Global Washing Machine Market Report and Forecast 2024-2032

Global Washing Machine Market Outlook

The global washing machine market attained a value of more than USD 64.84 billion in 2023 and expected to grow in the forecast period of 2024-2032 at a CAGR of 7.1% to reach over USD 120.26 billion by 2032. 

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Growing Demand for Washing Machines in Developing Countries Augmenting the Market Growth

The increasing penetration of washing machines in emerging markets is surging their demand, which is driving the growth of the market. With the growing disposable income, consumers are preferring washing machines with excellent wash, which is fuelling the industry growth. The growing demand for large models of washing machines with shortened replacement cycles is augmenting the market growth for washing machine. Moreover, the growing inclination towards low-maintenance washing machines to enhance their cost-efficiency is significantly contributing to the market growth.

As consumers are increasingly preferring white goods with aesthetic appeal, the demand for washing machines with diverse colours is surging, thereby invigorating the growth of the industry. The increasing demand for energy-efficient washing machines among the growing sustainable population is aiding the growth of the market. Further, the increasing popularity of washing machines that consume less amount of water while offering superior performance is also adding to the industry growth. The development of washing machines that removes microbes, in the wake of the COVID-19 pandemic, to enhance the sanitation of clothes is projected to propel the market growth in the coming years.

Washing Machine: Market Segmentation

A washing machine is an electric appliance that is used to wash laundry. It eliminates the requirement to manually rub or squeeze clothes to boost the comfortability of the user. It also increases the time-efficiency of washing laundry. A washing machine is energy-efficient, easy-to-operate, and easy-to-repair, due to which it is extensively used for domestic uses.

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The major products of washing machine are:

• Fully Automatic

• Front Load

• Top Load

• Semi-Automatic

• Dryers

The market can be broadly categorised on the basis of technology into:

• Smart Connect Machines

• Conventional Machines

By capacity, the industry is segmented into:

• Below 8 Kg

• Above 8 Kg

On the basis of end use, the market is categorised into:

• Commercial

• Residential

The EMR report looks into the regional markets of washing machine like North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

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Rising Demand for Smart Washing Machines to Bolster the Growth of the Market

The increasing trend of smart homes is surging the demand for smart washing machines with connected features is augmenting the market growth. As smart washing machines can be efficiently controlled by mobile apps, they are increasingly preferred to enhance the comfortability, thereby propelling the industry growth. Moreover, the rising demand to eliminate the requirement to manually change settings is surging the use of smart washing machines. The development of innovative smart washing machines that can streamline drying, washing, and folding is expected to bolster the growth of the market in upcoming years.

The deployment of the latest technologies like ultra-sonic technology to convert water into micron particles to iron clothes is anticipated to augment the growth of the market. In addition, the integration of the Internet of things (IoT) to connect smart washing machines, folding machines, and laundry racks, among others, is estimated to propel the industry growth in the forecast period.

Key Industry Players in the Global Washing Machine Market

The report presents a detailed analysis of the following key players in the global washing machine market, looking into their capacity, market shares, and latest developments like capacity expansions, plant turnarounds, and mergers and acquisitions:

• LG Electronics Inc.

• Samsung Electronics Co., Ltd.

• BSH Home Appliances Ltd

• IFB Appliances

• Voltas Limited

• Panasonic Corporation

• Toshiba Lifestyle Products and Services Corporation

• Whirlpool Corporation

• Electrolux

• GE Appliances

• Others

The comprehensive report looks into the macro and micro aspects of the industry. The EMR report gives an in-depth insight into the market by providing a SWOT analysis as well as an analysis of Porter’s Five Forces model.

Key Highlights of the Report