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The Residential Washing Machine Market Is Forecasted To Reach At US$ 16.1 Bn By 2028, Growing at a CAGR 0f 6.1% during 2020-2028.
The global Residential Washing Machine market has shown moderate growth and is anticipated to witness impressive growth in coming years. Some of the factors fuelling the growth of global market includes rising urbanized population, development of advanced home appliances, and changing lifestyle.
Rapid Urbanization and Changing Lifestyle are anticipated to propel the Market Growth
A rapid increase has been registered in urbanized population since last few years which is anticipated to increase the sale of smart appliances including washing machines, air conditioners, and refrigerators in order to make end user’s lie easy and smooth. Moreover, the developing electricity infrastructure and changing lifestyle in emerging economies such as Sri Lanka, India, Indonesia, and China is expected to surge the demand for residential washing machine across the globe.
Moreover, the manufacturers are engaged in product launch and innovations intended to expand their customer base and increase their market share. The promotional activities conducted by key players regarding the advantages of home appliances are expected to poise a positive impact on the growth of global market.
Based on Product Type, Fully Automated Washing Machine is expected to grow rapidly during the Forecast Period
On the basis of product type, the fully automated segment is anticipated to witness highest growth over the period. Fully Automated washing machines provide better stain removal and higher energy efficiency as compared with semi-automated washing machines which makes it preferable among large consumer base. Moreover, the facility of lesser human intervention and ease of operation associated with these products is anticipated to fuel the segment growth.
In response to rising demand for these machines, manufacturers are continuously expanding their facilities in different regions. For instance, in June 2018, one of the leading players in home appliances sector Godrej Appliances announced to establish their new manufacturing facility in India with capacity of four lack unit’s production annually.
Between 6 Kg To 8 Kg segment is anticipated to hold maximum share during the Forecast Period
Based on capacity, the global market is led by the washing machines with the capacity of 6 to 8 kg. These washing machines are mostly preferred among households. Moreover, the manufacturers are continuously launching wide range of washing machines with the capacity of 6 to 8 kg which is expected to widen the scope for the segment growth.
Top Load Washing Machines led the global market by accounting for Largest Market Share
On the basis of technology, the top load segment is estimated to hold maximum share throughout the forecast period. These products are inexpensive and consume lesser space as compared to other types. These washing machines registered huge adoption from emerging economies such as Sri Lanka, Indonesia, and Vietnam. Moreover, the front load segment is anticipated to gain traction in coming years. The growth of the segment can be credited to several significant properties associated with it such as less water consumption, energy efficiency, and durability.
Offline Distribution Channels dominated The Global Market in 2019
Based on distribution channels, the offline segment occupied largest market share and anticipated to lead the global market throughout the forecast period. The manufacturers have their excusive stores in several regions and they are continuously expanding their offline presence across the globe. This is expected to create growth opportunities for offline channels.
On the other hand, the online channels are projected to witness rapid growth during the forecast period. The growth of the segment is the result of rising internet penetration and popularity of online shopping worldwide.
North America is anticipated to be the prominent market during the Forecast Period
By geography, North America is anticipated to lead the global market throughout the forecast period. The growth of the region is majorly fuelled by rising awareness regarding necessity of maintaining cleanliness among residents of Canada and U.S. Moreover, growing popularity of smart appliances across the region is expected to surge the demand for residential washing machine across the region.
However, Asia Pacific is projected to witness impressive growth during the forecast period. Asia Pacific is estimated to grow rapidly in coming years. The manufacturers are focused on expanding their distribution channels to Asian countries which is expected to favour the regional growth.
Key players operating in global residential washing machine market include GE Appliances, Panasonic Corporation, Miele And Cie, Whirlpool Corporation, Siemens AG, BSH Home Appliances Group, Whirlpool Corporation, LG Electronics Inc., and Samsung Electronics Co. Ltd.
Global Residential Washing Machine Market by Product Type
Global Residential Washing Machine Market by Capacity
- Below 6 kg
- 6 to 8 kg
- Above 8kg
Global Residential Washing Machine Market by Technology
- Front Load
- Top Load
Global Residential Washing Machine Market by Distribution Channel
Global Residential Washing Machine Market by Region
- North America
- Asia Pacific
- Middle East & Africa
- Latin America