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 a household appliance that automates the process of cleaning clothes. It consists of a drum or a tub that cleans clothes by rotating them in water using a detergent. It is equipped with various features and settings to provide convenience and efficiency in the laundry routine. It offers different wash cycles, temperature options, and specialized functions to cater to specific fabric types and cleaning requirements. Over the years, it has revolutionized the way households approach laundry to save time and effort as compared to traditional methods of washing clothes.
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What are the growth prospects and trends in the washing machine industry?
Rapid urbanization and inflating income levels are catalyzing the demand for household appliances that make everyday tasks easier. As more households are transitioning from handwashing to machine washing, the market is experiencing stable growth. Apart from this, the growing awareness about hygiene and cleanliness, especially after the outbreak of the COVID-19 pandemic, is driving the demand for washing machines globally. Another driving factor is the continuous technological advancements in washing machine features and functionalities. Manufacturers are introducing innovative technologies, such as artificial intelligence, smart connectivity, and energy-efficient models. These features offer enhanced user experience, remote control options, and energy savings, thereby appealing to tech-savvy consumers seeking convenience and sustainability. Manufacturers are also engaging in promotional activities via celebrity endorsements and social media promotions, which is stimulating the market growth. Additionally, the increasing focus on environmental sustainability is resulting in the development of eco-friendly washing machines that consume less water and energy and reduce their carbon footprint.
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
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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.
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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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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