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The global washing machine market size was USD 51.98 billion in 2018 and is projected to reach USD 80.87 billion by 2026, exhibiting a CAGR of 5.8% during the forecast period.
Nowadays, due to increasing globalization, there is more availability of different types of electronic products in every part of the globe, which is fueling the popularity of washing machines. Due to the rising adoption of corporate work culture around the world, a large percentage of the population is engaged in their busy schedules and has no time to manually wash their clothes. Thus, this is acting as a flourishing factor, which is generating more traction for the product. Furthermore, the growing popularity of sports such as cricket, football, basketball, tennis, and others requires washing of clothes after every game, which helps in propelling the washing machine market demand. According to the data recorded by Harvard T.H. Chan School of Public Health poll, one in four adults which is 25% of the United States adult population is estimated to play sports.
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Incorporation of IoT Technology in Washing Machine to Boost Market Growth
The advancement of science and technology has led to the increasing use of the Internet of Things (IoT) technology in these machines, which is propelling the growth of the market. This technology will help to increase the simplicity of the washing process as it will be able to monitor, give alerts, and control the machine remotely. The rising number of dual-income families across the globe will act as a driving factor for more demand for the product and lead the washing machine market trends. Additionally, the rising number of millennial workers and parents who are technologically advanced as compared to previous generations will drive the demand for more IoT-based machines. According to the data published by Independent UK, out of the global population of 7.8 billion, millennials comprise 31.5%.
Rising Urbanization and Per Capita Income to Escalate the Growth of the Market
The presence of better infrastructure, a large number of corporate offices, and better schools and colleges in urban areas is resulting in the growth of the urban population, which is simultaneously driving the growth of the market. Increasing urban population, employment rates, and increasing per capita spending of households on home appliances is supporting the washing machine market growth, globally. Additionally, owing to large number of hotels, motels, and restaurants in urban areas, which require quick processes for cleaning laundry, the demand is growing in urban areas.
Intensifying Growth of Clothing and Fashion Industry to Foster Market Growth
An increasing number of fashion brands such as Armani, Fendi, Chanel, Prada, and others is responsible for increasing the production of clothing goods. Therefore, this is leading people to have multiple clothing collections which are assisting to increase the consumption of the product. Additionally, different marketing strategies of clothing brands such as buy one get one free, seasonal discounts, gift cards, and others are boosting the market growth. Furthermore, advertisements done on print media, social media, television, radio, and others propel the sales of clothing goods, which is helping to popularize such electronic products.
High Consumption of Electricity to Hamper Market Growth
As the majority of the electronic items including washing machines run on electricity and thus the consumption of electricity is escalating. This may act as a restraining factor for the growth of this market. However, the increasing production of energy-efficient machines can help address this issue.
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Based on product, the market is segmented into fully automatic, semi-automatic, and dryer. The fully automatic segment is estimated to be the largest shareholder due to the youth population being able to quickly adapt to new technologies. Furthermore, due to the rise of global per capita income, more people are having higher buying power and this product is often the number one choice for most consumers on account of its simplicity and convenience. Additionally, owing to the ability to wash and dry in the same drum, these machines help to save washing time and this acts as a driving factor for higher demand of the product.
Fully automatic is further sub-segmented into the front load and top load. Front-load is anticipated to hold the larger market share as compared to top loader on an account of better performance, occupying lesser space, water- and energy-efficiency, gentle treatment of clothes, and others.
The semi-automatic machine’s segment is also projected to show a significant share owing to its affordable price, simpler to use for people who find difficulty in interacting with digital devices, and also its ability to handle laundry in two drums for washing and drying.
However, the dyer segment is also showing positive growth in the coming years owing to its energy-efficiency, easy to use, and its wide range of options.
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 as majority of the consumers around the world are part of families having 4-6 members, which means that 6.1- 8Kg capacity will be the perfect choice for most households. Additionally, below 6 Kg is often chosen by people who live alone and married couples who do not have children. Furthermore, above 8 Kg machines are commonly used in hotels, hospitals, laundry services, and others. Therefore, below 6 Kg and above 8 Kg segments are considered to have lesser demand as compared to 6.1-8 Kg capacity washing machines.
Asia-Pacific Washing Machine Market Size, 2018(USD Billion)
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Asia-Pacific is estimated to dominate this market share during the forecast period. Rising disposable income has led to an increase in the consumption of electronic goods including washing machines. According to the data released by Trading Economics, India's disposable income is projected to be 2.754 USD trillion in 2019 which is a rise from 2.568 USD trillion of 2018. Additionally, rapid urbanization and expanding middle-class population is flourishing the washing machine market growth. There is a huge demand for residential washing machines owing to the minimum availability of time to laundry by individuals due to their hectic schedules. Moreover, due to the increasing growth of the economy especially in countries such as India and China, there is increasing adoption of corporate work culture. which is making more people have lesser time and this acts as a propelling factor for the increasing demand for the product.
North America is projected to show strong demand for washing machines and is expected to continue during the coming years owing to a low unemployment rate, which is ensuring high purchasing power among consumers in the region. As a result, there is a stable demand for household appliances in the region. According to the data published by the Bureau of Labor Statistics of the US Department of Labor, in February 2020, the unemployment rate was estimated to be 3.5 percent, which is one of the lowest in the United States history. The region has a high fashion sense, with a large number of people having specific types of outfit for different occasions and this increases the number of times they are changing clothes. This, thus, acts as a propelling factor for the market demand.
Europe is also expected to show strong growth during the forecast period owing to a large number of clothing & apparel giants like Lacoste, Gucci, Benetton Group, Prada, Armani, and others. These brands are working hard to generate more sales of their product which acts as the boosting factor for the growth of the market. Furthermore, the region has high per capita income as compared to other regions, which is also increasing spending on electronic household goods.
South America and Middle East & Africa are anticipated to hold lower share as compared to other regions. However, increasing globalization in these regions will help to bring more goods to consumers, which is expected to fuel the growth of the market in the coming years.
Key Players to Focus on Research and Development to Come Up with Innovative Products
The key players are working hard to come up with innovative products that can consume lesser electricity, take lesser time to clean the laundry, and are more water-efficient. For instance, the new LG Washing Machine comes with a smart inverter motor that adjusts energy intake at an optimum level to save 30% more energy and about 40% water savings.
The washing machine market report provides a detailed analysis of the market and focuses on crucial aspects such as leading companies, product categories, capacity, and end-user.
An Infographic Representation of Washing Machine Market
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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 this market in recent years.
Value (USD Billion)
Fortune Business Insights says that the market size was USD 51.98 billion in 2018 and is projected to reach USD 80.87 billion by 2026.
In 2018, the market value stood at USD 51.98 billion.
Growing at a CAGR of 5.8%, the market will exhibit steady growth in the forecast period (2019-2026).
The fully automatic segment is expected to be the leading segment during the forecast period.
Rising urbanization is estimated to be one of the major growth drivers of this market.
Haier, Samsung, Whirlpool, Electrolux, Panasonic, and LG are some of the key players in the market.
Asia-Pacific dominated the global market share.
The global rise of the working population and the increase in disposable income are expected to drive the adoption of washing products.
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