Market Size of Laundry Appliances Industry
| Study Period | 2024 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 3.50 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Laundry Appliances Market Analysis
The global laundry appliances market is estimated to be valued at USD 80.3 Billion in the current year and is expected to register a CAGR of 3.5% during the forecast period.
Laundry appliances are those devices that are used to clean clothes and textiles. The growth of the laundry appliances market is fuelled by factors such as the rising number of middle-class populations that can afford washing machines and dryers, increased disposable income, changing lifestyles, and an increased standard of living. A growing number of working women populations is also acting as a growth driver for the laundry appliances market. Trends include innovating to increase efficiency and energy efficiency, as well as water consumption, due to environmental guidelines highlighted by several governments. The smart appliances trend is pervasive through the usage of sensors and other components used in smart technology. This market, dependent on real estate growth, both purchase and rental refurbishing are also innovating for smaller appliances because of different housing arrangements across the world.
The growth of the market can be attributed to a number of factors, including the increasing penetration of smart homes in both emerging and developed regions, the rapid growth and development of the IT infrastructure, changing demographic preferences, and the need to protect the global environment from harmful effluents, including greenhouse gases and toxic waste. With brands catering to the needs of the millennials and Gen-Z generation, there are many opportunities in the market for smart home appliances. From high-end smart lights to cutting-edge AI-enabled smart faucets, the trend is promising for the future.
COVID-19 had a negative impact on washing machine manufacturers' sales. Supply chain disruptions and stopped manufacturing activities had a negative effect on manufacturers' sales, which held the market back. The recovery of the market can be attributed to the shift towards traveling & tourism to increase demand for laundry equipment.
