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A02120 | Pages: 215 | Charts: 59 | Tables: 106 |
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.
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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.
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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.
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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.
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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.
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Key Market Segments
Key Market Players