Smart Washing Machine Market Size
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 19.00 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Smart Washing Machine Market Analysis
The smart washing machine market is estimated at USD 12.2 billion in the current year and is poised to register a CAGR of greater than 19% during the forecast period. A smart washing machine is a laundry machine that consists of a smart washer and dryer that can connect to the network through Wi-Fi. Anyone can control a smart washing machine using mobile phone apps or using Alexa or Google Assistant. Samsung and Hoover were the first manufacturers to launch smart washing machines.
An increase in the use of the Internet of Things (IoT) and rapid urbanization drive the growth of the global smart connected washing machine industry. Moreover, the rise in disposable income of people and the increase in efficiency of smart connected washing machines, such as the use of less electricity and water, are expected to boost the market growth. However, the availability of laundry shops and the growth in online laundry services hinder the growth of the market. On the contrary, technological and innovative advancements related to smart connected washing machines is anticipated to provide lucrative opportunity for the manufacturers operating in this market.
Greater penetration of smartphones and wireless internet connections is helping increase the adoption rate of smart washing machines across the residential and commercial sectors. Installation of these products in residential areas helps in tracking and controlling the wash to avoid unnecessary wash cycles and water usage, thereby incurring higher demand among residential consumers. Additionally, a significant rise in household luxury spending, as well as greater adoption of smart appliances, are providing an impetus to the growth of the residential segment. Moreover, rising developments in the hospitality sector and hospitals are resulting in continuous demand for convenient and faster laundry washing, thereby increasing demand for smart washing machines in the commercial application segment.
The growth in Smart Washing Machine was mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges.
Smart Washing Machine Market Trends
Rise in Demand for Energy Efficient Products is Driving the Market
Manufacturers of washing machines are rapidly developing energy-efficient models to lower their carbon footprint and provide consumers with energy savings. The rise of energy-efficient appliances can be attributed to government rules governing electric home appliances as well as technological advancements. Energy-efficient appliances are designed to use the least amount of energy possible to achieve the task at hand. Over 80 countries already have energy-efficient appliance regulations and labeling.
The smart appliance industry is being reshaped by the introduction of smart appliances that incorporate IoT. Several developments in washing machines have been made in recent years, resulting in increased efficiency in terms of achieving sustainability. Smart washing machines with Wi-Fi connectivity and innovative features like smart diagnosis, automatic detergent dispensing, smart control, eco-check, and steam-care functions are boosting market growth. Increasing concern for the environment and the need to reduce carbon emissions have led consumers to seek energy-efficient appliances. Energy-efficient washing machines help reduce overall energy consumption and water usage, which aligns with eco-friendly lifestyles. As consumers become more informed about the benefits of energy-efficient products, they increasingly prioritize them when making purchasing decisions. Many consumers view energy efficiency as a key factor in their buying criteria.
Asia-Pacific is Expected to Witness the Highest Growth
The Asia-Pacific market is expected to expand at the fastest growth rate over the forecast period, as smart connected washing machines have gained popularity owing to their compatibility and user-friendliness features. Furthermore, the market expansion is fueled by rising urbanization and an expanding middle-class population. The presence of important market participants in the region also helps to support the development of innovative products to expand the customer base. Furthermore, the desire for smart connected washing machines is fueled by a lack of time for laundry due to a hectic lifestyle. Product demand in this region is expected to be fueled by rising internet penetration and technology improvements in developing economies such as China and India. In India, the average rate of IoT penetration is in the single digits, whereas the global average rate is in the double digits. This creates a huge opportunity for the smart washing machine industry to flourish in Asia Pacific's growing economies.
The Asia-Pacific region has the most price-sensitive customers, forcing companies to use promotional techniques like Black Friday specials, Holiday sales, and additional online deals to boost sales of smart washing machines. Water scarcity and excessive electricity use in densely populated places have prompted a hunt for technologically advanced items, such as smart washing machines, that have a low global environmental impact.
