Residential Washing Machine Market Research, 2031
The global residential washing machine market was valued at $37,423.00 million in 2020, and is projected to reach $73,016.50 million by 2031, growing at a CAGR of 8.3% from 2022 to 2031.Residential washing machines are widely used home appliances for washing laundry, as they save time and energy. A washing machine operates by spinning the laundry at high speed, thereby generating centrifugal force that removes water from the laundry along with dirt. Numerous technological advancements have been carried out in these machines during the last decade, leading to their higher efficiency, in terms of saving water and electricity. This has also enabled key players in this market to gain a significant residential washing machine marketmarket share in the washing machine market. Moreover, the government has taken various initiative towards the development of rural household in developing countries in Asia-Pacific, which is expected to increase the demand for residential washing machines.
Increase in disposable income and improvements in rural electrification drive the global residential washing machine industry. In addition, rise in affordability of washing machines and increased urbanization have fueled the demand for washing machines. However, availability of laundry shops and growth in online laundry services hinder this suggested growth. Technological and innovative advancement related to washing machines presents a major opportunity for manufactures operating in this market.
The global residential washing machine market is segmented on the basis of product, machine capacity, distribution channel and region. Based on product, the market is divided into fully automatic, semi-automatic, and dryer. The machine capacity segment includes below 6 kg, between 6 and 8 kg, and 8 kg & above.On the basis of distribution channel, the market is classified into supermarket/hypermarket, specialty stores, department stores, e-commerce and others.Based on region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Some of the major player analyzed in this report are Samsung Group (South Korea), LG Electronics Inc. (South Korea), Siemens AG (Germany), Haier Group Corporation (China), AB Electrolux (Sweden), Whirlpool Corporation (U.S.), Robert Bosch GmbH (Germany), Miele and Cie. KG (Germany), Panasonic Corporation (Japan), and GE Appliances (U.S.).
On the basis of product type, the fully automatic residential washing machine segment is estimated to be the most lucrative segment and hold a large proportion of the global residential washing machine market size, due to high consumer preference, lesser human intervention requirement to operate it, higher energy and water efficiency, and better stain removal ability as compared to semi-automatic washing machine.
On the basis of machine capacity, the between 6 and 8 kg segment is expected to dominate the residential washing machine market throughout the forecast period, as these machines have gained high preference among consumers as they offer prefect laundry capacity for most households globally. In addition, washing machines with 6–8 kg capacity are better at saving electricity as compared to other washing machine capacity.
On the basis of distribution channel, the specialty stores are dominating the residential washing machine market share of more than 25%. Furthermore, supermarket/hypermarket and specialty stores collectively account for more than 52% market share. However, the e-commerce segment is witnessing rapid growth, owing to rise in internet penetration and upsurge in demand and supply for smart phones and gadgets.
On the basis of region, the Asia-Pacific residential washing machine market witnessed a rapid growth, as residential washing machines have gained popularity owing to their compatibility and user-friendliness features. In addition, emerging economies in this region, rapid urbanization, and an expanding middle-class population drive residential washing machine market. The demand for residential washing machines is witnessing a continuous rise, owing to less availability of time for laundry by increasing number of individuals due to their hectic lifestyle.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the residential washing machine market forecast, segments, current trends, estimations, and dynamics of the residential washing machine market analysis from 2020 to 2031 to identify the prevailing residential washing machine residential washing machine market opportunity.
- The market research is offered along with information related to residential washing machine market growth, key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the residential washing machine market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global residential washing machine market trends, key players, market segments, application areas, and market growth strategies.
Residential Washing Machine Market Report Highlights
| Aspects | Details |
 By Product Type |
|
 By Machine Capacity |
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 By Distribution Channel |
|
 By Region |
|
 Key Market Players | WHIRLPOOL CORPORATION, LG ELECTRONICS INC, SAMSUNG GROUP, HAIER GROUP CORPORATION, MIELE AND CIE. KG, ROBERT BOSCH GMBH, AB ELECTROLUX, TOSHIBA CORPORATION, SIEMENS AG, PANASONIC CORPORATION |
Analyst Review
Various CXOs from the leading companies perceive that product innovation, development of technology, and enhanced human & machine intervention are the major areas of growth for the residential washing machine market. Moreover, increase in disposable income and economic growth in advanced & emerging economies support the market growth. According to the CXOs, Asia-Pacific is projected to register a significant growth as compared to the saturated markets of Europe and North America, due to increase in urbanization, rise in penetration of washing machines, and upsurge in the rural electrification. Availability of smart residential washing machine is the emerging trend in the market, as these machines offer a user-friendly interface and are highly efficient. Moreover, multiple washing machine models are integrated with self-cleaning elements, involving soaking the laundry for longer time and then high-speed spinning to clean them without the use of chemicals. Sixth sense is another innovative technology used in smart washing machines. Various energy-efficient standards are imposed by various government and environmental regulatory bodies on washing machine manufactures. Thus, manufactures are looking for smarter ways to make their product energy efficient.
Improvement in economic conditions and increase in disposable income are substantial factors that propel the residential washing machine market growth. Improved lifestyle and rise in buying power of consumers are the major impacts of high disposable income. Household appliances have become an integral part of daily chores. A substantial number of consumers with high disposable income have been spending on washing machines including premium & smart machines. The overall demand for residential washing machine has increased among urban households, as it saves time, simplifies the work, and increases the comfort level. Thus, improved standard of living, rise in need to ease daily chores, and growth in disposable income are projected to boost the penetration of washing machine, thereby driving the residential washing machine market growth.
$5,769 is the total market value of residential washing machine market report. in 2020
From 2022-2031 would be forecast period in the market report
$34.2 billion is the market value of residential washing machine market in 2021
Arla Foods, Cargill Incorporation, Hilmar Cheese Company, Fonterra Co-Operative Group Ltd., Carberry Food Ingredients, and Glanbia plc. are the top companies hold the market share in residential washing machine market
Below 6kg machine capacity is the most influencing segment growing in the residential washing machine market report
2020 is base year calculated in the residential washing machine market report
Factors such as Increase in disposable income and improvements in rural electrification are some of the key trends in residential washing machine market
7.8% & 7.4% are the growth rate of the emerging countries.
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