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Washing Equipment Market Size, Trends, Share Analysis, Size And Forecast To 2033
Washing Equipment Market
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According to The Business Research Company's, The washing equipment market size has grown steadily in recent years. It will grow from $8.89 billion in 2023 to $9.24 billion in 2024 at a compound annual growth rate (CAGR) of 3.9%. The growth in the historic period can be attributed to the rising growth in urbanization and demand for washing appliances, rising electricity demand, growing urbanization, and rising disposable incomes worldwide.
The washing equipment market size is expected to see steady growth in the next few years. It will grow to $10.83 billion in 2028 at a compound annual growth rate (CAGR) of 4.0%. The growth in the forecast period can be attributed to growing consumers' preference for automating domestic tasks, the rapid growth of in-store displays and demonstrations, the expansion of laundry appliances, and the rising growth of the apparel and fashion industry. Major trends in the forecast period include smart washing machines, energy efficiency, water conservation, sustainable materials, high-capacity machines, and advanced detergent delivery systems.
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Market Drivers and Trends:
The rising growth of the apparel and fashion industries is expected to propel the growth of the washing equipment market going forward. The apparel and fashion industries encompass the design, production, marketing, and sale of clothing, footwear, and accessories. The apparel and fashion industries are expanding due to increasing consumer demand for diverse, trendy, and sustainable clothing and accessories driven by globalization, technological advancements, and rising disposable incomes. Washing equipment is essential in the apparel and fashion industries for pre-washing fabrics, garment finishing, and ensuring the cleanliness and quality of textiles before they reach consumers. For instance, in March 2024, according to the Federal Reserve Bank of St. Louis, a US-based central bank, personal consumption expenditures on clothing, footwear, and related services increased from $518,323 billion in 2022 to $535,762 billion in 2023. This represents an increase of approximately 3.36%. Therefore, rising growth in the apparel and fashion industries is driving the growth of the washing equipment market.
Major companies operating in the washing equipment market are developing innovative products, such as fully automatic front-load washing machines, to meet the growing consumer demand for efficient, convenient, and high-performance laundry solutions. A fully automatic front-load washing machine is a type of washing appliance that automates the entire laundry process, from filling the water to drying the clothes. For instance, in March 2024, Samsung Electronics Co. Ltd., a South Korea-based electronics company, launched a new range of 11 kg AI Ecobubble fully automatic front-load washing machines that offer significant energy efficiency, faster wash times, and improved fabric care. These machines aim to make laundry more convenient and efficient while delivering better results. They are equipped with AI EcobubbleTM technology, which can save up to 70% of energy compared to traditional washing machines and improve fabric care by up to 45.5%.
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Major Key Players of the Market:
Samsung Electronics Co. Ltd, Robert Bosch GmbH, Siemens AG, LG Corporation, Panasonic Holdings Corporation, Haier Inc., Whirlpool Corporation, Sharp Corporation, Electrolux AB, Miele Inc., Indesit Company, The Maytag Corporation, Ariston Holding NV, Alliance Laundry Systems, The Hoover Company, Fisher & Paykel Technologies, IFB Appliances, Voltas Beko, Dexter Laundry, Candy Inc., Daewoo Electronics, Asko, Kenmore
Washing Equipment Market 2024 Key Insights:
• The washing equipment market size is expected to see steady growth in the next few years. It will grow to $10.83 billion in 2028 at a compound annual growth rate (CAGR) of 4.0%.
• Apparel And Fashion Industry Growth Fuels Expansion Of Washing Equipment Market
• Innovative Fully Automatic Front-Load Washing Machines Drive Market Growth
• North America was the largest region in the washing equipment market in 2023
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