The global residential washing machine market was valued at $37.4 billion in 2020, and is projected to reach at $73.0 billion by 2031, growing at a CAGR of 8.3% from 2022 to 2031.
Residential washing machine is a household appliance used to wash laundry. The components of a washing machine include a motor connected to the barrel through a transmission belt that contains the agitator. The spinning of the agitator creates centrifugal force, which helps in the removal of water from the laundry along with dirt. A washing machine is an essential household appliance, as it provides an easy and convenient laundering option. Increase in government initiatives toward rural household development in many developing countries in Asia-Pacific is expected to increase the demand for residential washing machines.
The major factors that drive the global residential washing machine industry include increase in number of working women, thereby contributing to higher disposable income coupled with insufficient time for laundry, and rapid urbanization. In addition, decrease in selling price of the residential washing machine is expected to fuel its demand. However, laundry shops that provide better laundry service compared to washing machine and increase in online laundry services limit the market growth. Technological progress in washing machine technology and innovation has led to better washing machine that saves energy and water consumption, thereby presenting a major opportunity for growth of the global residential washing machine market size.
However, laundry and dry-cleaning services are preferred to eliminate labor-intensive hand washing. Thus, washing machines of high capacity are developed to cater to the growing demands for laundry. Moreover, steam pressing is one of the latest trends in washing machines to make the clothes wrinkle free. Furthermore, the demand of mechanical laundry and dry cleaning is increasing in tune with population growth in towns and cities. In addition, insufficient time for household activities such as washing, owing to increase in female working population has fueled the demand for laundry services. Thus, availability of laundry shops hampers the growth of the washing machine market.
The global residential washing machine market is segmented on the basis of product, machine capacity, distribution channel and region. Based on product, the market is divided into fully automatic, semi-automatic, and dryer. The machine capacity segment includes below 6 kg, between 6 and 8 kg, and 8 kg & above. On the basis of distribution channel, the market is classified into supermarket/hypermarket, specialty stores, department stores, e-commerce and others. Based on region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Major players analyzed in this report are Samsung Group (South Korea), LG Electronics Inc. (South Korea), Siemens AG (Germany), Haier Group Corporation (China), AB Electrolux (Sweden), Whirlpool Corporation (U.S.), Robert Bosch GmbH (Germany), Miele and Cie. KG (Germany), Panasonic Corporation (Japan), and GE Appliances (U.S.).
Residential washing machine is a household appliance used to wash laundry. The components of a washing machine include a motor connected to the barrel through a transmission belt that contains the agitator. The spinning of the agitator creates centrifugal force, which helps in the removal of water from the laundry along with dirt. A washing machine is an essential household appliance, as it provides an easy and convenient laundering option. Increase in government initiatives toward rural household development in many developing countries in Asia-Pacific is expected to increase the demand for residential washing machines.
The major factors that drive the global residential washing machine industry include increase in number of working women, thereby contributing to higher disposable income coupled with insufficient time for laundry, and rapid urbanization. In addition, decrease in selling price of the residential washing machine is expected to fuel its demand. However, laundry shops that provide better laundry service compared to washing machine and increase in online laundry services limit the market growth. Technological progress in washing machine technology and innovation has led to better washing machine that saves energy and water consumption, thereby presenting a major opportunity for growth of the global residential washing machine market size.
However, laundry and dry-cleaning services are preferred to eliminate labor-intensive hand washing. Thus, washing machines of high capacity are developed to cater to the growing demands for laundry. Moreover, steam pressing is one of the latest trends in washing machines to make the clothes wrinkle free. Furthermore, the demand of mechanical laundry and dry cleaning is increasing in tune with population growth in towns and cities. In addition, insufficient time for household activities such as washing, owing to increase in female working population has fueled the demand for laundry services. Thus, availability of laundry shops hampers the growth of the washing machine market.
The global residential washing machine market is segmented on the basis of product, machine capacity, distribution channel and region. Based on product, the market is divided into fully automatic, semi-automatic, and dryer. The machine capacity segment includes below 6 kg, between 6 and 8 kg, and 8 kg & above. On the basis of distribution channel, the market is classified into supermarket/hypermarket, specialty stores, department stores, e-commerce and others. Based on region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Major players analyzed in this report are Samsung Group (South Korea), LG Electronics Inc. (South Korea), Siemens AG (Germany), Haier Group Corporation (China), AB Electrolux (Sweden), Whirlpool Corporation (U.S.), Robert Bosch GmbH (Germany), Miele and Cie. KG (Germany), Panasonic Corporation (Japan), and GE Appliances (U.S.).
Key Benefits For Stakeholders
- The study provides an in-depth analysis of the residential washing machine market, with current trends and future estimations to elucidate the investment pockets.
- Comprehensive analysis of factors that drive and restrict the market growth is provided.
- The report provides a quantitative analysis to help the stakeholders to capitalize on prevailing market opportunities.
- Extensive analysis of different segments facilitates to understand various products of the market.
- Key players are profiled and their strategies are analyzed thoroughly to predict the competitive outlook of the market.
