Washing Machines Global Market Report 2024

The washing machines market size has grown steadily in recent years. It will grow from $69.78 billion in 2023 to $72.92 billion in 2024 at a compound annual growth rate (CAGR) of 4.5%. The expansion observed in the historical period can be attributed to factors such as strong economic growth in emerging markets, rapid urbanization, swift adoption of technology, and an increase in disposable income.

The washing machines market size is expected to see steady growth in the next few years. It will grow to $83.98 billion in 2028 at a compound annual growth rate (CAGR) of 3.6%. The anticipated growth in the forecast period can be attributed to factors such as the increasing prevalence of smart homes, the rising adoption of 5G networks, population growth, and ongoing urbanization. Major trends in the forecast period include the integration of artificial intelligence (AI) in washing machines, the incorporation of smart technology, continuous innovation through new product launches, the utilization of the Internet of Things (IoT) in washing machines, strategic collaborations and partnerships to drive innovations, and a focus on health-oriented features in washing machines.

The washing machine market is anticipated to experience growth in the forecast period, with rapid urbanization playing a significant role. Global urban population data from September 2021, provided by the United Nations Department of Economic and Social Affairs, reveals that 4.46 billion people lived in urban areas in 2021. This number is projected to increase to 6.68 billion by 2050, reflecting a rise in urban residents by 2.22 billion. The expansion of urban populations, coupled with increased disposable incomes and affordability in cities, is expected to drive the demand for washing machines.

The washing machines market is also set to benefit from the growing emphasis on energy efficiency. Energy efficiency involves reducing the energy required to provide products and services. Consumers are increasingly seeking energy-efficient appliances, including washing machines, to replace older, less efficient models. This trend is driven by the desire to save money on energy bills and reduce environmental impact. In October 2021, the U.S. Energy Information Administration reported that global energy consumption is projected to increase nearly 50% by 2050. The shift towards energy-efficient appliances aligns with global efforts to address environmental concerns.

Manufacturers in the washing machines market are responding to the demand for energy efficiency by producing appliances that meet stringent regulations and leverage technological advancements. Currently, over 80 countries have standards and labels for energy-efficient appliances. For instance, ENERGY STAR certified washing machines in the USA use 25% less energy and 33% less water than standard models, contributing to energy conservation.

Leading companies in the washing machines market are actively pursuing innovation by incorporating artificial intelligence (AI) technologies. Integration of AI capabilities enhances the performance, efficiency, and user experience of washing machines. In January 2021, LG Electronics launched the LG ThinQ front-load washing machine with an AI-powered washer. The AI DD motor in this washing machine recognizes fabric softness and weight, autonomously determining the optimal movements for effective cleaning. With features such as Smart ThinQ WiFi functionality, users can control the washing machine remotely. Additional technologies, such as TurboWash 360, further contribute to efficient cleaning, emphasizing the industry's commitment to innovation and technological advancements.

Major companies operating in the washing machines market report are Samsung Electronics Co Ltd., IFB Industries Ltd., Whirlpool Corporation, LG Electronics Inc., Robert Bosch GmbH, Midea Group, Panasonic Corporation, Haier Group Corp, Sharp Corporation, Onida, Godrej, BPL, Siemens AG, Little Swan, TCL Corporation, Sanyo Electric, Vega-Systems B.V, Landuwasco B.V., Bsh Hausgeräte Gmbh, Kohlhoff Hygienetechnik Gmbh & Co. Kg, Tps Industriewaschmaschinen, Und Anlagenbau Gmbh, Pulse Monitor, Rusolut Sp. Z O.O, SECTRON, General Electric (GE), Speed Queen, Amana Corporation, Kenmore, Maytag, Miele, Frigidaire, Asko Appliances, Ariston, Brandt Appliance, Crosley Company, Dyson, Electrolux, Fisher and Paykel, Hoover Limited, Magic Chef, H-Buster, Philco, Pioneer, Sony, Philips, AOC, Hisense, Advanced Electronics Company, Leap Technologies FZC, SMARTECH AV, CZ Electronics (Pty) Ltd., Avnet South Africa, TOSHIBA, 3M South Africa, Electrocomp (PTY) Ltd.

Asia-Pacific was the largest region in the washing machine market in 2023. Western Europe was the second-largest region in the global washing machine market analysis. The regions covered in the washing machines market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the washing machines market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain. The washing machine market consists of sales of semi-automatic washing machines and fully automatic washing machines. Values in this market are factory gate values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The primary types of washing machines are fully automatic, semi-automatic, and others. A fully automatic washing machine performs the entire clothes washing cycle independently, handling tasks such as rinsing, washing, agitating, and spin-drying clothes. Once the cycle is complete, users need only retrieve the washed laundry from the machine's basin and proceed to either use an automatic dryer or hang the clothes out to dry. The various products in the washing machine category include automatic machines, semi-automatic machines, and dryers, which are distributed through channels such as e-commerce, retail chains, and direct sales. Different technologies employed in washing machines include top load and front load variations, catering to both residential and commercial applications.

The washing machine market research report is one of a series of new reports that provides washing machine market statistics, including washing machine industry global market size, regional shares, competitors with a washing machine market share, detailed washing machine market segments, market trends and opportunities, and any further data you may need to thrive in the washing machine industry. This washing machine market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.