Washing Machine Market to Experience 4.98% CAGR during 2023-2030; Corporations Focus Toward Manufacturing Novel Product to Aid Growth

The global washing machine market size was valued at USD 56.32 billion in 2022. The market is projected to grow from USD 59.39 billion in 2023 to USD 83.47 billion by 2030, exhibiting a CAGR of 4.98% during the forecast period. Fortune Business Insights™ presents this information in its report titled “Washing Machine Market Size, Share & COVID-19 Impact Analysis, By Product (Fully Automatic [Front Load and Top Load], Semi-automatic, and Dryer), By Capacity (Below 6 Kg, 6.1-8 Kg, and Above 8 Kg)], and Regional Forecast, 2023-2030”.

As more consumers have started to favor automating domestic tasks, the product's growth rate has increased recently. The device has a high preference rate since it may minimize drying time, save time, and require no physical effort. Growing engagement in sports such as cricket, football, basketball, tennis, and other activities that result in more athletic apparel being laundered is a key reason for the expansion of the washing appliance industry. Fashion sportswear imports for domestic consumption in Europe hit USD 14.84 billion in 2020, according to data provided by the CBI Ministry of Foreign Affairs.

Reduced Demand for Laundry Appliances Due to Slumped Consumer Electronics Industry

Consumption of the product has decreased as a result of the COVID-19 outbreak, which can be attributed to the government's decisive actions regarding the upkeep of social isolation, lockdown, and decreased store occupancy. According to the China Centre for Information Industry Development's report, "Appliance & Electronics World Expo of Shanghai," retail sales of household appliances in China totaled USD 127.4 billion (833.3 billion yuan) in 2020, a 6.5% decrease from the previous year. Additionally, its growth is negatively impacted by the growing difficulties in moving items from the manufacturing facility to the global sales channel as a result of labor shortage.

Companies Concentrate on Developing Products that Cater to Consumer Needs

To create a premium line of domestic washing machines for Indian families and Indian railway systems, in December 2022, Xeros Technology Group teamed up with IFB Industries Ltd., an Indian washing machine manufacturer. The items use Xeros' exclusive care technology, which improves the washer's load performance.

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Increasing Apparel and Fashion Industry Growth to Meet Demand

The increased need for clothing will increase the demand for cloth washers and dryers, propelling market expansion. The Federal Reserve Bank of St. Louis reported that personal consumption of clothing, footwear, and related services in the U.S. increased to USD 50.68 billion in 2022 from USD 47.58 billion in 2021. Consumption has also been boosted by the use of enticing marketing techniques by clothing and fashion firms such as buy one, get one free, seasonal discounts, gift cards, and others. These factors are expected to boost the global market.

On the contrary, high power consumption by cloth cleaning machines may impede the washing machine market growth.

Competitive Landscape

Focus Toward Innovation Aids Key Players for Development

The major players are putting a lot of effort into creating novel goods that can use less electricity, clean laundry faster, use less water, and have other benefits. For instance, Samsung Electronics Co., Ltd. released a new line of EcoBubble fully Automated Top Load Washing Machines in November 2022. These machines can save 73% of electricity use, 19% of water usage, and give 20% better fabric care while in use.

Notable Industry Development:

• January 2022: Samsung Electronics Co., Ltd. partnered with Patagonia to develop cloth washers that help users combat microplastic waste generation from textiles and laundry.

List of Key Players Profiled in the Report:

• Whirlpool Corporation (U.S.)


• Samsung Electronics Co., Ltd. (South Korea)


• LG Electronics Inc. (South Korea)


• Electrolux AB (Sweden)


• Haier Smart Home Co., Ltd. (China)


• Godrej Industries Ltd. (India)


• IFB Industries Ltd. (India)


• Panasonic Corporation (Japan)


• Mirc Electronics Limited (India)


• Bsh Hausgeräte GmbH (Germany)

Further Report Findings:

• North America is expected to have a significant presence in the global washing machine market share. The growth in people's participation in outdoor activities has increased the need for changing clothes, which is a driving factor in the spike in consumption rates.


• Due to its high per capita spending on electronics, Europe is expected to rise rapidly during the projection period. In addition, the booming tourism industry, which is encouraging the use of the product for commercial purposes, has made a significant contribution to the market's explosive expansion.


• The global market is anticipated to grow in South America. An increase in product demand is being caused by countries in this region that are witnessing rapid growth in their e-commerce industries.

Table of Segmentation