The washing machine manufacturers and research institutions are investing heavily for technological advancements, which improve the efficiency of the washing machine. These are expected to modify and enhance the washing machine performance in way that it uses less water, detergent, and electricity. Asia-Pacific countries such as China, India, and others are the growing markets for residential washing machine.
Portland, OR -- (SBWIRE) -- 05/17/2018 -- According to a new report published by Allied Market Research, titled, Residential Washing Machine Market by Product and Machine Capacity: Global Opportunity Analysis and Industry Forecast, 2017-2023, the global residential washing machine market was valued at $36,648 million in 2016, and is projected to reach $53,193 million by 2023, growing at a CAGR of 5.5% from 2017 to 2023. The fully automatic residential washing machine accounted for more than 58% of the global market in 2016.
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Washing machine is a home appliance used for the 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 market growth.
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 68 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 Residential Washing Machine Market:
The fully automatic residential washing machine is expected to grow at a high CAGR of 5.6%, in terms of value, during the forecast period.
The semi-automatic and dryer segments are anticipated to grow at a 5.3% and 5.0% respectively, in terms of value.
LAMEA is expected to grow at the highest CAGR of 6.5%, in terms of value.
The between 6 and 8 kg machine capacity residential washing machine is expected to grow at a high CAGR of 5.7%, in terms of value.
The below 6 kg and 8 kg & above segments are anticipated to grow at CAGRs of 5.2% and 5.0% respectively, in terms of value.
In 2016, Asia-Pacific and Europe collectively accounted for more than 73% of the global residential washing machine industry, in terms of value. This is due 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.
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The major companies profiled 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.).