The North America Washing Machine Market is projected to register a CAGR less than 6% during the forecast period (2021-2026).
The global pandemic has impacted on consumer durable market as consumer appliances industry struggles with supply chain disruption and lower consumer demand due to the economic impact of COVID-19. It affected North America Washing Machine Market, primarily due to reduced manufacturing because of lockdown being imposed and thus halt in logistics and production in the factories or their assembling.
Washing machine is an electronic home appliance that is used to wash the various types of clothes without applying any physical efforts. The washing machine also offers automatic cleaning of laundry without having any operational supervision. It automatically takes in the required amount of water and detergent and sets the timer for washing, rinsing and drying according to the selected mode and the amount of clothes.
North America is currently the world’s largest regional economy. It will remain a powerful player in the global economy for the foreseeable future, especially for the development of new technologies and the provision of investment capital. Increasing urbanization, rising adoption of smart electronic devices, and growth in the production of clothing products are some of the major drivers for the North America washing machine industry. Moreover, gradual increase in the demand of commercial laundry equipment coupled with the digital laundry payment systems is further supporting the market growth globally.
On the other hand, high consumption of electricity and fluctuation in the prices of raw materials are expected to hamper the market growth. However, technological advancement, increasing use of IoT technology in these devices, and the introduction of next generation washing machines that allow efficient use of electricity and water are expected to provide huge growth opportunities for the market during the forecast period.
Key Market Trends
Increasing Online Sales Growth is Driving the Market
In the North American region, the e-market penetration is high, resulting the sales volume generated through it. In the home appliances market especially for washing machine , most sales are led by major online platforms, like Amazon. Though the region is a bit tough to penetrate for other region manufacturers, many global manufacturers have been trying to enter the market. The customers are highly open to experiment in most of the regions. However, benefits, like easy returns, post-sale support provided by the online retailers, and free and one-day delivery features, are attracting the large number of customers.
US to Witness Significant Growth Rate in North America Washing Machine Market during the Forecast Period
North America is projected to display a strong presence of US in Washing Machine Market by rising involvemnet of people in outdoor has increased the change in clothing, which acts as a propelling factor in spiking the comsumption rate. For unstance, the data isuued by the outdoor industry organisation in 2018, the people in US are estimated to go in 1 billion fewer outdoor outings. The rising construction of new homes has also fostered the demand for home appliances, inclusing these machines. Also, the data released by the Census.Gov in Oct'2020 declares that US has 1,343,000 new housing completions which is a very good sign to th washing machine industry regarding their estimated increase in the users and thus further sales growth is forecasted as well
The report covers major international players operating in the North America Washing Machine Market. In terms of market share, few of the major players currently dominate the market. However, with technological advancements and product innovations, mid-size to smaller companies is increasing their market presence by securing new contracts and tapping into new markets. The leading brands are opening exclusive stores for special products. The companies are also promoting, differentiating and selling limited editions to increase their visibility and brand awareness in the market.
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Table of Contents
1.2 Scope of Study
4.2 Market Drivers
4.3 Market Restraints/ Challenges
4.4 Value Chain/ Supply Chain Analysis
4.5 Porters Five Forces Analysis
4.5.1 Threat of new Entrants
4.5.2 Bargaining Power of Buyers/ Consumers
4.5.3 Bargaining Power of Suppliers
4.5.4 Threat of Substitute Products
4.5.5 Intensity of Competitive Rivalry
4.6 Insights on Consumer Buying Behaviour in North America Washing Machines Market
4.7 Insights on Governmental Regulations in the North America Washing Machine Market
4.8 Insights on Technological Disruption in the North America Washing Machine Market
4.9 Impact of Covid-19 on the Market
5.1.1 Front Load
5.1.2 Top Load
5.2 By Technology
5.2.2 Fully Automatic
5.3 By Distribution Channel
5.3.1 Multi-brand Stores
5.3.2 Specialty Stores
5.3.4 Other Distribution Channel
5.4 Market Concentration Overview
5.5 Company Profiles
5.5.4 General Electronics Corporation
5.5.11 Amana Corporation
A selection of companies mentioned in this report includes:
- General Electronics Corporation
- LG - Samsung
- Amana Corporation