Market Size of North America Washing Machine Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | < 6.00 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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North America Washing Machine Market Analysis
The North America Washing Machine Market is projected to register a CAGR less than 6% during the forecast period (2021-2026).
The global pandemic has impacted on consumer durable market as consumer appliances industry struggles with supply chain disruption and lower consumer demand due to the economic impact of COVID-19. It affected North America Washing Machine Market, primarily due to reduced manufacturing because of lockdown being imposed and thus halt in logistics and production in the factories or their assembling.
Washing machine is an electronic home appliance that is used to wash the various types of clothes without applying any physical efforts. The washing machine also offers automatic cleaning of laundry without having any operational supervision. It automatically takes in the required amount of water and detergent and sets the timer for washing, rinsing and drying according to the selected mode and the amount of clothes.
North America is currently the world's largest regional economy. It will remain a powerful player in the global economy for the foreseeable future, especially for the development of new technologies and the provision of investment capital. Increasing urbanization, rising adoption of smart electronic devices, and growth in the production of clothing products are some of the major drivers for the North America washing machine industry. Moreover, gradual increase in the demand of commercial laundry equipment coupled with the digital laundry payment systems is further supporting the market growth globally.
On the other hand, high consumption of electricity and fluctuation in the prices of raw materials are expected to hamper the market growth. However, technological advancement, increasing use of IoT technology in these devices, and the introduction of next generation washing machines that allow efficient use of electricity and water are expected to provide huge growth opportunities for the market during the forecast period.
