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Industrial Controls Market Trends, Top Companies, Share, Growth And Forecast 2033
Industrial Controls Market Trends
According to The Business Research Company's, The household laundry equipment market size has grown strongly in recent years. It will grow from $101.96 billion in 2023 to $108.11 billion in 2024 at a compound annual growth rate (CAGR) of 6.0%. The growth in the historic period can be attributed to electrification of households, changing consumer lifestyles, urbanization and smaller living spaces, increase in the number of nuclear families worldwide, increasing awareness of energy conservation.
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Market Drivers and Trends:
The expansion of the hospitality industry is expected to propel the growth of the household laundry equipment market going forward. The hospitality industry refers to the sector of the economy that is focused on providing services to people such as food, lodging, and other types of assistance through businesses such as hotels, restaurants, cruise ships, theme parks, casinos, and other forms of entertainment venues. Laundry equipment plays a critical role in the hospitality industry, ensuring that hotels, resorts, and other lodging establishments maintain high standards of cleanliness, hygiene, and guest satisfaction. For instance, in January 2023, according to a report published by the American Hotel and Lodging Association, a US-based trade association representing the hotel and lodging industry, the hotel occupancy rate in the United States reached 62.7%, with a 9% increase in April 2022 compared to 2021. In addition, the average hotel occupancy rate in the United States is expected to reach 63.8% by 2023. Therefore, expansion of the hospitality industry is driving the growth of the household laundry equipment market.
Household laundry equipment manufacturers are increasingly producing energy-efficient products to reduce carbon footprints and enable energy savings for consumers. The rise of energy-efficient appliances can be attributed to 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.
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Major Key Players of the Market:
LG Electronics; Whirlpool Corporation; Haier Corporation; Electrolux AB; Panasonic Corporation; BSH Home Appliances Group; Miele; Siemens AG; Toshiba Corporation; General Electric Company; Hisense Co. Ltd.; Hitachi Ltd; Koninklijke Philips; Hamilton Beach; Groupe SEB; Joy Mangano; Kenmore; HAAN; Conair; Fridja; CUORI ELECTRICAL APPLIANCES; Jiffy Steamer; Sears; Asko; Smeg; Flyco; Samsung; Electrolux; Robert Bosch; Fisher & Paykel; Maytag; Amana; Speed Queen; Indesit Company; Candy Group; Ariston Thermo Group; Beko; Gorenje; Hisense; Sharp Corporation; Vestel; Dexter Laundry; Girbau; Schulthess Maschinen AG; Alliance Laundry Holdings LLC
Household Laundry Equipment Market 2024 Key Insights:
• The household laundry equipment market size is expected to grow to $131.11 billion in 2028 at a compound annual growth rate (CAGR) of 4.9%.
• Booming Hospitality Industry Fuels Growth In Household Laundry Equipment Market
• Innovative Laundry Solutions Redefine Efficiency And Fabric Care
• Asia-Pacific was the largest region in the household laundry equipment market in 2023.
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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