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Washing Machines Market 2024 Size, Share, Trends, Key Players And Forecast By 2033
Washing Machines Market Size
Washing Machines Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.
The Market Size Is Expected To Reach $83.98 billion In 2028 At A CAGR Of 3.6% :
The washing machines market size has grown steadily in recent years. It will grow from $69.78 billion in 2023 to $72.92 billion in 2024 at a compound annual growth rate (CAGR) of 4.5%. The growth in the historic period can be attributed to strong economic growth in emerging markets, rapid urbanization and rapid technological adoption, and a rise in disposable income.
The washing machines market size is expected to see steady growth in the next few years. It will grow to $83.98 billion in 2028 at a compound annual growth rate (CAGR) of 3.6%. The growth in the forecast period can be attributed to the increasing smart homes, increasing adoption of 5g networks, increasing population growth, and increasing urbanization. Major trends in the forecast period include artificial intelligence (ai) powered washing machines, smart technology, new product launches and innovation, iot in washing machines, strategic collaborations and partnerships to drive innovations, and health-focused washing machines.
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Washing Machines Market Major Segments
The washing machines market covered in this report is segmented -
1) By Type: Fully Automatic, Semi-Automatic, Others
2) By Sales Channel: E-Commerce, Retail Chains, Direct Sales
3) By Technology: Top Load, Front Load
4) By Application: Residential, Commercial
Key Driver - Rapid Urbanization Driving Growth Of Washing Machine Market
Rapid Urbanization is expected to contribute to the growth of the washing machine market in the forecast period. For instance, according to the data published in September 2021 by the United Nations Department of Economic and Social Affairs, a US-based intergovernmental organization, globally, 4.46 billion people resided in urban areas in 2021. By 2050, this number will increase to 6.68 billion, with 2.22 billion more people living in urban areas. The growth in the urban population coupled with the rise in disposable incomes and affordability among residents of cities will drive the demand for washing machines market during the forecast period.
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Prominent Trend - Increasing Focus On Introducing Energy-Efficient Washing Machines
Washing machine manufacturers are increasingly producing energy-efficient products to reduce their carbon footprint and enable energy savings for consumers. The rise of energy-efficient appliances can be attributed to the stringent government regulations on electric home appliances and advances in technology. Energy efficient appliances are designed to utilize the minimum amount of energy to complete the required task. Currently, over 80 countries have standards and labels for energy efficient appliances. For example, in the USA, ENERGY STAR certified washing machines use 25% less energy and 33% less water than a standard washing machine.
Washing Machines Market Players
Major companies operating in the washing machines market report are Samsung Electronics Co Ltd, IFB Industries Ltd., Whirlpool Corporation, LG Electronics Inc., Robert Bosch GmbH, Midea Group, Panasonic Corporation, Haier Group Corp, Sharp Corporation, Onida, Godrej, BPL, Siemens AG, Little Swan, TCL Corporation, Sanyo Electric, Vega-Systems B.V, Landuwasco B.V., Bsh Hausgeräte Gmbh, Kohlhoff Hygienetechnik Gmbh & Co. Kg, Tps Industriewaschmaschinen, Und Anlagenbau Gmbh, Pulse Monitor, Rusolut Sp. Z O.O, SECTRON, General Electric (GE), Speed Queen, Amana Corporation, Kenmore, Maytag, Miele, Frigidaire, Asko Appliances, Ariston, Brandt Appliance, Crosley Company, Dyson, Electrolux, Fisher and Paykel, Hoover Limited, Magic Chef, H-Buster, Philco, Pioneer, Sony, Philips, AOC, Hisense, Advanced Electronics Company, Leap Technologies FZC, SMARTECH AV, CZ Electronics (Pty) Ltd, Avnet South Africa, TOSHIBA, 3M South Africa, Electrocomp (PTY) Ltd
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Largest And Fastest Growing Region In The Market
Asia-Pacific was the largest region in the washing machine market in 2023. Western Europe was the second-largest region in the global washing machine market analysis. The regions covered in the washing machines market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Washing Machines Market Report Structure
3. Washing Machines Market Trends And Strategies
4. Washing Machines Market - Macro Economic Scenario
5. Washing Machines Market Size And Growth
…..
27. Washing Machines Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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