmentation by Product
- Fully Automatic
- Semi-Automatic
- Dryer
The fully automatic segment belonging to the market is foreseen to hold a significant market share of 55% during the forecast era on account of spreading demand interest in automated technologies. The fully automated equipment is in high demand owing to its uninterrupted and time-saving features. The busy schedules of the population with workload and other household responsibilities are gaining traction for market segment growth. As of 2023 reports, more than 90% of the employees working in the professional service sector work for more than 48 hours a week.
Washing Machine Market Segmentation by Capacity
- Below 6 Kg
- 6.1 – 8 Kg
- Above 8 Kg
The 6.1-8 Kg segment of the market is prophesied to gain a market share of 41%. People are spending huge amounts on home renovations to fit the modern needs and space for equipment such as dishwashers, washing machines, electric cookers, and digitalized refrigerators is likely to amplify the market segment trends. Americans spending on laundry and living room renovations rose by over 30% during 2021. The high percentage of middle-class families and small families with 4 to 6 members is developing the progress of the market segment.
Washing Machine Industry Segmentation by Technology
- Smart Connected
- Conventional
Washing Machine Market Segmentation by End-User
- Commercial
- Residential
Washing Machine Market Segmentation by Distribution Channel
- Supermarket and Hypermarket
- Specialty Store
- Department Store
- E-Commerce
Washing Machine Industry Segmentation by Type
- Sheet Door
- Glass Door
A few of the well-known market leaders in the global washing machine market that are profiled by Research Nester are Alliance Laundry Systems LLC, Girbau North America, Fisher & Paykel Appliances Ltd, GENERAL ELECTRIC COMPANY, Haier Inc., IFB Industries Limited, LG Electronics, SAMSUNG, MIRC ELECTRONICS LIMITED, Whirlpool Corporation, and others.
Recent Development in the Market
- Haier Inc. declared the introduction of a 306 series of washing machines with the novel Ultra Fresh Air feature and other advanced techniques such as Near Zero Pressure, Quick Wash, Anti-Bacterial Pulsator, Oceanus wave drum, and Auto Restart.
- IFB Industries Limited associated with the Xeros Technology Group to develop the 11kg domestic washer with the incorporation of the care technology of Xero. This development intends to apply them in small-scale businesses and large residential houses to minimize the effect of garment washing on the environment.
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