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The global washing machine market size was valued at USD 56.32 billion in 2022 and 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.
The product has experienced an escalating growth rate in recent years as more consumers have become inclined toward automating household chores. The product's ability to save time, eliminate physical effort, and reduce drying time resulted in its high preference rate. The growing participation of people in various sporting disciplines such as cricket, football, basketball, tennis, and others responsible for generating more sports clothing laundry is acting as a driving factor for the laundry appliances market growth. According to the data presented by the CBI Ministry of Foreign Affairs, imports of fashion sportswear for local consumption in Europe reached USD 14.84 billion in 2020.
Slumped Consumer Electronics Industry to Diminish Demand for Laundry Appliances
The outbreak of COVID-19 has led to a decrease in the product's consumption, which is attributable to the government's strong steps on the maintenance of social distancing, lockdown, and reduction of store occupancy. As per the report ‘Appliance & Electronics World Expo of Shanghai,’ published by the China Centre for Information Industry Development, in 2020, retail sales of household appliances in China reached USD 127.4 billion (833.3 billion yuan), 6.5% down over the previous year. Furthermore, the increasing complications in the supply of goods from the manufacturing plant to the sales channel worldwide due to the shortage of employees have a negative impact on its growth.
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Integrated IoT Technology to Favor Market Growth
The advancement of science and technology has led to an increased usage of IoT technologies in laundry appliances. This technology will help increase the simplicity of the washing process as it will monitor, alert, and control the machine through intelligent devices. For instance, in March 2021, Xiaomi Corporation, a Chinese electronic appliances giant, launched a smart IoT-based MIJIA Smart Pulsator cloth washer in the China market. This launch provides IoT-based machines connected to the cloud that can be separately managed through an app using a smartphone device.
Rising Growth of Urbanization to Aid Market Development
Better infrastructure, large number of corporate offices, and better schools and colleges in urban areas have resulted in an increased urban population, which, in turn, is driving the market’s growth. As per the data presented by the United Nations Conference on Trade and Development (UNCTAD), the urban population in Asia and Oceana increased from 43.3% of the total population in 2011 to 50.0% in 2021. Additionally, the presence of many hotels, motels, and resorts in urban areas, which require a quicker laundry cleaning process, has helped spike the demand. Furthermore, the demand for smart washing machines due to the energy efficiency factor is supporting the market growth.
Rising Growth of the Apparel and Fashion Industry to Surge the Demand
The high consumption of apparel and fashion garments will surge the need for cloth washers and dryers, thus driving the market growth. According to the data released by the Federal Reserve Bank of St. Louis, U.S., in 2022, personal consumption of apparel, footwear, and related services in the U.S. reached USD 50.68 billion, up from USD 47.58 billion in 2021. Additionally, the application of attractive marketing strategies by apparel and fashion brands, including buy one get one free, seasonal discounts, gift cards, and others has helped spur consumption.
High Electricity Consumption to Hamper the Washing Machine Market Growth
The high power consumption of the majority of cloth cleaning machines is negatively impacting market growth. For instance, according to Reliance Digital, the Samsung 7 Kg Front Load Fully Automatic, J Series WW71J42E0BX has a power consumption of 2000 watts.
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Significant Consumer Demand for Innovative Products Result in Fully Automatic Segment to Hold Major Market Share
By product, the market is divided into fully automatic, semi-automatic, and dryers. Fully automatic segment is estimated to hold the prominent share due to consumers’ increasing willingness to spend more on technologically advanced products. In addition, the product's ability to wash and dry in the same drum, which helps to save washing time, assists in raising the preference rate.
Semi-automatic and dryers are also witnessing a robust market presence as they are user-friendly, especially among older adults, which has increased demand. Furthermore, a large number of consumers who prefer owning separate drying machines is helping to generate traction.
6.1-8 Kg Segment to Remain at the Forefront as it is an Ideal Choice for Majority of Households
Based on capacity, the market is segmented into below 6 kg, 6.1-8 kg, and above 8 kg. The 6.1-8 kg segment is projected to be the dominant owing to it being considered as an ideal choice for majority of households worldwide as it complements the strength, power, and capacity required by most households.
