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The global washing machine market size was USD 52.80 billion in 2020. The global impact of COVID-19 has been unprecedented and staggering, with the product witnessing a negative demand shock across all regions amid the pandemic. Based on our analysis, the market exhibited a decline of 3.36% in 2020. The market is projected to grow from USD 55.18 billion in 2021 to USD 80.24 billion in 2028 at a CAGR of 5.5% in the 2021-2028 period. The sudden rise in CAGR is attributable to this market’s demand and growth, returning to pre-pandemic levels once the pandemic is over.
The product has experienced an escalating growth rate in recent years as more consumers have become inclined towards automated household chores. The product's ability to save time, eliminate physical effort, and reduce drying time has 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 laundry is acting as a driving factor for the market growth. For instance, the data released by the National Federation of State High School Association in September 2019, mentions that the United States has 7,937,491 participants in high school sports between the years 2018-2019.
COVID-19 Pandemic: Slumped Consumer Electronics Industry to Diminish Demand for Washing Machines
The eruption 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. For instance, the Economic Times' data in April 2020 stated that the appliances and consumer electronics industry is anticipated to witness a 50 percent decline in sales in the first quarter of 2020. Furthermore, the increasing complications on the supply of goods from the manufacturing plant to the sales channel worldwide due to shortage of employees have a negative impact on its growth.
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Integrated IoT Technology to Favor the Market Growth
The advancement of science and technology has led to an increased usage of IoT technologies in washing machines. 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, Haier's data in September 2018, states the launch of its smart laundry services in New Delhi, India. This launch provides IoT washing machines connected to the cloud and can be separately managed through an app using a smartphone device.
Rising Growth of Urbanization to Spike the Market Development
The better infrastructure, a large number of corporate offices, better schools, and colleges in urban areas has resulted in increased urban population, which, in turn, is driving the market growth. For instance, the data issued by the World Bank.Org, the 2019 global urban population is 55.715 percent which is a rise from 55.271 from its prior year. Additionally, the presence of many hotels, motels, and resorts in urban areas, which require a quicker laundry cleaning process, has helped to spike the demand.
Upsurging Growth of Apparel and Fashion Industry to Aid the Demand
The high consumption of apparel and fashion garments will surge the need for washing machines thus, driving the market growth. For instance, the data released by the World Bank.Org in September 2019, mentions that the global apparel consumption will rise from 62 million metric tons in 2019 to 102 million tons in 10 years. Additionally, the application of attractive marketing strategies done by apparel and fashion brands, including buy one get one free, seasonal discounts, gift cards, and others, has helped surge the consumption.
High Electricity Consumption to Hamper the Washing Machine Market Growth
The high power consumption by the majority of washing machines is negatively impacting the market growth. For instance, according to Reliance Digital, Samsung 7 Kg Front Load Fully Automatic, J Series WW71J42E0BX has a power consumption of 2000 watts.
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Fully Automatic Hold the Highest Market Share in the Forecast Period
Based on product, the market is segmented into fully automatic, semi-automatic, and dryer. Fully automatic is estimated to hold the prominent share due to consumers progressively willing 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 heightening the preference rate.
Semi-automatic and dryers are also witnessing a robust market presence because it is user-friendly, especially among older adults, which has boosted its demand. Furthermore, a large number of consumers who prefer owning separate drying machines is helping to generate traction.
6.1-8Kg Segment to Remain at the Forefront
Based on capacity, the market is divided into below 6 Kg, 6.1-8 Kg, and above 8 Kg. 6.1-8Kg is projected to be the dominating segment owing to the product being considered as an ideal choice for the majority of households worldwide as it compliments the strength, power, and capacity required by most households.
On the other hand, below 6 Kg has also gained traction, especially among single-person households and married couples with no children. Furthermore, above 8 Kg are considered to be in great demand in hotels, hospitals, laundry service, and others.
Asia Pacific Washing Machine Market Size, 2020 (USD Billion)
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North America is projected to display a strong presence in the global market. 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. For instance, the data issued by the Outdoor Industry.Org, in 2018, the the people in the United States are estimated to go in 1 billion fewer outdoor outings. The rising construction of new homes has also fostered the demand for home appliances, including these machines. For instance, the data released by the Census.Gov in October 2020 declares that the United States has 1,343,000 new housing completions.
Asia Pacific is leading in terms of the global washing machine market share, boasting USD 20.91 billion in 2020. The rising disposable income has led to fueling the purchasing power, especially among middle and lower-income earners, thus increasing the consumption rate. For instance, the Trading economy's data, India's disposable income is assessed to be 2.754 USD trillion in 2019, which is a rise from 2.568 USD trillion in 2018. 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 during the forecast period owing to the high per capita income on electronic appliances. For instance, as per the Trading Economics data, in 2019, the per capita income of various European countries is Germany USD 53,815, United Kingdom USD 44,370, Italy USD 42,413. Besides, the thriving growth of tourism upsurging the usage of the product for commercial use has a vital contribution in surging the key market growth. For instance, the data issued by the United Nations World Tourism Organisation states that in 2018 the international tourist arrivals are estimated to reach 713 million, which is a 6 percent rise from its prior year.
South America is evaluated to witness an upsurging in the global market. The countries in this region experiencing booming growth in their e-commerce businesses are leading to propel the product's demand. For instance, according to Trade.Org data, in 2019, the Brazilian e-commerce sector has experienced a rise of 16 percent from 2018. Thus, e-commerce closes the 2019 year revenue was USD 15.7 billion.
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The Middle East & Africa are anticipated to hold a significant share in the global market. This is anticipated to be mainly contributed by increasing growth of the hospitality sector in countries of this region fostering the demand for the product. For instance, as per the data issued by Hospitality. Org, the hospitality sector in Riyadh, the capital of Saudi Arabia, is witnessing a RevPAR growth of 7 percent in 2018.
Key Players Shifting Towards Innovation Aid its 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 August 2019, LG introduced its new Washing Machine called’ Bureau of Energy Efficiency,’ which comes with a smart inverter motor that adjusts energy intake at an optimum level to help maintain 30 percent more energy savings and about 40 percent water savings.
An Infographic Representation of Washing Machine Market
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The global washing machine market report provides a detailed analysis of the market and focuses on crucial aspects such as leading companies, product category, and capacity. Besides this, the report offers insights into the market trends and highlights vital industry developments. In addition to the factors mentioned above, the report encompasses several factors that have contributed to the growth of the market over recent years.
Value (USD Billion)
North America (By Product, Capacity, and by Country)
Europe (By Product, Capacity, and by Country)
Asia Pacific (By Product, Capacity, and by Country)
South America (By Product, Capacity, and by Country)
The Middle East and Africa (By Product, Capacity, and by Country)
Fortune Business Insights says that the global market size was USD 52.80 billion in 2020 and is projected to reach USD 80.24 billion by 2028.
In 2020, the market value stood at USD 52.80 billion.
Growing at a CAGR of 5.5%, the market will exhibit steady growth in the forecast period (2021-2028).
The fully automatic segment is expected to be leading during the forecast period.
The rising growth of urbanization is estimated to be one of the major driving factors for market growth.
Haier, Samsung, Whirlpool, Electrolux, Panasonic, LG are some of the key players in the global market.
Asia Pacific region dominated the global market.
The global rise of the working population and increase in disposable income are expected to drive the adoption of washing products.
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