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Washing Appliances Market Expected to be Valued US$ 60 Bn by 2026
Front loading machines are better in efficiency, they consume less electricity, less amount of water and carry out optimum utilization of detergent powder. The advent of technology has led to new innovations and developments in washing appliances which has triggered their adoption on a large scale in the globe.
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Persistence Market Research has compiled several aspects of the global washing appliances market in its new research publication titled “Washing Appliances Market: Global Industry Analysis (2012-2016) and Forecast (2017-2026)” and presented all facts in a methodical manner. According to this research, the global market for washing appliances is expected to witness high growth in the coming years. The research covers future market projections along with the current market scenario of each segment of the washing appliances across key regions in the globe.
The research report portrays an unbiased view of the global washing appliances market and has sketched its growth path. According to this research study, the global market is estimated to reach a high valuation of more than US$ 59 Bn by the end of the year of assessment from a value of about US$ 24 Bn in 2017 and is projected to grow at a CAGR of 10.7% throughout the period of forecast.
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The factors influencing the growth of the global washing appliances market are reduced physical effort, enhanced cleaning and washing efficiency, time saving, increasing developments in technology of washing appliances and rising disposable income. However, factors such has high maintenance cost and higher electricity consumption in case of certain machines owing to mechanical fault have challenged the growth of the global market.
By end user, the residential segment is expected to show high adoption of washing appliances and is expected to lead the global market in terms of value. However, the commercial segment is projected to grow at a comparatively higher rate during the assessment period.
By product type, the front load fully automatic washing machine segment is likely to lead the global market and is the largest segment with high growth potential. This segment is projected to grow at a high CAGR of 14.5% during the forecast period.
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By sales channel, e-commerce is considered to be a more versatile channel for the sales of washing appliances. The e-commerce segment is poised to register a significant CAGR to reach a high estimation of about US$ 35 Bn by the end of the year of assessment.
Washing appliances market in North America region is the largest market in terms of market share as compared to other regions. However, the market in Asia Pacific excluding Japan region is poised to register a high growth rate in the coming years.
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The research report on global washing appliances market covers information regarding major market players such as Philips, Siemens Group, Haier, Panasonic, Electrolux AB, GE Appliance, Samsung Electronics Co. Ltd., Robert Bosch, LG Electronics and Whirlpool Corporation.
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