Key Market Segments
By Product Type
- Fully Automatic
- Semiautomatic
- Dryer
By Machine Capacity
- Below 6 Kg
- Between 6-8 Kg
- 8 Kg And Above
By Distribution Channel
- Supermarket And Hypermarket
- Specialty Store
- Department Store
- E-Commerce
- Others
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Russia
- Rest of Europe
- Asia-Pacific
- India
- South Korea
- Indonesia
- Thailand
- Australia
- Rest of Asia-Pacific
- China
- Japan
- LAMEA
- Latin America
- Middle East
- Africa
Key Market Players
- HAIER GROUP CORPORATION
- LG ELECTRONICS INC
- SIEMENS AG
- WHIRLPOOL CORPORATION
- ROBERT BOSCH GMBH
- SAMSUNG GROUP
- AB ELECTROLUX
- MIELE AND CIE. KG
- PANASONIC CORPORATION
- TOSHIBA CORPORATION
Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: RESIDENTIAL WASHING MACHINE MARKET, BY PRODUCT TYPE
CHAPTER 5: RESIDENTIAL WASHING MACHINE MARKET, BY MACHINE CAPACITY
CHAPTER 6: RESIDENTIAL WASHING MACHINE MARKET, BY DISTRIBUTION CHANNEL
CHAPTER 7: RESIDENTIAL WASHING MACHINE MARKET, BY REGION
CHAPTER 8: COMPANY LANDSCAPE
CHAPTER 9: COMPANY PROFILES
LIST OF TABLES
LIST OF FIGURES
Executive Summary
According to this report titled, 'Residential Washing Machine Market,' the residential washing machine market was valued at $37,423.00 million in 2020, and is estimated to reach $73,016.50 million by 2031, growing at a CAGR of 8.3% from 2022 to 2031.Washing machine is a home appliance used for laundry purpose. Economic growth in advanced and developing countries has favored the growth of the washing machine market. The use of a washing machine helps to save time and energy required to wash laundry. Product innovations have led to the development of advanced washing machines that increase comfort level and convenience for customers. Some features of advanced washing machines include efficient use of water and electricity. Furthermore, development of rural household by government in regions such as Asia-Pacific is anticipated to increase the demand for these machines.
The global residential washing machine market is driven by rise in disposable income and improvements in rural electrification. Moreover, increase in affordability of washing machines and rapid urbanization fuel the market growth. However, the availability of laundry shops and growth of online laundry services restrain this growth. Technological and innovative advancement in washing machines to cater to customer demand presents a major opportunity for future Residential Washing Machine Market Growth.
However, the concept of using online platform to provide services such as laundry and dry cleaning is growing rapidly. Online laundry services provide all the facilities such as washing, ironing, and dry cleaning with just a tap of a button or by calling a toll-free number. Moreover, the number of online laundry start-ups has increased over the years, which eliminates the problems such as pickup & drop at preferred timing and low turnaround time for wash & ironing of clothes. The cost of online laundry services is low as compared to traditional laundry shops, which further restrains the market growth of washing machines.
The global Residential Washing Machine Market Forecast is segmented on the basis of product, machine capacity, distribution channel and region. Based on product, the market is divided into fully automatic, semi-automatic, and dryer. The machine capacity segment includes below 6 kg, between 6 and 8 kg, and 8 kg & above. On the basis of distribution channel, the market is classified into supermarket/hypermarket, specialty stores, department stores, e-commerce and others. Based on region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
By product, the global residential washing machine market is divided into fully automatic, semi-automatic, and dryer. The fully automatic residential washing machine is expected to register the highest CAGR throughout the analysis period, owing to growth in urbanization and its user-friendliness feature.
Based on machine capacity, the global residential washing machine market is divided into below 6 kg, between 6 and 8 kg, and 8 kg & above. The 6-8 kg machine capacity is the most attractive segment, as it offers better energy efficiency and higher value for money, in terms of laundry washing.
Key findings of the Study
- By product, the fully automatic residential washing machine is expected to grow at a high CAGR of 8.5%, in terms of value, during the forecast period.
- The semi-automatic and dryer segments are anticipated to grow at a 7.9% and 8.4% respectively, in terms of value.
- By region, LAMEA is expected to grow at the highest CAGR of 9.4%, in terms of value.
- By machine capacity, the between 6 and 8 kg segment is expected to grow at a high CAGR of 8.5%, in terms of value.
- By distribution channel, e-commerce is expected to grow at the highest CAGR of 9.1%, in terms of value.
- In 2020, Asia-Pacific and Europe collectively accounted for more than 60% of the Residential Washing Machine Market Share, in terms of value. This is due to decline in the prices of the residential washing machine and rapid urbanization in Asia-Pacific. Asia-Pacific is projected to grow at the highest rate, followed by LAMEA, owing to increase in the purchasing power of the consumer, thereby increasing the residential washing machine market size.
- The major companies analyzed in Residential Washing Machine Industry report are Samsung Group (South Korea), LG Electronics Inc. (South Korea), Siemens AG (Germany), Haier Group Corporation (China), AB Electrolux (Sweden), Whirlpool Corporation (U.S.), Robert Bosch GmbH (Germany), Miele and Cie. KG (Germany), Panasonic Corporation (Japan), and GE Appliances (U.S.).
Companies Mentioned
- HAIER GROUP CORPORATION
- LG ELECTRONICS INC
- SIEMENS AG
- WHIRLPOOL CORPORATION
- ROBERT BOSCH GMBH
- SAMSUNG GROUP
- AB ELECTROLUX
- MIELE AND CIE. KG
- PANASONIC CORPORATION
- TOSHIBA CORPORATION
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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