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The market for electric cloth dryers is expected to exhibit significant growth opportunities during the forecast period 2021-28. Increasing consumer demand for electric dryers to dry the cloths instantly has supplemented the market growth. Users can better dry their clothes by using such moisture-removing technology-based appliances over traditional means of air-drying methods.
The modern electric cloth dryers are equipped with a steam refresh, moisture sensors, and cloth-specific options where users can operate through smartphones. Nowadays, manufacturers introduce such innovative dryers to offer convenient and time-efficient laundry solutions to users. For instance, in April 2021, the Beijing-Tokyo Manufacturing Company introduced an electric cloth drying rack that features a 14 W LED lamp to lower the problem of light-blocking while drying clothes. Also, it comes with a power rating of 1200 W for disinfection and sterilization, and the portable remote controller provides easy access to operate the device.
The increasing consumption rate of technological devices is expected to favor products’ demand. According to the Consumer Technology Association (CTA) report, the retail sales for the technology industry will reach USD 461 billion in 2021, with a 4.3 % growth over the past year. Besides, increasing consumer demand for compact-sized, space-saving home appliances will support the market in its future development.
Moreover, the rising number of working professionals and their busy lifestyles promote the extensive usage of electric cloth dryers among households, thereby fuelling the revenues from such appliances.
Furthermore, the rising trend of user-friendly smart devices is expected to accelerate the product demand.
Consumers’ preference for air-drying clothes is anticipated to restrain the electric cloth dryer market growth. Also, the lack of electricity access in rural regions can hamper the electric cloth dryer market in its growth.
Key Market Driver -
The rising consumers inclination towards time-saving laundry appliances is expected to drive market growth.
Key Market Restraint -
Consumers preference for the air-drying method of cloths is anticipated to restrain the market growth.
Whirlpool Corporation, Samsung Electronics Co., Ltd., LG Electronics, Electrolux AB, Haier Smart Home Co. Ltd., Robert Bosch GmbH, Amana Corporation, and Maytag Corporation, Indesit Co., Siemens AG, Candy Hoover Group S.r.l, and Miele are prominent players operating in the market.
The global electric cloth dryer market is segmented by product type, end-user, distribution channel, and geography.
By product type, the market is segmented into vented and non-vented electric clothes dryers. The non-vented electric clothes dryer segment is projected to lead the market owing to its low maintenance cost over another product type. Additionally, non-vented dryers are more energy-efficient than other product types. Such a factor result non-vented segment generating considerable product revenues.
Based on end-user, the market is segmented into commercial and residential. The residential segment is expected to generate considerable revenues during the forecast period of 2021-2028, owing to the rising household consumers’ demand for compact-sized laundry appliances. Besides, to carry out laundry activities during winter and rainy seasons, households prefer electric cloth dryers. Such a factor is significantly contributing to the revenue generation from the residential segment.
Based on distribution channels, the global market is segmented offline and online.
The offline retail stores stock multiple home appliances brands under one roof and make it easy for store visitors to purchase such products. Such a factor makes the offline segment contribute to a significant market share. Additionally, the growth of the offline channels is attributed to the rising number of specialty stores and supermarkets in emerging economies. Besides, regular product demonstration by the sales and technical staff is likely to attract people to buy such products from these stores, thereby uplifting the segmental growth.
By geography, the global electric cloth dryer market is segmented into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
The North American region is expected to hold a dominant share in the forecast period due to the rising consumers’ preference for smart homes. Also, increasing consumers’ preference towards high-end household products is expected to further increase the product consumption rate. For instance, according to a report from Smart Home Technology Usage, Satisfaction and Purchase Intent 2020, the number of households that aspire to purchase a new smart home device is over 80 million within one year. According to the survey, around 64 % of respondents out of 606 US decision-makers plan to buy new smart technology.
The rising number of higher-income groups of populations is further fueling market growth. For instance, according to U.S Census Bureau, between 2018 and 2019, the total number of people with earnings, regardless of work experience, increased by about 2.2 million. Nowadays, people prefer sophisticated technology-based cloth dryers for their laundry activities due to harsh cold weather conditions. Such a factor is supporting the product’s demand among the North American population.
Europe is also projected to grow considerably over the forecast period of 2021-2028 due to the increasing consumer demand for advanced technology-based appliances. Evolving prominent companies’ supply chain channels and production capabilities in Germany, U.K, and France are mainly creating lucrative opportunities for them in the product diversification-related activities thereby, surging dryers’ sales growth in Europe. According to Cross-Border Commerce Europe, in 2020, online marketplaces in Europe have attracted enormous consumer traffic and witnessed better visitor engagement, translating into sales. Crossborder E-commerce spending among the Europeans reached USD 165.8 billion.
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