Market Size of Smart Washing Machine Industry
| 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 |
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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.
