A washing appliance works by spinning the clothing at a high speed, creating centrifugal force that removes the water and debris from the clothes. During the previous decade, these machines have undergone several technical advances, resulting in increased efficiency in terms of water and power savings. As a result, leading competitors in the industry have been able to capture a large portion of the washing machine market. Increased demand for Laundromats has resulted from a rise in the number of dual-income households and a lack of time for individuals to carry on with the laundry. In addition, the growth of the hotel industry in emerging countries and the introduction of on-demand services, are expected to enhance commercial washing appliance sales. Furthermore, energy labeling and rules have allowed manufacturers to concentrate on the creation of energy-efficient products. With the advent of the COVID-19 pandemic, the demand for washing appliances has decreased as consumers have shifted their interest toward essential necessities.
COVID-19 Impact Analysis
- The COVID-19 pandemic had negatively affected the growth of the washing appliances industry as the channel of distribution was disrupted. The production and supply chain halted due to the insufficiency of raw material for production.
- The specialty stores were unavailable to sell its product or restore their shelves with new products due to the implementation of lockdown. On the other hand, online stores were out of stock and unable to meet the requirement.
- This extreme situation has meant that consumers' interest in the necessary products and services has been shifted to help them survive. Washing appliances were not of utmost importance.
Top Impacting Factors
- The rise in the adoption of laundry services that are available via online websites or mobile apps is projected to drive the growth of the washing machine market in the forecast period. The rising demand for washing machines in households, which save time and energy, is expected to fuel the expansion of the washing appliances market. Furthermore, the rise in the usage of smart and connected technologies, as a result of the rise in IoT, is expected to stifle the growth of the washing appliances market.
- Rapid economic expansion increased disposable income, and a busy work schedule will give several chances for the growing washing appliances sector. In addition, there has been significant growth in demand for washing appliances due to increasing living standards and economic conditions. Convenience is the important factor that a consumer looks at before buying a product and washing appliances provide the convenience that a consumer requires.
Fully Automatic Washing Machines are expected to grow at Higher Rate
A fully automatic washing machine features a single engine that can wash and spin on its own, without the need for any user assistance. Due to the rising scarcity of time for domestic tasks, this category is anticipated to be the fastest-growing. The growing demand for Laundromats is due to a rise in the number of dual-income households with inadequate time to do laundry. Manufacturers were able to focus on the creation of energy-efficient products because of the energy labeling and laws. Fully automated machines come in two varieties: front load and top load, and front load machines are now favored because of their simplicity of use, space savings, and water and energy efficiency.
Smart Technologies Invade the Washing Machine Market
Consumers place a high premium on convenience that does not sacrifice performance. The demand for smart appliances is resulting in technological advancements in the washing appliance business, particularly in the washing machine sector. A few manufacturers use smart technologies like drive technology and bubble technology to tag data and track the state of cleaned goods, while others use to track performance indicators like electricity, chemicals, and resources. Washing appliances with inbuilt smart technology do not overrun, saving time for households and commercial laundry operations.
The introduction of a new design is expected to attract customers
Appliances are now treated as if they were furniture. Washing machines have a lot of similarities in terms of functioning. Consumers are attempting to integrate washing machines into their homes. When the functionality is the same, the design that appeals to the customer's emotions is the most popular. This design characteristic propels the washing appliances market forward.
Key Benefits of the Report
- This study presents the analytical depiction of the washing appliances industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the washing appliances market share.
- The current market is quantitatively analyzed to highlight the growth scenario of the washing appliances market.
- Porter’s five forces analysis illustrates the potency of buyers and suppliers in the market.
- The report provides a detailed washing appliances market analysis on the basis of competitive intensity and how the competition will take shape in coming years
Questions Answered in the Washing Appliances Market Research Report
- Which are the leading players active in the washing appliances market?
- What are the current trends that will influence the market in the next few years?
- What are the driving factors, restraints, and opportunities of the market?
- What future projections would help in taking further strategic steps?
Washing Appliances Market Report Highlights
By Product Type
By Distribution Channel
Key Market Players
Miele, Whirlpool, Panasonic, Samsung Electronics, Haier, GE Appliances, Bosch, Maytag, LG Electronics, Electrolux