Market Size of Mexico Washing Machine Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR (2024 - 2029) | 3.10 % |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Mexico Washing Machine Market Analysis
The Mexico Washing Machine Market is expected to register a CAGR of 3.10% during the forecast period(2024-2029).
The market initially experienced growth in 2020 because of the COVID-19 pandemic outburst, which created fear among the people regarding the spread of infection and increased wash frequencies. However, the market eventually declined as manufacturing operations were halted, and disruptions in the supply chain and international trade limited production.
Washing machines are popular for washing clothes since they save energy and time. Various technological advancements in washing machines are made in the past decade, resulting in increased efficiency in saving electricity and water. A washing machine spins the laundry rapidly, creating a centrifugal force that removes the water and debris from the wash. It also allowed important industry players to capture a considerable portion of the washing machine market. Furthermore, the government launched many efforts to develop households, and with an increase in Mexico's per capita income, demand for washing machines is likely to rise.
Digitalization, urbanization, changing consumer buying patterns, and demand in emerging markets are all contributing to increased income. The launch of the next-generation washing machine incorporating technology for efficient use of electricity and water is expected to impact demand for these goods favorably. The increased number of dual-income households, coupled with insufficient time for laundry, led to the growing desire for this under-penetrated product.