Smart Washing Machine Industry Overview
The competitive landscape of the smart washing machine industry is dynamic and evolving, driven by technological advancements, changing consumer preferences, and the desire for convenience and efficiency. The smart washing machine industry is highly competitive and driven by innovation. Companies that can adapt to changing consumer needs, incorporate the latest technologies, and maintain strong brand recognition are likely to thrive in this market. The market has many companies fragmented over minor shares. Companies are focusing on expanding their product line through product innovation, particularly in developing economies, to meet the rising demand. Some of the major players in the smart washing machine market are Samsung, Whirlpool Corporation, Haier, LG Electronics, Electrolux, etc.
Smart Washing Machine Market Leaders
Samsung
Whirlpool Corporation
Haier
LG Electronics
Electrolux
*Disclaimer: Major Players sorted in no particular order
Smart Washing Machine Market News
- May 2023: New LG TwinTub Washing Machine with magic filter, durable rust-proof set to transform the market. LG TwinTub washing machine, which comes in 6kg and 7kg, is the current trend in the market.
- April 2023: Arzoo has launched its new brand, 'NU,' in the Indian home appliances market. The brand's first offerings include Smart TVs, air conditioners, and washing machines. NU has set an ambitious target of capturing more market share than LG and Samsung in the white goods space in the next two years.
Smart Washing Machine Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Defination
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET INSIGHTS AND DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Integration with Smart Homes
4.2.2 Remote Monitoring and Management
4.3 Market Restraints
4.3.1 Compatibility Issues
4.3.2 Cost of Repairs and Maintenance
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Buyers/Consumers
4.4.2 Bargaining Power of Suppliers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
4.5 Insights on Consumer Behaviour Analysis
4.6 Technological Innovations in the Market
4.7 Impact of COVID-19 on the Market
5. MARKET SEGMENTATION
5.1 By Type
5.1.1 Top Load
5.1.2 Front Load
5.2 By Distribution Channel
5.2.1 Multi-brand Stores
5.2.2 Exclusive Stores
5.2.3 Online
5.2.4 Other Distribution Channels
5.3 By End User
5.3.1 Residential
5.3.2 Commercial
5.4 By Geography
5.4.1 North America
5.4.2 South America
5.4.3 Europe
5.4.4 Asia Pasific
5.4.5 Middle East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Market Concentration Overview
6.2 Company Profiles
6.2.1 Whirlpool Corporation
6.2.2 Samsung Group
6.2.3 Haier
6.2.4 Electrolux
6.2.5 LG Electronics Inc
6.2.6 Panasonic
6.2.7 Robert Bosch GmbH
6.2.8 Siemens AG
6.2.9 General Electric Co.
6.2.10 IFB Industries Ltd *
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
8. DISCLAIMER
Smart Washing Machine Industry Segmentation
This report provides a complete background analysis of the Smart Washing Machine Market, which includes an assessment of the economy, a market overview, market size estimation for key segments, and emerging trends in the market; market dynamics and key company profiles are covered in the report. The Smart Washing Machine Market is segmented Type into Top Load and Front Load, Distribution Channel into Multibrand Stores, Exclusive Stores, Online, and Other Distribution Channels, End User into Residential and Commercial, and Geography into North America, South America, Europe, Asia Pacific, and the Middle East and Africa. The report offers market size and forecast in value (USD) for all the above segments.
| By Type | |
| Top Load | |
| Front Load |
| By Distribution Channel | |
| Multi-brand Stores | |
| Exclusive Stores | |
| Online | |
| Other Distribution Channels |
| By End User | |
| Residential | |
| Commercial |
| By Geography | |
| North America | |
| South America | |
| Europe | |
| Asia Pasific | |
| Middle East and Africa |
Smart Washing Machine Market Research FAQs
What is the current Smart Washing Machine Market size?
The Smart Washing Machine Market is projected to register a CAGR of greater than 19% during the forecast period (2024-2029)
Who are the key players in Smart Washing Machine Market?
Samsung, Whirlpool Corporation, Haier , LG Electronics and Electrolux are the major companies operating in the Smart Washing Machine Market.
Which is the fastest growing region in Smart Washing Machine Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Smart Washing Machine Market?
In 2024, the North America accounts for the largest market share in Smart Washing Machine Market.
What years does this Smart Washing Machine Market cover?
The report covers the Smart Washing Machine Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Smart Washing Machine Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Smart Washing Machine Industry Report
Statistics for the 2024 Smart Washing Machine market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Smart Washing Machine analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
