Enjoy complimentary customisation on priority with our Enterprise License!
The smart washing machine market size is estimated to grow by USD 25.46 billion, at a CAGR of 20.65% between 2023 and 2028. 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.
To learn more about this report, View Report Sample
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.
Get a glance at the market contribution of various segments View the PDF Sample
The front load segment was valued at USD 6.05 million in 2018. 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. Further, 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.
For more insights on the market share of various regions Download PDF Sample now!
North America is estimated to contribute 32% 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 smart washing machine market is expanding with innovations catering to both residential and commercial applications. Front load and top load washing machines are increasingly integrated with smart home technology, offering remote monitoring and management features. As consumers adopt eco friendly lifestyles, there's a growing emphasis on machines that align with these values. The capacity of washing machines and their integration with smart homes cater to diverse needs, from single households to commercial settings. Multi brand stores provide a range of options, while insights on consumer behavior reveal a preference for models that offer cost-effective repairs and maintenance. Study assumptions indicate a robust demand in both residential application segment and commercial segments, driven by the convenience and efficiency of smart technologies. In the commercial application segment, front load washing machines equipped with Wi Fi connectivity cater to eco friendly lifestyles and multi brand stores, while balancing the cost of repairs and maintenance with their benefits in both residential and commercial laundry equipment.
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.
Further, 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.
Further, 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 smart washing machines such as UltimateCare.
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 research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD Billion " for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.
The market is witnessing significant growth due to the increasing adoption of smart appliances in homes and businesses. Europeans and Americans are leading the way in this trend, as digitized media outlets like Digitized House Media and NPS Publishing spread awareness about the benefits of smart homes. Water scarcity and energy efficiency are key factors driving the market. Smart washing machines with Energy Star ratings are becoming increasingly popular as consumers seek to reduce their energy consumption and water usage. The hospitality sector and hospitals are also adopting these eco-friendly appliances to meet the demands of their clients and patients. Urbanization and the rising middle class population are also contributing to the growth of the market. Consumers are increasingly preferring energy efficient appliances with Wi-Fi connectivity to make their lives more convenient and eco-friendly. Brand recognition plays a crucial role in consumer preferences, with multi-brand stores and exclusive stores offering a wide range of options.
However, compatibility issues with existing infrastructure and the need for regular software updates can pose challenges to the market. Online sales channels are expected to gain traction as consumers seek the convenience of shopping from the comfort of their homes. Increasing urbanization and middle class population will drive the demand for smart washing machines. Energy efficiency and eco-friendly features will remain key selling points. Wi-Fi connectivity and compatibility with existing infrastructure will be major concerns. Online sales channels will gain popularity due to convenience. Overall, the Smart Washing Machines market is poised for steady growth as consumers seek to adopt eco-friendly and energy efficient appliances in their homes and businesses.
|
Industry Scope |
|
|
Report Coverage |
Details |
|
Page number |
169 |
|
Base year |
2023 |
|
Historic period |
2018-2022 |
|
Forecast period |
2024-2028 |
|
Growth momentum & CAGR |
Accelerate at a CAGR of 20.65% |
|
Market growth 2024-2028 |
USD 25.46 billion |
|
Market structure |
Fragmented |
|
YoY growth 2023-2024(%) |
15.57 |
|
Regional analysis |
North America, Europe, APAC, Middle East and Africa, and South America |
|
Performing market contribution |
North America at 32% |
|
Key countries |
US, China, Germany, Canada, and UK |
|
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
|
Key companies profiled |
Arcelik A.S., Electrolux group, General Electric Co., Haier Smart Home Co. Ltd., Hitachi Ltd., Hwasung Washing Machine Co., IFB Industries Ltd., Lenovo Group Ltd., LG Corp., MIDEA Group Co. Ltd., 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 growth inducers and obstacles, Fast-growing and slow-growing segment analysis, Market growth and Forecasting, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for market forecast period |
|
Customization purview |
If our market 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. Get in touch
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 Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
Get lifetime access to our
Technavio Insights
Quick Report Overview:
Cookie Policy
The Site uses cookies to record users' preferences in relation to the functionality of accessibility. We, our Affiliates, and our Vendors may store and access cookies on a device, and process personal data including unique identifiers sent by a device, to personalise content, tailor, and report on advertising and to analyse our traffic. By clicking “I’m fine with this”, you are allowing the use of these cookies. Please refer to the help guide of your browser for further information on cookies, including how to disable them. Review our Privacy & Cookie Notice.
Get the report (PDF) sent to your email within minutes.