Market Trends of Mexico Washing Machine Industry
Increase in Imports of Washing Machines in Mexico
Washing machines are essential appliances and are one of the major appliance categories that people around the globe use for washing and drying clothes. Varieties of washing machines are sold in Mexico's market with different capacities, functioning, drying, water system light, and detergent control, among other attributes. Prices in the market became a function of the brand, model, and place of purchase.
Recently, there is a rise in imports of washing machines in Mexico due to the rising necessity of keeping clothes clean and free of odor and bacteria. Imports in the year 2022 rose by 1.9% year-on-year. China, the United States, and Vietnam are the major importers of washing machines to Mexico, with China having 40.4%, the United States 19.6%, and Vietnam with a 12.5% market share.
Increasing Consumer Spending in Mexico Boosting the Market
In Mexico, consumer spending on household goods and services increases every year. Mexico's consumer spending for 2021 was USD 837.6 billion, a 21.83% increase from 2020. The washing machine per household revenue will be USD 46.14 in 2023. Volume is expected to amount to 3.88 million pieces by 2028. The Washing Machines segment is expected to show a volume growth of 1.2% in 2024. With urbanization and upgradation in living style, consumers are spending heavily on Smart washing machines and other smart home appliances.
