Washing machines are a popular choice for washing clothes since they save both energy and time. Various technological advancements in washing machines have been made in the recent decade, resulting in increased efficiency in terms of saving electricity and water. A washing machine works by spinning the laundry at a high speed, creating centrifugal force that removes the water and debris from the wash. This has also allowed important industry players to capture a considerable portion of the washing machine market. Furthermore, the government has launched many efforts aimed at the development of rural households, and with an increase in India's per capita income, demand for washing machines is likely to rise.
Digitalization, urbanization, changing consumer buying patterns, and demand in emerging markets are all contributing to increased income. The launch of the next generation washing machine incorporating technology for efficient use of electricity and water, expected to have a favorable impact on demand for these goods. The increased number of dual-income households, coupled with insufficient time for laundry has led to the growing desire for this under-penetrated product.
The market's growth is expected to be hampered by the availability of laundry shops and the expansion of online laundry services. COVID-19 highlighted the importance of major appliances in most houses. Dishwashers, vacuum cleaners, food processors, coffee machines, and personal hygiene devices all jumped to the top of the buying list. The underserved washing machine market was no exception. The washing machine was the rescuer when social separation became the norm, and the part-time maid became a banned entity.
Key Market Trends
Washing Machine Market is Being Driven by Increasing Urbanization
The demand for washing machines is mostly in urban areas, which account for a major percentage of sales. Residents in urban areas consume in quite different ways than those who live in rural areas. In the country, the use of washing machines is rapidly increasing. Growing family incomes, improved technologies, an increase in the number of nuclear families, rising personnel expenses, a rising tendency of working women, and the availability of consumer credit in urban areas are all factors contributing to this growth. Consumers are expected to be drawn to smart washing machines by rapid urbanization and lifestyle changes. The expanding urban population in the country, which is characterized by high-income individuals, is likely to fuel washing machine demand over the projection period.
Fully Automatic Washing Machine Market is Predicted to Rise in India During Forecast Period
The Fully Automatic washing machine Market is expected to grow in the forecast period. A fully automatic system offers a clean wash and even extracts dirt and stains efficiently. For stain removal the front loader automatic washing machine is particularly effective because of tumble motion, higher revolutions per minute, and the in-built water heater which facilitates better stain removal without harming the cloth. These washing machines use less water and have lower power consumption and better voltage management system. Hence, the product premiumization trend favors front-load washing machines. However, the top-loading machines continue to have a higher share as the price difference between the two is substantial.
The agitator rubs against the clothes in a top loader to cause friction, which removes marks and stains on the garments, although this can harm the fabric material. Semi-automatic stain removal is not as effective as an automatic washing machine.
The washing machine market tends to be competitive with the presence of international players. Energy labels and energy-efficiency policies have enabled manufacturers to focus on the development of energy-efficient products. Manufacturers are focusing on new product development, advancement in technologies, and increasing their manufacturing capacity. Domestic players have turned their focus towards rural areas as urban markets are dominated by foreign multinationals. Some of the key players in the washing machine market are LG Electronics India Pvt. Ltd., Samsung India Electronics Ltd, Whirlpool, Godrej, Electrolux, IFB, Lloyd, Bosch, Haier, Videocon, and Other prominent players.
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Table of Contents
1.2 Scope of the Study
2.2 Research Phases
4.2 Market Drivers
4.3 Market Restraints
4.4 Market Opportunities
4.5 Value Chain analysis
4.6 Industry Attractiveness - Porter's Five Forces Analysis
4.7 Technology Innovation in the industry
4.8 Impact of COVID-19 on the Market
5.1.1 Front Load
5.1.2 Top Load
5.2 By Technology
5.3 By Distribution Channel
5.3.1 Supermarkets and Hypermarkets
5.3.2 Specialty Stores
5.3.4 Other Distribution Channels
6.2 Company Profiles
6.2.1 LG Electronics
A selection of companies mentioned in this report includes:
- LG Electronics