Washing Machine Market Revenue Estimates in 2020 by Coronavirus Outbreak | Upcoming Opportunities and Industry Forecast by 2026

The global washing machine market size is set to hit USD 80.87 billion by 2026, exhibiting a CAGR of 5.8% during the forecast period. The growing pace of globalization will play a crucial role in driving this market in the foreseeable future, finds Fortune Business Insights(TM) in its new report, titled "Washing Machine Market Size, Share & Industry Analysis, By Product (Fully Automatic, Semi-Automatic, and, Dryer), By Capacity (Below 6 Kg, 6.1-8 Kg, and Above 8Kg), and Regional Forecast, 2019-2026". Globalization is a process wherein countries are getting interconnected economically, politically, and culturally. Most importantly, this process has facilitated accessibility and affordability to a host of technologically advanced products, from supersonic airplanes to simple home appliances such as washing machines.

According to the World Bank, globalization has accelerated the pace of technological diffusion. Furthermore, cross-border exchange of technology has made life simpler and more comfortable and many beneficiary countries are emerging as promising markets for modern technologies. Thus, the rising tide of globalization is likely to lead to the washing machine market trends in the upcoming decade.

An Overview of the Impact of COVID-19 on this Market:

The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. Some industries are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.

We are making continuous efforts to help your business sustain and grow during COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of coronavirus outbreak across industries to help you prepare for the future.

To get the short-term and long-term impact of COVID-19 on Washing Machine Market Market, Visit: https://www.fortunebusinessinsights.com/enquiry/covid19-impact/washing-machine-market-102645

The report states that the value of the market stood at USD 51.98 billion in 2018. The other highlights of the report include:

o Detailed analysis of the market segments at an individual level;
o A comprehensive study of all the possible drivers, trends, and challenges shaping the market;
o In-depth research into the washing machine industry players and their main strategies; and
o An exhaustive evaluation of the regional developments influencing the growth of the market.

Competitive Landscape

Integration of Intelligent Systems in Washing Machines by Players to Intensify Competition

As per the washing machine market analysis, leading companies in this market are developing machines that are powered by smart technologies such as Artificial Intelligence (AI). Top players such as LG and IBF are increasingly focusing on making and delivering products that are smarter, efficient, and sustainable.

List of Key Companies Profiled in the Washing Machine Market Report Include;

o Robert Bosch GmbH
o Electrolux Home Products Inc.
o IFB Industries Ltd.
o Haier Group Corp
o Samsung Electronics Co. Ltd.
o MIRC Electronics Limited
o Panasonic Corp
o Godrej Industries Ltd
o LG Electronics Inc.
o Whirlpool Corporation

Browse Summary of This Research Insights with Detailed TOC: https://www.fortunebusinessinsights.com/washing-machine-market-102645

Market Restraints

Negative Environmental Impact of Washing Machines to Hinder Market Growth
The washing machine market growth may get impeded owing to the risks posed to the environment by these appliances, slowing down the purchase of these machines. Research conducted by a team from Plymouth University in the UK found that one cycle of a washing machine can release over 700,000 microscopic plastic fibers in the environment.

The biggest contributor, the researchers observed, was acrylic, which churned out nearly 730,000 tiny synthetic fibers per wash. Pollution caused by micro-plastic materials is a growing ecological concern across the globe as these substances are known to contaminate food chains, trigger behavioral changes in animals, and disrupt the energy flow between organisms. The findings of this study were substantiated through a study performed by the University of California Santa Barbra, which also concluded that washing of clothes is a massive contributor to microplastic pollution in water bodies.

Regional Analysis

Increasing Adoption of Sedentary Lifestyle to Drive the Market in Asia-Pacific

The market size in Asia-Pacific stood at USD 20.58 billion in 2018 and the region is poised to dictate the washing machine market share in the forthcoming years. This will primarily occur as a result of increasing adoption of corporate work culture in developing nations such as India and China, which will make sedentary lifestyles more prevalent in the region. Besides this, rapid economic growth is putting more money in people's hands, encouraging them to demand luxury home electronics such as washing machines.

In North America, steady income will ensure stable demand for electronic products, while in Europe high per capita income will propel the market in the foreseeable future.

Quick Buy - Washing Machine Market Research Report: https://www.fortunebusinessinsights.com/checkout-page/102645

Key Industry Developments:

January 2020: LG, the South Korean electronics behemoth, launched the LG ThinQ(TM), the company's most advanced washing machine. The machine comes with an Artificial Intelligent Direct Drive(TM) motor to ensure precision washing as well as an AI-enabled customer care service.

January 2019: Xiaomi, the Chinese electronics bigwig, introduced its comprehensive washing and drying machine, the Mija Smart All-in-one, in China. With a capacity of 10kg, the machine can wash a wide range of textiles at any given time and it can be entirely controlled by a smartphone.

Contact Us:
Fortune Business Insights(TM) Pvt. Ltd.
308, Supreme Headquarters,
Survey No. 36, Baner,
Pune-Bangalore Highway,
Pune - 411045, Maharashtra, India.
Phone:
US: +1 424 253 0390
UK: +44 2071 939123
APAC: +91 744 740 1245
Email: sales@fortunebusinessinsights.com
Linkedin | Twitter | Blogs

About Us:

Fortune Business Insights(TM) offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. We tailor innovative solutions for our clients, assisting them address challenges distinct to their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they are operating in.

Our reports contain a unique mix of tangible insights and qualitative analysis to help companies achieve sustainable growth. Our team of experienced analysts and consultants use industry-leading research tools and techniques to compile comprehensive market studies, interspersed with relevant data.

At Fortune Business Insights(TM), we aim at highlighting the most lucrative growth opportunities for our clients. We therefore offer recommendations, making it easier for them to navigate through technological and market-related changes. Our consulting services are designed to help organizations identify hidden opportunities and understand prevailing competitive challenges.

This release was published on openPR.