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Global Washing Machines, Industry Report, Market Dynamics, Growth 2024
Washing Machines, Market Expansion, Global Opportunities, Forecast 2024
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According to The Business Research Company's, 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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Market Drivers and Trends:
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.
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.
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Major Key Players of the Market:
B. Braun Melsungen AG, Abbott Laboratories, Becton Dickinson and Company, Cardinal Health Inc., W. L. Gore & Associates Inc., Terumo Medical Corporation, Medtronic Plc, Getinge, Endologix, Cook Medical, MicroPort, CR Bard, Biovic, Creganna, Novomed Incorporation Private Limited, Marizyme Inc., Terumo Corporation, Gore Medical, LeMaitre Vascular, Olympus Medical Systems Corporation, Japan Lifeline, JOTEC, Vascutek, RUA Life Sciences, Vascular Flow Technologies, Bolton Medical, Kips Bay Medical Incorporated, Cryolife, Vascular Graft Solutions Ltd.
Washing Machines Market 2024 Key Insights:
• 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%.
• Rapid Urbanization Driving Growth Of Washing Machine Market
• Increasing Focus On Introducing Energy-Efficient Washing Machines
• Asia-Pacific was the largest region in the washing machine market in 2023
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Learn More About The Business Research Company
The Business Research Company ( https://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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