Press release
Domestic Laundry Appliances Market to Receive overwhelming hike in Revenues by 2021
Domestic laundry appliance is a machine or system which is used for washing cloth and clothes sheets. Use of domestic laundry appliances is not limited to washing only. These appliances are also used for cloth drying purposes. Global domestic laundry appliances market is segmented in to automatic washing machines, drying machines, other washing machines and electric smoothing irons. Introduction of new features in washing machine such large capacity, fast spin speeds, high energy consumption and digital display provides comfort and gives better experiences to user. Addition of such new features in laundry appliances further helps to boost the global domestic laundry appliances market.
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Growth in garment purchasing is one of the key factors associated with market growth of domestic laundry appliances. Due to rising income level of individual, people prefer to purchase lager number of clothes and to maintain them clean and safe; their investment over various domestic laundry appliances is growing. This is one of the key factors which act as driver for global domestic laundry appliances market. The demand of domestic laundry appliances is seen more in urban market especially in high-tier cities. Growing investment over research and development on various domestic laundry appliances and introduction of innovative technology further helps in the growth of domestic laundry appliances market. Growing urbanization and product upgrading are also some of the important issue for growth of global domestic laundry appliances market.
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Asia pacific is one of the prominent markets for growth of domestic laundry appliances. Growing housed hold income level leads to investment over various domestic appliances including laundry appliances. Asia Pacific is expected to witness fastest growth rates in domestic laundry appliances market during forecasted period 2014- 2020. China and India together holds the largest market share in domestic laundry appliances market in Asia Pacific region. Asia pacific holds the largest market share in domestic laundry appliances market. Rising economy level and large population base offers huge market potential for growth of domestic laundry appliances market in Asia Pacific region. According to a report, around 73% of Chinese households had a washing machine in 2010 and this figure is expected to reach around 80% by 2015. This growing trend of washing machines helps in the growth of global laundry appliance market.
Countries such as Bolivia, Japan, Tanzania, and Vietnam are considered the highest potential markets and it is expected to witness fastest growth rates in global domestic laundry appliances market during forecasted period 2014- 2020. Europe, Germany, Italy, Russia, Turkey and United Kingdom account the major market share for domestic laundry appliances. The global domestic laundry appliances market is expected to grow in a single digit growth rate during forecasted period 2014- 2020.
Some of the major companies operating in global domestic laundry appliances market are Sears Holdings Corp, Whirlpool Corp, GD Midea Holding Co Ltd, Haier Group, Bosch, Al Ghandi Electronics, LG Electronics, Miele & Cie KG, Electrolux, Hitachi Appliances In, Panasonic Corp, Godrej & Boyce Mfg Co Ltd, Manar SA, Fagor Electrodomésticos S Coop, Fisher & Paykel Appliances Limited, BC Hydro and Siemens and BSH Home Appliances Ltd.
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