Press release
Washing Machine Market Size to Surpass US$ 68.3 Billion by 2028 at 4.5% CAGR
What Are The Growth Prospects Of The Washing Machine Industry?
According to the report, The global washing machine market size reached US$ 51.9 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 68.3 Billion by 2028, exhibiting a growth rate (CAGR) of 4.5% during 2023-2028.
What is Washing Machine?
A washing machine is an electronic device used for cleaning fabrics and clothes. It operates by spinning the clothes rapidly to generate centrifugal force and remove dirt from the fibers. It includes numerous components such as tub, tub guards, balance rings, water pumps, water inlet valve, water supply hose, circuit board, motor, paddles, timer, water level control, and wash selector. These components are made up of plastic and sheet steel materials with porcelain and zinc coatings to prevent corrosion and extend the lifespan of the machine. Presently, washing machine is also available in several types, including top-and front-load, fully automatic, and semi-automatic variations. As a result, they are widely utilized in residential and commercial sectors.
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What are the growth prospects and trends in the Washing Machine industry?
The market is primarily driven by the growing working population with hectic lifestyles across the globe. In addition, the increasing consumer preference toward on-demand laundry and dry-cleaning services that offer doorstep pick-up and delivery for convenience are contributing to the market growth. Moreover, various technological advancements, such as the introduction of machines integrated with the Internet of Things (IoT) and artificial intelligence (AI) for real-time alerts and remote access, represent another major growth-inducing factor. Besides this, numerous governing bodies are encouraging individuals to switch toward energy-efficient appliances with minimal carbon footprint and maintenance requirements, which is providing a positive thrust to the market growth. Furthermore, the widespread adoption of online laundry services by consumers, expanding fashion and apparel industries, and extensive use of washing machines in residential and commercial settings are creating a favorable market outlook.
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Product:
Fully Automatic
Front Load
Top Load
Semi-Automatic
Dryers
Breakup by Technology:
Smart Connected
Conventional
Breakup by Capacity:
Below 6 kg
6.1 to 8 kg
Above 8 kg
Breakup by Application:
Healthcare
Hospitality
Others
Breakup by End Use:
Commercial
Residential
Market Breakup by Region:
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
Who are the key players operating in the industry?
The report covers the major market players including:
AB Electrolux
Alliance Laundry Systems LLC
Godrej Group
Haier Group Corporation
IFB Industries Limited
LG Electronics Inc.
MIRC Electronics Limited
Panasonic Corporation
Robert Bosch GmbH
Samsung Electronics Co. Ltd.
Toshiba Corporation
Whirlpool Corporation.
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About Us
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARCs information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the companys expertise.
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