|Study Period:||2017- 2026|
|Fastest Growing Market:||Asia Pacific|
|Largest Market:||North America|
Need a report that reflects how COVID-19 has impacted this market and its growth?
The residential washing machines market was valued at nearly USD 56,000 million in 2020, and it is projected to register a CAGR of 3% during the forecast period, 2021-2026.
The end of the COVID-19 pandemic situation is expected to bring this industry significantly higher consumer traffic, most notably through online channels, and manufacturers will need to design their production plans and distribution networks in tandem with this changing business environment. With work from home becoming a reality, at least for the near future, many consumers have started investing in consumer durables to enable them to multitask better. The sales of appliance categories, such as dishwashers, washing machines, and big-sized refrigerators, have doubled. Companies, such as LG, witnessed an increase in sales of their home appliance ranges in July and August 2020.
Numerous technological advancements were carried out in these machines during the last few years, leading to their higher efficiency in terms of saving water and electricity. This has also enabled the key players to gain a significant share in the market. Moreover, the government has taken various initiatives toward the development of rural households in developing countries in Asia-Pacific, which is expected to increase the demand for residential washing machines. An increase in disposable income and improvements in rural electrification may drive the residential washing machines market.
In addition, the rising affordability of washing machines and increased urbanization fueled the demand for washing machines. However, the availability of laundry shops and growth in online laundry services hamper the growth. Technological and innovative advancements related to washing machines present a major opportunity for manufacturers operating in this market.
Scope of the Report
Residential washing machines are the most widely used home appliances for washing laundry, as they save time and energy. A complete background analysis of the residential washing machines market, including an assessment of the parental market, emerging trends by segments and regional markets, significant changes in market dynamics, and market overview, is covered in the report. The market is segmented by type, technology, distribution channels, and geography. By type, the market is segmented into front load and top load. By technology, the market is segmented into fully automatic and semi-automatic. By distribution channel, the market is segmented into multibrand stores, exclusive stores, online, and other distribution channels. By geography, the market is segmented into North America, Europe, Asia-Pacific, Latin America, and Middle-East and Africa. For each segment, the market sizing and forecasts have been done on the basis of value (USD million).
|By Distribution Channel|
|Other Distribution Channels|
|Middle-East and Africa|
Key Market Trends
Fully Automatic Washing Machines are Expected to Grow at Higher Rate
A fully automatic washing machine contains a single motor that has the ability to both wash and whirl, which is done on its own without any help from any manual involvement. The segment is expected to be the fastest-growing segment, owing to the growing shortage of time for household chores. The increased number of dual-income households with insufficient time for laundry has led to the rising demand for laundromats. The energy labels and energy efficiency policies enabled manufacturers to focus on the development of energy-efficient products.
Fully-automatic machines are available in two variants, namely, front load and top load machines, and currently, front load machines are more preferred due to ease of convenience, space-saving, and water and energy efficiencies.
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The Asia-Pacific Region to Witness the Highest Growth
The Asia-Pacific residential washing machines market is anticipated to grow rapidly, as residential washing machines gained popularity owing to their compatible and user-friendly features. In addition, emerging economies in the region, rapid urbanization, and an expanding middle-class population drive the market. The demand for residential washing machines is witnessing a continuous rise, owing to less availability of time to do laundry by individuals due to their hectic lifestyles. The performance of the industry is expected to be mixed over the next five years. However, much of this growth is expected to be witnessed post the COVID-19 pandemic situation, when the industry is forecast to rise owing to changing consumer behaviors.
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The report covers the major international players operating in the market studied. The market is dominated by players such as LG Electronics Inc., Whirlpool Corporation, Haier Group Corporation, and Electrolux, among others. However, with technological advancements and product innovations, mid-size to smaller companies are increasing their market presence by securing new contracts and tapping into new markets.
In September 2020, Samsung launched a new range of artificial intelligence (AI) powered front load washing machines in India, along with a 7 kg washer dryer front load machine. The new range of washing machines is equipped with the company’s latest Q-Raptor technology that offers three smart features to manage laundry. These features include a laundry planner to manage finishing time, a laundry recipe to give auto-recommendation for optimal wash, and a homecare wizard to monitor the washing machine’s condition.
In August 2020, Panasonic expanded its range of washing machines and launched 21 new models that include fully automatic and top load washing machines with a five-star rating. They are equipped with built-in heater technology and Stain Master+, which provide bacteria elimination.
Table of Contents
1.1 Key Deliverables of the Study
1.2 Study Assumptions
1.3 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.5 Recent Developments in the Market
4.6 Porter's Five Forces Analysis
4.7 Industry Value Chain Analysis
4.8 Insights into Consumer Behavior Analysis
4.9 Technological Innovations in the Industry
4.10 Regulatory Framework
4.11 Impact of COVID-19 on the Market
5. MARKET SEGMENTATION
5.1 By Type
5.1.1 Front Load
5.1.2 Top Load
5.2 By Technology
5.3 By Distribution Channel
5.3.1 Multibrand Stores
5.3.2 Exclusive Stores
5.3.4 Other Distribution Channels
5.4.1 North America
5.4.4 Latin America
5.4.5 Middle-East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Market Concentration Overview
6.2 Company Profiles
6.2.1 LG Electronics Inc.
6.2.2 Whirlpool Corporation
6.2.3 Haier Group Corporation
6.2.6 BSH Home Appliances Group
6.2.7 IFB Industries Ltd
6.2.11 Other Companies
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
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Frequently Asked Questions
What is the study period of this market?
The Global Residential Washing Machine Market market is studied from 2017 - 2026.
What is the growth rate of Global Residential Washing Machine Market?
The Global Residential Washing Machine Market is growing at a CAGR of 3% over the next 5 years.
Which region has highest growth rate in Global Residential Washing Machine Market?
Asia Pacific is growing at the highest CAGR over 2021- 2026.
Which region has largest share in Global Residential Washing Machine Market?
North America holds highest share in 2021.
Who are the key players in Global Residential Washing Machine Market?
LG Electronics Inc., Whirlpool Corporation, Haier Group Corporation, Electrolux AB, Panasonic Corporation are the major companies operating in Global Residential Washing Machine Market.