Residential Washing Machine Market to Reach $73.01 Bn, Globally, by 2031 at 8.3% CAGR: Allied Market Research
Tuesday, May 3, 2022
Rapid urbanization, rise in disposable income, surge in affordability of washing machines, and improvements in rural electrification drive the growth of the global residential washing machine market
PORTLAND, Ore., April 25, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Residential Washing Machine Market 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), : Global Opportunity Analysis and Industry Forecast, 2020-2031". According to the report, the global residential washing machine industry generated $37.42 billion in 2020, and is anticipated to generate $73.01 billion by 2031, witnessing a CAGR of 8.3% from 2022 to 2031.
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Prime determinants of growth
Rapid urbanization, rise in disposable income, surge in affordability of washing machines, and improvements in rural electrification drive the growth of the global residential washing machine market. However, availability of laundry shops and growth in online laundry serviceshinder the market growth. On the other hand, technological and innovative advancement related to washing machines presents new opportunities in the coming years.
Covid-19 Scenario
-- The outbreak of the COVID-19 pandemic has had a positive impact on the
growth of the global residential washing machine market. This is because
people got more engaged in home designing during the pandemic, which in
turn, increased the sale of washing machines.
-- Also, consumers have started to replace their old washing machines with
the new & advanced technology based washing machines, which is
sequentially boosting the growth of the market.
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The fully automaticsegment to maintain its leadership status throughout the forecast period
Based on product type, the fully automatic segment held the highest market share in 2020, accounting for nearly three-fifths of the global residential washing machine market, and is estimated to maintain its leadership status throughout the forecast period. Moreover, the same segment is projected to manifest the highest CAGR of 8.5% from 2022 to 2031.The fully automatic washing machine is capable of preforming washing and spinning activities in a sequential manner, without any intervention of human. The energy requirement of the fully automatic washing machine is low as compared to semiautomatic washing machine, which is why, it saves electricity. These factors are boosting the growth of the segment.
The specialty store segment to maintain its lead position during the forecast period
Based on distribution channel, the specialty store segment accounted for the largest share in 2020, contributing to more than one-fourth of the global residential washing machine market, and is projected to maintain its lead position during the forecast period, owing to easy availability. However, the e-commerce segment is expected to portray the largest CAGR of 9.1% from 2022 to 2031. This is because people are opting for online applications or sales channel to buy various products.
Asia-Pacific, followed by North America, to maintain its dominance by 2031
Based on region, Asia-Pacific, followed by North America, held the highest market share in terms of revenue 2020, accounting for nearly half of the global residential washing machine market, owing to presence of emerging economies, rapid urbanization, expanding middle class population. Moreover, the LAMEA region is expected to witness the fastest CAGR of 9.4% during the forecast period, attributed to decline in prices of washing machine, increase in middle class population, and rise in disposable income.
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Leading Market Players
-- 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)
-- GE Appliances (U.S.)
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains. AMR offers its services across 11 industry verticals including Life Sciences, Consumer Goods, Materials & Chemicals, Construction & Manufacturing, Food & Beverages, Energy & Power, Semiconductor & Electronics, Automotive & Transportation, ICT & Media, Aerospace & Defense, and BFSI.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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