Washing Machine Market to Record Sturdy Growth by 2025
The growing demand for products which bring convenience to consumers is a key factor fueling the demand for washing machines. The growing changes in lifestyles, increasing disposable income, and the availability of advanced technology are also boosting the growth of the global washing machines market. One of the trends seen in the washing machine market in recent times is the use of technology that reduces the use of water for washing. The growing scarcity of water worldwide and the realization that water is a limited natural resource have compelled manufacturers to devise a technology that minimizes the use of water. In addition to this, smart washing machines have also gained traction in recent times on account of the increasing penetration of IoT and smartphones. The convenience offered by smart washing machines such as ability to operate remotely, control functions of the washing machine by using smartphones, and receive notifications is expected to increase the popularity of these machines in the future.
The washing machines with higher capacity load are witnessing more demand in the last few years. In addition to this, consumers are increasingly transiting from semi-automatic washing machines to fully automatic washing machines. Technological advancements will continue to drive the growth of this market. Increasing replacements made from conventional washing machines to advanced and latest machines will ensure a growth of the market in developed nations. The increasing population and improvement in economy will drive the growth of this market in the developing nations.
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Global Washing Machine Market: Overview
The world washing machine market is prognosticated to rake in ample amount of demand from the residential sector as consumers find a heated inclination toward smart and connected products. Vendors in the market are taking to products which can be managed and controlled with a few touches on the consumer’s smartphone. Commercial dryers could gain traction as manufacturers introduce heat pump technology in the wake of energy consumption rising to an alarming level. Moreover, government initiatives to support controlled energy consumption, digitalization, and a large demand in developing economies are expected to add to the growth of the market.
The segmentation part of the report presented here could include an expert analysis on the basis of important classification groups such as capacity, technology, product, application, and end use. Commercial laundry equipment are envisaged to appeal to government, hospital, and hospitality sectors with outsourcing deemed as a powerful trend of growth.
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The publication compiled on the global washing machine market sheds light on the critical factors of growth, market opportunities, restraints, market value chain, and more aspects to help analyze the industry at a professional level. Report buyers can access a customized evaluation of the global market to take confident strides toward a realistic growth.
Global Washing Machine Market: Trends and Opportunities
As a result of the advent of innovative solutions in the laundry sector, the commercial washing machine market is expected to accept a transition. This could push the need for increased automation in laundry services, which is foreseen to prepare a fine ground for the global washing machine market to build on a robust growth. One of the notable revolutions in the laundry sector is the shift from coin laundries to card-based or digital laundry payment services. As a favorable consequence, the demand for smart connected washing machines is foretold to intensify even more with swiftly changing lifestyle of consumers and mushrooming preference for convenience.
For the forecast period, the international washing machine market could invite an optimistic impact as newer technologies take precedence to address the demand for water and power efficient, next generation products. In order to control the consumption of energy, governments especially in North America are asking consumers to prefer energy-efficient appliances with smart grids. This is foreseen to aggravate the manufacturing efforts to develop technologically sophisticated products.
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Global Washing Machine Market: Regional Outlook
The regional demand in the international washing machine market is predicted to augment with the rising preference for smart connected and fully automatic products in the developing countries of Vietnam, India, and Indonesia. The demand is anticipated to swell further as the populations in these countries falling under the middle-income bracket see a rise. The washing machine market in China could experience a high level of penetration of different types of products, thus allowing the market to increase its growth. In 2015, Asia Pacific took hold of a whopping share in the global washing machine market.
North America is forecasted to not fall behind by much distance from Asia Pacific, owing to the rising want for smart washing machine to replace their traditional counterparts. In the U.S., the demand has grown dramatically with the elevating awareness of products bearing the ENERGY STAR certification.
Global Washing Machine Market: Companies Mentioned
Most manufacturers in the world washing machine market are counting on the formulation of holistic distribution mediums with a view to widen their clientele base. Some of the interesting strategies adopted by the top vendors in the global market are substantial focus on supply chain management through vital investments and improvement of product assortments. Among others, Electrolux AB, LG Electronics Inc., Samsung Electronics Co. Ltd., and Whirlpool Corporation are deemed to be the leading players in the market.
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