On the other hand, the below 6 kg segment has also gained traction, especially among single-person households and married couples without children. Furthermore, the above 8 kg segment is considered to be in great demand in hotels, hospitals, laundry services, and others.
Asia Pacific Washing Machine Market Size, 2022 (USD Billion)
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North America is projected to display a strong presence in the global washing machine market share. The rising involvement of people in outdoor outings has increased the change of clothing, which acts as a propelling factor in spiking the consumption rate. As per a survey data published by the Outdoor Industry Association, 54% of Americans aged 6 years and older participated in at least one outdoor activity in 2021. The continual construction of new homes has also fostered the demand for home appliances, including laundry appliances, in the region.
The rising disposable income has led to increased purchasing power, especially among middle and lower-income earners, thus increasing the consumption rate. As per the data published by the Ministry of Statistics and Program Implementation, Government of India, nominal net income at consumer prices in India reached USD 20,908.6 billion in the financial year 2020-2021. Moreover, this region's domestic brands, Samsung, Haier, LG, and others progressively producing affordable products, are likely to fuel the demand.
Europe is experiencing strong growth of the market during the forecast period owing to the high per capita income on electronic appliances. Besides, the thriving growth of tourism, which is spurring the usage of the product for commercial use, has a vital contribution to the surge in market growth. As per the data presented by the European Union (EU), nearly 137 million nights were spent by tourists in European accommodation establishments in December 2022.
South America is expected to witness an upswing in the global market. The countries in this region experiencing booming growth in their e-commerce businesses are leading to a surge in product demand. As per the data published by the International Trade Administration, U.S. Department of Commerce, from the first half of 2020 to the first half of 2021, the number of free shipping e-commerce orders in Brazil increased by 8.0%.
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The Middle East & Africa are anticipated to hold a significant share of the global market. This is anticipated to be mainly contributed by the increasing growth of the tourism and hospitality sectors in countries in this region, fostering the demand for the product. According to the data presented by the Hospitality Net Organization, in 2021, domestic travel trips in Saudi Arabia increased to 63.8 million, up from 42.1 million in 2020.
Key Players Shifting toward Innovation to Aid the Market Development
The key players are working hard to develop innovative products that can consume less electric power, take a shorter amount of time to clean the laundry, are more water-efficient, and others. For instance, in November 2022, Samsung Electronics Co. Ltd. launched a new range of EcoBubble Fully Automated Top Load washing machines, which can save 73% of the electricity consumption and 19% of the water usage and provide 20% better fabric care during their usage.
LIST OF KEY COMPANIES PROFILED:
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The research report gives a comprehensive analysis of the market and highlights critical aspects such as prominent companies, competitive landscape, product types, and product capacity feature areas. Besides this, the report offers insights into the market key trends and highlights significant industry developments. In addition to the aspects mentioned earlier, the report encompasses several factors contributing to the market growth.
CAGR of 4.98% from 2023-2030
Value (USD Billion)
North America (By Product, Capacity, and Country)
Europe (By Product, Capacity, and Country)
Asia Pacific (By Product, Capacity, and Country)
South America (By Product, Capacity, and Country)
Middle East & Africa (By Product, Capacity, and Country)
Fortune Business Insights says that the global market size was USD 56.32 billion in 2022 and is anticipated to reach USD 83.47 billion by 2030.
In 2022, the global market value stood at USD 56.32 billion.
Exhibiting a CAGR of 4.98%, the global market is estimated to grow during 2023-2030.
By product, the fully automatic segment is expected to dominate the market throughout the forecast timeframe of 2023-2030.
The rising growth of urbanization is estimated to be one of the major driving factors for market growth.
Whirlpool Corporation, Samsung Electronics Co. Ltd., LG Corporation, and Heier Smart Home Co. Ltd. are the leading companies worldwide.
Asia Pacific dominated the global market in 2022.
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