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The residential washing machine market size is estimated to grow at a CAGR of 9.37% between 2022 and 2027. The market size is forecast to increase by USD 35.32 billion. The growth of the market depends on several factors, including product innovation leading to portfolio extension and product premiumization, an increase in the growth of the online laundry market, and increased adoption of integrated smart home technology.
This residential washing machine market report extensively covers market segmentation by product (top load and front load), technology (fully automatic and semi-automatic), and geography (APAC, Europe, North America, 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.
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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.
Product innovation leading to portfolio extension and product premiumization is the key driver for the growth of the global residential washing machine market. The extreme competition in the global residential washing machine market, coupled with the rapid expansion of technology has revitalized the preferences of the buyer in a way that the customer shifted their preference to purchase more technologically updated appliances. The change in consumer buying preference has resulted in the expansion of product portfolios and compelled players to aggressively spend on R&D to remain in the competitive environment.
Furthermore, product technological innovations in the global residential washing machine market include technology, performance, features, and design. Customers seek appliances that can perform multiple tasks with minimum resources. Major players are offering products that are innovative, smart, and eco-friendly. Due to the shortage of time for household activities, people prefer household appliances that are smart, and user-friendly, which results in product premiumization. The growth in product premiumization and product line extension, coupled with the rising customer expenditure on household appliances, will drive sales in the global residential washing machine market during the forecast period.
The introduction of portable washing machines is the primary trend in the global residential washing machine market. Significant advancements in technology make a revolution in the laundry experience for customers. Portable washing machines are the ideal solution for laundry washing. A major transition is shown from heavy-load machines to portable washing machines, weighing as little as 43 pounds. Some of these machines do not require electricity and they are easy to carry and handy during camping, trekking, and road trips.
Moreover, these machines have several advantages such as less water requirement than conventional machines, are highly spacious, and can be placed on the countertop usually preferred for sensitive clothes. Hence, these factors will drive the growth of the global residential washing machine market during the forecast period.
Fluctuations in raw material prices and operational costs is the key challenge to the growth of the global residential washing machine market. The factors, such as labor, raw materials, distribution, and marketing market price of washing machines are affecting the price of washing machines. Additionally, major players have to spend on R&D to upgrade their products with the advance and latest technologies to survive in competition.
Moreover, regular fluctuations in raw material prices is a major problem for manufacturers as it directly affects the product price and may impede their profit margins. Plastic, steel, and rubber are the main raw materials required in washing machine production. The prices of these products are highly sensitive and mainly dependent on rapid fluctuation at an international level. Hence, the fluctuating prices of raw materials make a major challenge for vendors operating in the household appliances market, to produce efficient and advanced household appliances at affordable prices. Suh factors are expected to adversely affect the growth of the global residential washing machine market during the forecast period.
The market research 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 Residential Washing Machine Market Customer Landscape
Vendors 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.
Godrej and Boyce Manufacturing Co. Ltd.: The company offers residential washing machines such as WF Eon 8014 PASC GR, WF Eon 8014 PASC SV, Wteon ALR 70 5.0 Fisgs Mtrd, Wsaxis VX 120 5.0 TB3, Ropk.
The research report also includes detailed analyses of the competitive landscape of the market and information about 20 market vendors, including:
Qualitative and quantitative analysis of vendors 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 vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The top load segment is estimated to witness significant growth during the forecast period. Major players have spent extensively on R&D to improve the working and advancement of top-load washing machines. Haier Group announced the launch of the HWM100-678NZP top-load washing machine which has features like 360-degree waterfall technology in India. It offers deeper cleaning and extra care for clothes. Moreover, top-load models are convenient for loading and unloading clothes, particularly for aged consumers.
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The top load segment was the largest segment and was valued at USD 24.60 billion in 2017. Some of the advantages of top-load washing machines are they are less prone to odor, mold, and mildew. They are less expensive and more water and energy-efficient. However, top-load washing machines have agitators that help clean the clothes more efficiently, they tangle the clothes in the tub and tend to damage the fabrics. The Whirlpool CAE2743BQ is an energy-efficient, top-load residential washer that reduces water consumption by almost 18 gallons per wash cycle. These factors and advanced developments will drive the growth of the top load segment of the global residential washing machine market during the forecast period.
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APAC is estimated to contribute 50% to the growth of the global 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 market growth in the region is mainly attributed due to the rising middle-class population and the rising income of people, which encourages them to spend high on household appliances. Additionally, factors such as the evolving urbanization and the change in lifestyle of the population in the region are driving the growth of the market in the region. The growing urbanization is rising the awareness of advanced household appliances in the market. This makes customers switch from traditional hand washing methods to advanced automatic and semi-automatic washing machines.
China is the world's largest residential washing machine market. Digitalization has played a major role in rising consumer awareness about the availability of new types of machines. Apart from China, South Korea, Mexico, and Japan are also defined as major markets for residential washing machines. Additionally, the penetration of washing machines in the Australian and New Zealand markets is rising due to the growth in demand for improved designs and innovations and water- and energy-efficient products. Hence, such factors will simultaneously drive the residential washing machines market in APAC.
In 2020, imposed social distancing rules and strict lockdowns due to the COVID-19 outbreak in 2020. However, lockdown restrictions were lifted in 2021 because of large-scale vaccination drives conducted by the governments in APAC. This resulted in the resumption of operations in offline end-user facilities alongside the online segment, increasing the demand for residential washing machines in APAC in 2021. These factors are expected to prompt the growth of the residential washing machine market in APAC during the forecast period.
The residential washing machine 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.
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Residential Washing Machine Market Scope |
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Report Coverage |
Details |
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Page number |
169 |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 9.37% |
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Market growth 2023-2027 |
USD 35.32 billion |
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Market structure |
Fragmented |
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YoY growth 2022-2023(%) |
8.64 |
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Regional analysis |
APAC, Europe, North America, Middle East and Africa, and South America |
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Performing market contribution |
APAC at 50% |
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Key countries |
US, Canada, China, Japan, and Germany |
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Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
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Key companies profiled |
AB Electrolux, Alliance Laundry System LLC, Avanti Products LLC, Godrej and Boyce Manufacturing Co. Ltd., Haier Smart Home Co. Ltd., Hitachi Ltd., IFB Industries Ltd., LG Corp., MIDEA Group, Miele and Cie. KG, MIRC Electronics Ltd., Panasonic Holdings Corp., Robert Bosch Stiftung GmbH, Samsung Electronics Co. Ltd., Siemens AG, Smeg S.p.a., TCL Electronics Holdings Ltd., Toshiba Corp., Transform Holdco LLC, and Whirlpool Corp. |
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Market dynamics |
Parent market analysis, 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. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by Technology
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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