What is the global market size of Washing Machine Market?

Washing Machine Market size was valued at USD 55.18 billion in 2021 and is poised to grow from USD 58.21 billion in 2022 to USD 94.26 billion by 2030, growing at a CAGR of 5.5% in the forecast period (2023-2030).

Global Washing Machine Market Size, Share, Growth Analysis, By Product(Fully automatic (Front-load, Top load)), By Technology(Smart connected, Conventional), By Capacity(Below 6 kg, 6.1 to 8 kg), By End-Use(Commercial, Residential), By Application(Healthcare, Hospitality) - Industry Forecast 2024-2031

Report ID: SQMIG25E2080 | Region: Global | Published Date: February, 2024
Pages: 242 | Tables: 143 | Figures: 78

Global Washing Machine Market Dynamics

Washing Machine market Driver

Rising increased growth in the apparel and fashion industry to support demand

The increased consumption of clothes and fashion garments will increase the need for washing machines, boosting market growth. For example, according to World Bank.Org data issued in September 2019, worldwide garment consumption would climb from 62 million metric tons in 2019 to 102 million tons in ten years. Furthermore, the use of appealing marketing methods by apparel and fashion firms, such as buy one get one free, seasonal discount, gift cards, and others, has helped boost consumption.

Washing Machine market Restraint

High electricity consumption is expected to stymie the growth of the washing machine market

The majority of washing machines' excessive power consumption is having a negative influence on market growth. For example, the Samsung 7 Kg Front Load Fully Automatic, J Series WW71J42E0BX has a power usage of 2000 watts, according to Reliance Digital.

Global Washing Machine Market Report Snapshots

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Washing Machine Market size was valued at USD 55.18 billion in 2019 and is poised to grow from USD 58.21 billion in 2023 to USD 94.26 billion by 2031, growing at a CAGR of 5.5% in the forecast period (2024-2031).

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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Global Washing Machine Market Dynamics

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