Newark, Dec. 11, 2023 (GLOBE NEWSWIRE) -- As per the report published by The Brainy Insights, the global Residential Washing Machine market is expected to grow from USD 41.86 Billion in 2022 to USD 72.52 Billion by 2032, at a CAGR of 5.65% during the forecast period 2023-2032.
The surge in the affordability of the washing machine and the increase in the income level of consumers worldwide are some of the factors driving the market. Also, there are several benefits provided by the residential machines, like improved comfort and ease. These washing machines are home machines broadly used for washing the laundry using detergent. Some types of washing machines are semi-automatic and fully automatic, which help in washing, rinsing, and drying clothes and do not require any supervision for different operations.
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Competitive Strategy
To enhance their market position in the global Residential Washing Machine market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
• In December 2021: LG, a home appliance and consumer electronics player, planned to improve its lead in the washing machine segment in India as many new players were entering the market. This category is observing a shift towards premium and bigger capacity models, and hence, the organization is focusing on a new range of bigger capacity machines in India. This strategy helps the organization gain more market share the market.
Report Scope and Segmentation -
| Report Coverage | Details |
| Forecast Period | 2023-2032 |
| Forecast CAGR | 5.65% |
| 2032 Value Projection | USD 41.86 Billion |
| Market Size in 2022 | USD 72.52 Billion |
| Historical Data | 2019-2021 |
| No. of Pages | 230 |
| Report Coverage | Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends |
| Segments Covered | Product Type, Machine Capacity, Distribution Channel |
| Regions Covered | The regions analyzed for the market are Asia Pacific, Europe, South America, North America, and Middle East & Africa. Furthermore, the regions are further analyzed at the country level. |
| Market Growth Drivers | Growing disposable income of the consumers worldwide |
Market Growth & Trends
These machines save time and are easy to operate. It is easy to clean and repair in comparison to other electrical devices. There is also a growing demand for residential washing machines by the masses as their lifestyle has changed; it has become more sophisticated and hectic, so there is less time for laundry. It is offering a good opportunity for the market. The disposable income of the people is increasing, and so is the affordability of the washing machine, and there is rapid urbanization happening. All these factors boost the growth of the market. Also, COVID-19 positively impacted the residential washing machine market as people started to get engaged in home designing, which increased washing machine production. The growing use of AI, such as AI Direct Drive intelligent technology, is helping to make washing machines smart and easy. It helps automatically identify the best settings based on the weight and softness of the fabric for optimal wash. Also, key players are focusing on building washing machines, which are using more innovative technologies like load sensing that help adjust water levels based on the laundry volume and the insulation advancement for a reduction in energy waste.
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Key Findings
• In 2022, fully automatic segment dominated the market with the largest market share of 61.13% and market revenue of USD 25.59 Billion.
The product type segment is divided into fully automatic, semi automatic and dryer. In 2022, fully automatic segment dominated the market with the largest market share of 61.13% and market revenue of USD 25.59 Billion. This significant market share is because, in fully automatic washing machines, the consumer does not need supervision for the laundry work.
• In 2022, the Between 6-8 Kg segment dominated the market with the largest market share of 50.12% and market revenue of USD 20.98 Billion.
The machine capacity segment is divided into below 6 kg, between 6-8 kg, 8kg and above. In 2022, the Between 6-8 Kg segment dominated the market with the largest market share of 50.12% and market revenue of USD 20.98 Billion. It is attributed to its capacity volume as the washing machine between 6kg to 8 kg suits middle-class households well based on capacity, strength and power utilization.
• In 2022, the offline segment dominated the market with the largest market share of 71.43% and market revenue of USD 29.90 Billion.
The distribution channel segment is divided into offline and online. In 2022, the offline segment dominated the market with the largest market share of 71.43% and market revenue of USD 29.90 Billion. There are salespersons in offline stores like hypermarkets and speciality stores, among others, who provide needed guidance to the customers based on their choice. Thus, there are more washing machine sales from offline stores.
Regional Segment Analysis of the Residential Washing Machine Market:
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
The Asia Pacific region occurred as the largest market for the global Residential Washing Machine industry, with a market share of 48.95% and a market value of around USD 20.49 Billion in 2022. This is attributed to the large population in the region, and thus, the demand for residential washing machines is growing. Also, there is a surge in disposable income among consumers in the region and rapid urbanization in countries such as China, India and Japan.
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Key players operating in the global Residential Washing Machine market are:
• Electrolux AB
• Toshiba Corporation
• Robert Bosch GmbH
• Haier Group Corporation
• Panasonic Holdings Corporation
• IFB Industries Limited
• LG Electronics Inc.
• Whirlpool Corporation
• Midea Group
• Hitachi Ltd.
• Miele
• Godrej Consumer Products Ltd.
• Samsung Electronics Co. Ltd.
This study forecasts revenue at global, regional, and country levels from 2019 to 2032. The Brainy Insights has segmented the global Residential Washing Machine market based on below mentioned segments:
Global Residential Washing Machine Market by Product Type:
• Fully Automatic
• Semi Automatic
• Dryer
Global Residential Washing Machine Market by Machine Capacity:
• Below 6 kg
• Between 6-8 Kg
• 8kg and Above
Global Residential Washing Machine Market by Distribution Channel:
• Offline
• Online
About the report:
The global Residential Washing Machine market is analysed based on value (USD Billion). All the segments have been analysed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients' objectives of high-quality output within a short span of time. We provide both customized (clients' specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients' requirements whether they are looking to expand or planning to launch a new product in the global market.
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