Residential Washing Machine Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Market Overview

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).

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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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