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Washing Machines Market Growth Analysis: Outlook Report 2024-2033
Washing Machines Market Growth
As per the report, 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 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%.
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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.
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.
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
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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
Contents of the report:
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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