Washing Machine Market Expanding Due to Growing Popularity of Compact and Portable Models

The global washing machine market size is expected to reach USD 126.75 billion by 2030, registering at a CAGR of 10.2% from 2023 to 2030, according to a new report by Grand View Research, Inc. Increased needs for differentiated products and services have led to an upsurge in investments for R&D activities. Ongoing advancements, such as coin laundry, crowdsourced supply, and on-demand services, are drawing investors toward the laundromat and laundry industries seeking minimal on-site management obligations. Moreover, the commercial laundry space is becoming more automated with the introduction of Internet-enabled features in the washing machines.

The increased number of dual-income households coupled with insufficient time for laundry has led to the growing demand for laundromats. Additionally, the growth in the hospitality sector in emerging countries and the advent of on-demand services are expected to propel the commercial washing machine growth. Furthermore, energy labels and energy efficiency policies have enabled manufacturers to focus on the development of energy-efficient products.

The growth in online laundry services is expected to have a positive impact on the commercial washing machine industry. The commercial washing machine market is characterized by the presence of key players who provide conventional washing and laundry services. However, the startups in this industry are struggling to fill in the gap by providing comprehensive solutions at a reasonable price.

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Washing Machine Market Report Highlights

  • The fully-automatic washing machine industry is expected to be the fastest-growing segment owing to the growing shortage of time for household chores
  • The demand for washing large volume of the load is providing traction to the growth of the
  • The residential sector is anticipated to grow at a CAGR of over 5% throughout the forecast period due to the transition from semi-automatic to fully automatic washing machines.
  • The strong growing demand for residential products in the UAE and Saudi Arabia is contributing to the growth in the MEA region
  • The major players include LG Electronics Inc., Samsung Electronics Co. Ltd., Whirlpool Corporation, and Electrolux AB
  • Emphasis on R&D is a major strategy adopted by the key players to generate financial profits and address the environmental and social issues through technologies and products

Regional Insights

The North American region dominated the market with a revenue share of 33.9% in 2022, owing to the increasing adoption of smart and energy-efficient appliances in the region, driving the market growth. Consumers are becoming more conscious about energy savings and sustainability, thus prompting them to invest in washing machines with advanced features such as load sensing, water efficiency, and programmable settings. Additionally, the high disposable income in North America has led to a higher standard of living, contributing to the demand for convenient and time-saving home appliances.

List Of Key Players in the Washing Machine Market

  • Whirlpool Corporation
  • SAMSUNG
  • LG Electronics
  • Electrolux AB
  • Panasonic Life Solutions India Pvt. Ltd.
  • BSH Hausgeräte GmbH
  • IFB Appliances
  • Maytag
  • Kenmore
  • General Electric

Gather more insights about the market drivers, restrains and growth of the Global Washing Machine Market

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