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The smart washing machine market size is estimated to grow by USD 13.76 billion at a CAGR of 14.39% between 2022 and 2027. Changes in the global labor force, such as increasing automation and the need for more efficient processes, are driving market growth by increasing the demand for technologies that can improve productivity and efficiency. The miniaturization of sensors, driven by advancements in manufacturing processes and materials, is also boosting market expansion by enabling the development of smaller and more efficient devices. Additionally, technological advances in hardware, such as faster processors and improved connectivity, are driving the adoption of new technologies and driving market growth. Overall, these factors are driving the growth of the market and driving innovations in sensor technology.
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This market report extensively covers market segmentation by product type (front load and top load), distribution channel (offline and online), and geography (North America, Europe, APAC, Middle East and Africa, and South America). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
The market share growth by the front load segment will be significant during the forecast period. Intelligent front-loading machines wash clothes better and are more water-saving and energy-efficient than top-loading machines. On average, front-loading washers use 40% less water than top-loading washers. Plus, front-loading washers have a faster spin speed, so your laundry dries faster. LG has introduced new front-loading and top-loading washers with Turbo Wash technology to simplify your laundry experience. These smart front machines are equipped with LG Sidekick column washers that can wash small loads simultaneously or individually. Additionally, these machines are compatible with the LG SmartThinQ mobile app, which notifies customers of cleaning times while sending them alert messages. These can be controlled with voice apps such as Amazon Alexa and Google Assistant.
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The front load segment was valued at USD 5.37 million in 2017. Manufacturers have introduced some advanced technologies into their smart front-loading washing machines. For example, recently LG Electronics announced the launch of the CES Innovation Award-winning LG ThinQ front-loading washing machine. Other features include the company's AI DD (Artificial Intelligent Direct Drive) engine and AI-powered proactive customer service. This is expected to drive market growth during the forecast period.
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North America is estimated to contribute 33% to the growth of the global smart washing machine market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
The emergence of Industry 4.0 concepts, including the deployment of IoT, cloud computing, and automation in the industrial sector, is a major driver of the smart washing machine market in the North American region. Intelligent washing machines use less water than conventional washing machines. Market growth is expected to be driven over the forecast period by rising demand for water-saving and energy-efficient appliances. Additionally, the growing market for online laundry services in the United States is also contributing significantly to the demand for smart washing machines. Moreover, with the emergence of smart home construction, the demand for smart washing machines is also increasing.
The market is experiencing rapid growth driven by the increasing demand for smart homes and connected appliances. These machines offer features like automatic washing processes and Wi-Fi connectivity, appealing to consumers looking for convenience and efficiency. With growing concerns over water scarcity, energy efficiency is a key focus, leading to the popularity of models with Energy Star ratings and water efficiency features. Companies like NPS Publishing are investing in research and development to enhance their smart devices capabilities, especially in developing countries. The market is witnessing a shift from conventional washing machines to smart washing machines, particularly front-load models, due to their higher loading capacity and water efficiency. The commercial sector is also adopting these machines for their commercial and residential spaces, further driving market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The changes in the global labor force are notably driving market growth. The global trend of rapid industrialization is driving up labor demand, resulting in higher average labor costs and a shortage of skilled workers in sectors like manufacturing and logistics. This trend is also impacting consumer goods and the development of commercial and residential spaces. To address these challenges, there is a growing acceptance of smart technologies such as smart washing machines. These machines leverage technical advancements and internet connectivity to offer more efficient operation compared to traditional front-load washing machines. By 2050, there is a projected significant decline in the working-age population, particularly in countries like China and Japan. To address this concern, there is a growing acceptance of smart technologies such as smart washing machines. These machines require less manual monitoring and effort compared to traditional washing machines. As industrial activities advance, the market is expected to grow significantly in the forecast period.
The introduction of IoT-enabled washing machines and laundry services is a key trend influencing the market growth. The demand and preference for IoT-enabled devices are increasing worldwide as they allow users to remotely control and monitor them through wireless connectivity. Wireless technologies such as Near Field Communication (NFC) are embedded in various electronic devices. NFC allows users to remotely connect to the device to control and monitor its operation. For example, recently Haier announced the launch of its eight new washing machine SKUs, including the smart front-loading super drum washing machine. This machine is its solution for Wi-Fi-enabled smart homes with IoT. In another case, a laundromat has launched smart cards for its customers that allow users to pay for laundry services and report the status (empty/used) of washing machines running laundry service stations.
Mac-Gray, a US laundry service provider, has launched an internet application called Laundry View. This Laundry View Internet application allows users to monitor the status in a particular laundry station over the Internet. Such an effective and efficient application introduced by companies operating in the global market saves customers time when choosing laundry services. These IoT-enabled are preferred by professionals with busy schedules who want to save time queuing at laundry stations and instead be able to monitor them from the office. Such technological advancements are expected to boost the growth of the market during the forecast period.
The long product lifecycle of smart washing machines is challenging the market growth. They are luxury items, and depending on the application and brand, the product usually has a long life cycle. These devices are made of stainless steel or hard, durable metals such as copper or aluminum. It is characterized by a longer replacement cycle than older home appliances made from less durable materials. The long service life of such devices reduces the frequency of product replacement.
In addition, manufacturers of large appliances, including intelligent washing machines, offer product warranties to further extend the life of their products. Such factors reduce repeat purchases of home appliances and impact year-on-year market growth. This factor is likely to further hamper the demand for the market during the forecast period.
The report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
AB Electrolux: The company offers different types of smart washing machines in Europe, North America, South America, APAC, and Middle East countries.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
The market is experiencing significant growth, driven by factors such as smart appliances and smart homes trends. The market is witnessing a shift towards energy-efficient features and innovative technologies like smart inverter technology and Fischer & Paykel Smart Drive top loaders. These advancements cater to the needs of urbanization and nuclear family households, offering water-saving and load capacity features. Additionally, the market is influenced by price fluctuations and operating expenses, impacting both residential and commercial purposes. With the rise of emerging economies, there's a growing demand for large-capacity washing machines and commercial laundry services, emphasizing the need for waste reduction and efficient water usage.
The market is witnessing significant growth due to the increasing demand for smart home appliances and the need for energy-efficient solutions in both the residential and commercial sectors. Factors such as technical improvements, energy efficiency features, and innovative technologies like the 800-watt inverter and DC type of motor are driving market expansion. Consumers are also attracted to features like water-saving capabilities and convenience. However, challenges such as high capital expenses and operating costs remain. With the rise in infrastructural development and household luxury spending, the market is poised for further growth and technological advancements to meet consumer demands.
Market Scope |
|
Report Coverage |
Details |
Page number |
163 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 14.39% |
Market growth 2023-2027 |
USD 13.76 billion |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
13.97 |
Regional analysis |
North America, Europe, APAC, Middle East and Africa, and South America |
Performing market contribution |
North America at 33% |
Key countries |
US, Canada, China, Germany, and UK |
Competitive landscape |
Leading companies, Market Positioning of companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
AB Electrolux, Arcelik A.S., General Electric Co., Haier Smart Home Co. Ltd., Hitachi Ltd., Hwasung Washing Machine Co., IFB Industries Ltd, Lenovo Group Ltd., LG Corp., MIDEA Group, Miele and Cie. KG, Panasonic Holdings Corp., Robert Bosch GmbH, Samsung Electronics Co. Ltd., Sharp Corp., Siemens AG, Tata Sons Pvt. Ltd., TCL Electronics Holdings Ltd., Toshiba Corp., and Whirlpool Corp. |
Market dynamics |
Parent market analysis, Market Forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product Type
7 Market Segmentation by Distribution Channel
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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