The global residential washing machine market size is projected to value at USD 22.55 billion by 2025, according to a new report published by Million Insights, at a CAGR of 6.1% from 2019 to 2025. The increasing standard of living along with urbanization is anticipated to boost the market growth. Additionally, considerable improvements in electricity infrastructure in emerging economies like Indonesia, China, and India are likely to augment the product demand.
The fully automatic washing machines segment is anticipated to witness the fastest growth with a CAGR of 6.3% over the forecast period due to high energy efficiency, less water consumption and drying times, and ease of operation. The key manufacturers such as Whirlpool Corporation; LG Electronics Inc., and Samsung Electronics Co. Ltd. are launching new technologies like the Internet of Things (IoT) to increase their market presence. For example, Samsung Electronics Co. Ltd., in February 2018, made the announcement to launch a smart washing machine incorporated with the Bixby AI interface. The launch of AI in the washing machines bring changes in the market as it will provide higher ease of operation to the customers and thus, propel the market growth in the upcoming years.
In recent years, the key players have opted for marketing strategies like innovative product launch, mergers & acquisitions, expansion of production capacity, and introduction of the latest technologies to fulfill the rising demand for this product in the region. For example, Godrej Appliances, in June 2018, established its new manufacturing unit at Mohali, India, with a loading capacity of four lakhs to six lakhs each year. Additionally, LG Electronics Inc., in January 2018, introduced ‘Wi-Fi Inverter’ washing machines in Sri Lanka with in-built Wi-Fi technology.
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Further key findings from the report suggest:
• Asia Pacific is expected to register the fastest CAGR of 6.4% over the forecast period.
• The fully automatic product segment is expected to generate revenue of more than USD 10 billion by 2025.
• Washing machines with load capacity 6 to 8 kg is anticipated to be the largest segment with a share exceeding 45% of the overall market throughout the forecast period.
• Key players in the residential washing machine market include Samsung Electronics Co. Ltd., Whirlpool Corporation, LG Electronics Inc., AB Electrolux, IFB Industries Ltd., GE Appliances, BSH Home Appliances Group, Haier Group Corporation, Midea Group, and Siemens AG, Panasonic Corporation.
Million Insights has segmented the global residential washing machine market on the basis of product, capacity, technology, distribution channel, and region:
Residential Washing Machine Product Outlook (Revenue, USD Million, 2015 - 2025)
• Fully Automatic
Residential Washing Machine Capacity Outlook (Revenue, USD Million, 2015 - 2025)
• Below 6 kg
• 6 to 8 kg
• Above 8kg
Residential Washing Machine Technology Outlook (Revenue, USD Million, 2015 - 2025)
• Top Load
• Front Load
Residential Washing Machine Distribution Channel Outlook (Revenue, USD Million, 2015 - 2025)
Residential Washing Machine Regional Outlook (Revenue, USD Million, 2015 - 2025)
• North America
• Asia Pacific
• Central & South America
• Middle East & Africa
• South Africa