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Washing Machine Market: How the Business Will Grow in 2026 ? Prominent Players: Bosch, Electrolux, IFB Industries Ltd, Haier, Samsung Electronics, MIRC ELECTRONICS LIMITED, Panasonic North America, LG Electronics, Whirlpool Corporation, etc
Washing Machine Market
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:
• Detailed analysis of the market segments at an individual level;
• A comprehensive study of all the possible drivers, trends, and challenges shaping the market;
• In-depth research into the washing machine industry players and their main strategies; and
• 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;
• Robert Bosch GmbH
• Electrolux Home Products Inc.
• IFB Industries Ltd.
• Haier Group Corp
• Samsung Electronics Co. Ltd.
• MIRC Electronics Limited
• Panasonic Corp
• Godrej Industries Ltd
• LG Electronics Inc.
• 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™, the company’s most advanced washing machine. The machine comes with an Artificial Intelligent Direct Drive™ 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.
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