Washing Machine Market to Grow at a CAGR of 3.83% During the Forecast Period

 Increasing disposable income and technological advancements are expected to drive the growth of the global Washing Machine market.

According to TechSci Research report, “Global Washing Machine Market –Industry Size, Share, Trends, Competition, Opportunity, and Forecast, 2017-2027”. The global washing machine market is expected to reach USD89.27 billion by 2027F, with a CAGR of 3.83% during the forecast period. Washing machine sales are expected to increase during the forecast period due to consumers' changing lifestyles and preferences, rising disposable income, increasing working people, and a rising population worldwide. Washing machines have become necessary household equipment around the world over time. Customers are looking for "value options" that balance the qualities of price, quality, convenience, consistency, and innovation. In the anticipated years, there will be a rise in the need for washing machines.

Additionally, the current trend among young couples to have nuclear families will increase the demand for washing machines. However, two primary washing machines trending in the global Washing Machine market are inverter technology and WIFI enabled. Many industry experts see WI-FI connection as the Washing Machine's future and a potential driver of renewed market growth. Several Washing Machine companies such as LG, Samsung, and Bosch have recently introduced WIFI-enabled washing machines. WIFI connectivity will likely boost Washing Machine purchases in developed and emerging regions.

 

Customers are actively using these smart gadgets in the modern world to simplify their jobs while away from their houses. Some internet and AI (artificial intelligence) features added to the washing machine include Touch Control Panel, Smart Auto Detergent Dispenser, Smart Inverter Technology, Smart Control using Apps, and Smart Sensor Technology. The washing machine running on its own and voice control functionality has emerged as the most significant household aids. The global Washing Machine market is segmented into type, machine capacity, distribution channel, region, and company. The global washing machine market in terms of type can be segregated into front-load automatic, top load automatic, and semi-automatic. Out of these, the front load automatic registered the highest market share of more than 53% among all Washing Machine products in 2021, followed by top-load automatic. In terms of capacity, the global washing machine market is segmented below 8 kg, and 8 kg and above. 8 kg and above accounted for the highest market share of more than 68% in 2021. With the increase in technology, companies have introduced equipment with child-lock technology. Child locks are necessary to provide you peace of mind and to make your home safer for your children.

 

Over the years, much innovative washing machine technology has been developed to increase effectiveness and performance. Internal water heater, faster spin rates, anti-vibration technology, and tub cleaning cycles are some of the latest innovations that help washing machines work better. The combination of all these features makes laundry a lot simpler.

Browse over 17 market data Figures spread through 70 Pages and an in-depth TOC on "Global Washing Machine Market"

https://www.techsciresearch.com/report/washing-machine-market/7264.html

 

The regional analysis segments the global washing machine market into Asia-Pacific, Europe, North America, South America, and the Middle East & Africa. The Asia-Pacific region dominates the global Washing Machine market, followed by North America in 2021. Washing Machines are in high demand in countries with large populations, such as China, Japan, and India. Changing consumer preferences toward automatic washing machines and rising disposable income have fueled the growth of the Asia-Pacific washing machine market over the years. In 2021, North America became the world's second-largest market for washing machines. An increase in Washing Machine demand in North America can be attributed to an increasing population base, rising consumer purchasing power, and growing urbanization.

 

Key market players in the Global Washing Machine Market include:

Whirlpool Corporation

LG Electronics Inc.

Samsung Electronics Co., Ltd.

Robert Bosch GmbH

AB Electrolux

Panasonic Corporation

Haier Smart Home Co., Ltd.

Midea Group Co., Ltd.

Hitachi, Ltd.

IFB Industries Limited

 

To provide a complete wash and the best results without the guesswork, LG Electronics (LG) launched its most innovative laundry invention. With an Artificial Intelligence Direct Drive (AI DD) motor, the new LG ThinQ front-load washing machine surpasses the capabilities of conventional washers. The innovative Direct Drive motor from LG, which has undergone 20 years of improvement, is used in the AI DD washer. The LG ThinQ front-load washer incorporates an Artificial Intelligent Direct Drive (AI DD), which recognizes fabric weight and softness and chooses the optimal motions for the fabric on its own, in contrast to standard washing machines that detect fabric weight. Depending on the type of laundry, optimized washing causes fewer damaged items than conventional washing.

 

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“Due to shifting lifestyles, rising disposable income, and increased awareness of the advantages of smart appliances, there is a steady increase in the demand for washing machines. Market leaders are continuously improving their products to match the escalating demand, which is anticipated to propel the global washing machine market over the coming few years.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.

 

“Washing Machine Market- Global Industry Size, Share, Trends, Competition, Opportunity and Forecast, 2017-2027. Segmented By Type (Front Load Automatic, Top Load Automatic and Semi-Automatic) By Machine Capacity (Below 8 Kg and 8 Kg and Above), By Distribution Channel (Multi-Branded Store, Supermarkets and Hypermarkets, Online and Others (Institutional Sales, Exclusive Stores etc.), By Region”, has evaluated the future growth potential of washing machine in global market and provides statistics and information on market structure, size, share, and future growth. The report is intended to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities present in the global washing machine market.

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