The latest research study “Residential Washing Machine Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027” by IMARC Group, finds that the global residential washing machine market size reached US$ 39.38 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 51.91 Billion by 2027 exhibiting a CAGR of 4.50% during 2022-2027.
Covid-19 Impact: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Residential washing machines refer to home appliances extensively used by individuals to wash the laundry with the help of a detergent. They include semi-automatic and fully automatic machines that help wash, rinse, and dry without the need for supervision. They are less time-consuming and are easier to operate, clean, and repair as compared to other electronic devices. In recent years, residential washing machines have gained traction as they are easily accessible and are available in various sizes and styles, depending on the budget and lifestyles of users.
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Residential Washing Machine Market Trends and Drivers:
One of the primary factors driving the market is the increasing affordability of washing machines and less time for laundry due to hectic lifestyles. Additionally, the expanding disposable incomes of the masses and the constant improvement in rural electrification are surging the demand for residential washing machines.
Besides this, the numerous advantages offered by these machines, such as improved convenience and comfort levels, are propelling the market growth. Furthermore, the availability of the product on online and offline distribution channels is increasing the product adoption rate.
Furthermore, several favorable initiatives undertaken by governments of different nations to improve the lifestyles in rural households are creating lucrative opportunities for the market players. Moreover, the extensive investment in research and development (R&D) activities to integrate technological advancements in washing machines and launch new product variants that are extremely efficient in saving electricity and water are catalyzing the market growth.
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Residential Washing Machine Market Report Scope
|Market size value in 2021||US$ 39.38 Billion|
|Market forecast in 2027||US$ 51.91 Billion|
|Growth Rate||CAGR of 4.50% from 2022 to 2027|
|Base year for estimation||2021|
|Report coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
|Segments covered||Product, Technology, Machine Capacity and Distribution Channel.|
|Regional scope||North America, Europe, Asia-Pacific, Latin America, Middle East and Africa|
|Key companies profiled||Electrolux AB, Godrej Consumer Products Ltd., Haier Group Corporation, Hitachi Ltd., IFB Industries Limited, LG Electronics Inc., Midea Group, Miele, Panasonic Holdings Corporation, Robert Bosch GmbH (Robert Bosch Stiftung GmbH), Samsung Electronics Co. Ltd., Toshiba Corporation and Whirlpool Corporation.|
|Market Dynamics||Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and future consumer dynamics, market condition analysis for forecast period,|
|Customization purview||If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.|
The report has been segmented the market into following categories:
Breakup by Product:
- Fully Automatic
Breakup by Technology:
- Top Load
- Front Load
Breakup by Machine Capacity:
- Below 6 Kg
- 6 to 8 Kg
- 8 Kg and Above
Breakup by Distribution Channel:
- Supermarkets and Hypermarkets
- Specialty Stores
- Department Stores
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
List of Major Key Players:
The major players in the market are
- Electrolux AB
- Godrej Consumer Products Ltd.
- Haier Group Corporation
- Hitachi Ltd.
- IFB Industries Limited
- LG Electronics Inc.
- Midea Group
- Panasonic Holdings Corporation
- Robert Bosch GmbH (Robert Bosch Stiftung GmbH)
- Samsung Electronics Co. Ltd.,
- Toshiba Corporation and Whirlpool Corporation
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