USD 60.3 billion
Report ID:
SQMIG25E2080 |
Region:
Global |
Published Date: January, 2025
Pages:
242
|Tables:
143
|Figures:
78
Washing Machine Market size was valued at USD 60.3 billion in 2023 and is poised to grow from USD 63.8 billion in 2024 to USD 100.16 billion by 2032, growing at a CAGR of 5.8% during the forecast period (2025-2032).
The increased demand for commercial washing equipment is predicted to fuel market expansion. With the development of novel solutions, the commercial washing machine market is undergoing a shift. The development of card-based laundry payment systems as an alternative to coin laundries is reshaping the laundry industry in preparation for greater automation.
Unlike typical coin-operated laundries, digital laundry payment choices reduce the frequency of coin collection while giving laundry operators with more flexible payment options. The growing preference for convenience, as well as the quickly changing consumer lifestyle, are driving the expansion of smart linked products.
US Washing Machine Market is poised to grow at a sustainable CAGR for the next forecast year.
Market snapshot - 2025-2032
Global Market Size
USD 60.3 billion
Largest Segment
Smart connected
Fastest Growth
Smart connected
Growth Rate
5.8% CAGR
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Global Washing Machine Market is segmented by Product, Technology, Capacity, End Use, Application, Sales channel and region. Based on Product, the market is segmented into Fully Automatic, Front Load, Top Load, Semi-Automatic and Dryers. Based on Technology, the market is segmented into Smart Connected and Conventional. Based on Capacity, the market is segmented into Less than 6KG, 6.1-8KG and Above 8KG. Based on End Use, the market is segmented into Commercial and Residential. Based on Application, the market is segmented into Healthcare, Hospitality and Others. Based on Sales channel, the market is segmented into E-Commerce, Retail Chains and Direct Sales. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa.
In 2021, the smart connected washing machine dominated the market and is anticipated to maintain its dominance throughout the forecast period. The growing preference for convenience, as well as the quickly changing consumer lifestyle, are driving segment expansion. The demand for cellphones to manage and operate devices is gaining traction in the residential sector. Revenue growth is being aided by regulatory and government bodies' efforts to utilize smart gadgets.
The proclivity of customers to adopt linked technology is projected to boost demand for these products. To obtain a competitive advantage, companies such as Samsung Electronics Co. Ltd. and LG Electronics have changed their focus to creating smart washing machines.
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In 2021, the Asia Pacific washing machine industry accounted for more than 40% of total revenue. The increasing penetration of these products in the Chinese market can be linked to the expansion. The rapidly growing middle-class population, as well as rising demand for fully automatic and smart linked washing machines from emerging markets such as Indonesia, India, and Vietnam, are expected to contribute to regional demand. The growing demand for energy-efficient gadgets in the United States is boosting the market for washing machines in North America. The increased awareness of ENERGY STAR certified items is fueling growth in the United States. Furthermore, the regional market is expected to increase significantly due to the necessity to replace traditional machinery with smart linked devices.
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Rising increased growth in the apparel and fashion industry to support demand
High electricity consumption is expected to stymie the growth of the washing machine market
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Whirlpool Corporation, Samsung Electronics Co. Ltd., LG Electronics Inc., and Electrolux AB are among the major industry participants. New product launches and investment in supply chain management are two significant tactics used by industry participants. Furthermore, manufacturers are working on building comprehensive distribution networks in order to expand their consumer base.
SkyQuest's ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our business information services team that collects, collates, co-relates, and analyses the data collected by means of primary exploratory research backed by the robust secondary desk research.
According to our analysis, several technological breakthroughs have been made in washing machines in recent years, resulting in improved efficiency in terms of saving water and electricity. This has also allowed the leading firms to earn a large market share. Furthermore, the government has undertaken a number of measures aimed at the development of rural families in Asia-Pacific emerging countries, which is likely to enhance demand for residential washing machines. Increased disposable income and advances in rural electrification could propel the household washing machine industry.
Report Metric | Details |
---|---|
Market size value in 2023 | USD 60.3 billion |
Market size value in 2032 | USD 100.16 billion |
Growth Rate | 5.8% |
Base year | 2024 |
Forecast period | 2025-2032 |
Forecast Unit (Value) | USD Billion |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Customization scope | Free report customization with purchase. Customization includes:-
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Table Of Content
Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
Methodology
For the Washing Machine Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Washing Machine Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Washing Machine Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Washing Machine Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Washing Machine Market size was valued at USD 58.21 Billion in 2023 and is poised to grow from USD 61.41 Billion in 2024 to USD 99.44 Billion by 2032, growing at a CAGR of 5.5% during the forecast period (2025-2032).
Whirlpool Corporation, Samsung Electronics Co. Ltd., LG Electronics Inc., and Electrolux AB are among the major industry participants. New product launches and investment in supply chain management are two significant tactics used by industry participants. Furthermore, manufacturers are working on building comprehensive distribution networks in order to expand their consumer base. 'Whirlpool Corporation', 'LG Electronics Inc.', 'Samsung Electronics Co. Ltd.', 'Haier Group Corporation', 'Electrolux AB', 'Panasonic Corporation', 'Robert Bosch GmbH', 'Midea Group Co. Ltd.', 'Toshiba Corporation', 'Qingdao Hisense Electric Co. Ltd.', 'GE Appliances (a subsidiary of Haier Group Corporation)', 'Siemens AG', 'Arçelik A.S.', 'Sharp Corporation', 'Groupe SEB (a parent company of Gorenje Group)', 'Vestel Ticaret A.S.', 'Candy Hoover Group S.r.l. (a subsidiary of Haier Group Corporation)', 'Daewoo Electronics Corporation', 'Indesit Company (a subsidiary of Whirlpool Corporation)', 'SANYO Electric Co. Ltd.'
Rising increased growth in the apparel and fashion industry to support demand
IoT Technology integration in washing machines is a major trend in the washing machine market that is likely to favour the market growth. The growth of science and technology has resulted in a greater use of IoT technologies in washing machines. This technology will simplify the washing process by monitoring, alerting, and controlling the machine via intelligent devices. In September 2018, for example, Haier announced the introduction of its smart laundry services in New Delhi, India. This launch includes IoT washing machines that are cloud-connected and can be handled separately via an app on a smartphone device.
In 2021, the Asia Pacific washing machine industry accounted for more than 40% of total revenue. The increasing penetration of these products in the Chinese market can be linked to the expansion. The rapidly growing middle-class population, as well as rising demand for fully automatic and smart linked washing machines from emerging markets such as Indonesia, India, and Vietnam, are expected to contribute to regional demand. The growing demand for energy-efficient gadgets in the United States is boosting the market for washing machines in North America. The increased awareness of ENERGY STAR certified items is fueling growth in the United States. Furthermore, the regional market is expected to increase significantly due to the necessity to replace traditional machinery with smart linked devices.
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Report ID: SQMIG25E2080
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