Pune, India, June 01, 2021 (GLOBE NEWSWIRE) -- The global washing machine market size is set to hit USD 80.24 billion by 2028, exhibiting a CAGR of 5.5% during the forecast period. The growing pace of globalization will play a crucial role in driving this market in the foreseeable future, finds Fortune Business Insights™ in its new report, titled "Washing Machine Market, 2021-2028". Globalization is a process wherein countries are getting interconnected economically, politically, and culturally. Most importantly, this process has facilitated accessibility and affordability to a host of technologically advanced products, from supersonic airplanes to simple home appliances such as washing machines.
According to the World Bank, globalization has accelerated the pace of technological diffusion. Furthermore, cross-border exchange of technology has made life simpler and more comfortable and many beneficiary countries are emerging as promising markets for modern technologies. Thus, the rising tide of globalization is likely to lead the market trends in the upcoming decade.
The report states that the value of the market stood at USD 52.80 billion in 2020. The other highlights of the report include:
- Detailed analysis of the market segments at an individual level;
- A comprehensive study of all the possible drivers, trends, and challenges shaping the market;
- In-depth research into the key market players and their main strategies; and
- An exhaustive evaluation of the regional developments influencing the growth of the market.
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COVID-19 Impact
Reduced Demand for Home Appliances to Inhibit Market Amid Coronavirus
The low consumption rate of electronic products has massively thwarted the market growth during the pandemic. As per the Economic Times' data in April 2020, the appliances and consumer electronics industry witnessed a 50 percent decline in sales in the first quarter of 2020. Moreover, the disruption caused in the transportation and logistics industry will significantly hamper the market growth amid the COVID-19 pandemic.
Market Restraints
Negative Environmental Impact of Washing Machines to Hinder Market Growth
The washing machine market growth may get impeded owing to the risks posed to the environment by these appliances, slowing down the purchase of these machines. Research conducted by a team from the Plymouth University in the UK found that one cycle of a washing machine can release over 700,000 microscopic plastic fibers in the environment. The biggest contributor, the researchers observed, was acrylic, which churned out nearly 730,000 tiny synthetic fibers per wash.
Pollution caused by micro-plastic materials is a growing ecological concern across the globe as these substances are known to contaminate food chains, trigger behavioral changes in animals, and disrupt the energy flow between organisms. Findings of this study were substantiated through a study performed by University of California Santa Barbra, which also concluded that washing of clothes is a massive contributor to micro-plastic pollution in water bodies.
List of the Leading Companies Profiled in the Global Washing Machine Market are:
- Whirlpool Corporation (Michigan, United States)
- Samsung Electronics Co. Ltd. (Suwon-si, South Korea)
- LG Electronics Inc. (Seoul, South Korea)
- Electrolux AB (Stockholm, Sweden)
- Haier Group Corp (Qingdao, China)
- Godrej Industries Ltd (Maharashtra, India)
- IFB Industries Ltd. (Kolkata, India)
- Panasonic Corp (Osaka, Japan)
- Mirc Electronics Limited (Mumbai, India)
- Bsh Hausgeräte Gmbh (Munich, Germany)
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Regional Analysis
Increasing Adoption of Sedentary Lifestyle to Drive the Market in Asia-Pacific
The market size in Asia-Pacific stood at USD 21.66 billion in 2019 and the region is poised to dictate the washing machine market share in the forthcoming years. This will primarily occur as a result of the increasing adoption of corporate work culture in developing nations such as India and China, which will make sedentary lifestyles more prevalent in the region. Besides this, rapid economic growth is putting more money in people's hands, encouraging them to demand for luxury home electronics such as these machines.
In North America, steady income will ensure stable demand for electronic products, while in Europe high per capita income will propel the market in the foreseeable future.
Competitive Landscape
Integration of Intelligent Systems in Washing Machines by Players to Intensify Competition
As per the washing machine market analysis, leading companies in this market are developing machines that are powered by smart technologies such as Artificial Intelligence (AI). Top players such as LG and IFB are increasingly focusing on making and delivering products that are smarter, efficient, and sustainable.
Key Industry Developments:
- January 2020: LG, the South Korean electronics behemoth, launched the LG ThinQ™, the company's most advanced washing machine. The machine comes with an Artificial Intelligent Direct Drive™ motor to ensure precision washing as well as an AI-enabled customer care service.
- January 2019: Xiaomi, the Chinese electronics bigwig, introduced its comprehensive washing and drying machine, the Mija Smart All-in-one, in China. With a capacity of 10kg, the machine can wash a wide range of textiles at any given time and it can be entirely controlled by a smartphone.
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Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Emerging Trends
- Key Insights
- Overview of the Parent/Related Markets
- Industry SWOT Analysis
- Supply Chain and Regulatory Analysis
- Recent Industry Developments - Policies, Partnerships, New Product Launches, and Mergers & Acquisitions
- Impact of COVID-19 on the Market
- Global Washing Machine Market Analysis, Insights, and Forecast, 2017-2028
- Key Findings / Summary
- Market Size Estimates and Forecast
- By Product (Value)
- Fully Automatic (Front Load & Top Load)
- Semi-Automatic
- Dryer
- By Capacity (Value)
- Below 6Kg
- 6.1- 8 Kg
- Above 8 Kg
- By Region (Value)
- North America
- Europe
- Asia Pacific
- South America
- Middle East & Africa
- By Product (Value)
TOC Continued…!
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