The global residential washing machine market size is expected to reach USD 113.0 billion by 2030, according to a new report by Grand View Research, Inc. It is projected to register a CAGR of 6.6% from 2024 to 2030. Rising standard of living coupled with the rapid urbanization across the globe is expected to drive the growth. Moreover, significant improvement of electricity infrastructure in developing countries including India, Indonesia, and China is expected to further fuel the product demand.
The fully automatic segment is expected to witness the fastest CAGR during the forecast period, owing to the ease of operation, high energy efficiency, and less water consumption and drying times. Major manufacturers including Samsung Electronics Co. Ltd.; Whirlpool Corporation; and LG Electronics Inc. are introducing latest technologies such as Internet of Things (IoT) to gain competitive edge in the market. For instance, in February 2018, Samsung Electronics Co. Ltd. announced to introduce smart washing machine featuring the Bixby AI interface. The introduction of Artificial Intelligence (AI) in the washing machines will change the industry as it will offer an extended ease of operation to the consumers and will fuel the market growth over the forecast period.
Gather more insights about the market drivers, restrains and growth of the Residential Washing Machine Market
Over the past few years, the major players have adopted marketing strategies including expansion of production capacity, innovative product launch, introduction of latest technologies, and mergers and acquisitions to cater to the increasing demand for washing machines in the region. For instance, in June 2018, Godrej Appliances, an India based home appliances manufacturer inaugurated its new facility at Mohali, India, with a production capacity of four to six lakh units per year. In addition, in January 2018, LG Electronics Inc. launched ‘Wi-Fi Inverter’ washing machines in Sri Lanka. The product is equipped with Wi-Fi technology and energy-efficient features.
Residential Washing Machine Market Report Highlights
- Asia Pacific residential washing machine dominated the market with a revenue share of 33.4% in 2023 and is anticipated to witness the fastest CAGR during the forecast period
- Semi-automatic dominated the market and accounted for a share of 50.3% in 2023
- Washing machines with 6 to 8 kg accounted for the largest market revenue share of 47.0% in 2023
- Top load accounted for the largest market revenue share of 68.4% in 2023, owing to affordable cost of washing machines and convenient loading.
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List of Key Players of Residential Washing Machine Market
- Hitachi, Ltd.
- Midea Group Co. Ltd.
- Panasonic Corporation
- IFB Industries Ltd.
- BSH Hausgeräte GmbH
- GE Appliances
- AB Electrolux
- LG Electronics Inc.
- Samsung Electronics Co. Ltd.
- Whirlpool Corporation
About Grand View Research
Grand View Research is a full-time market research and consulting company registered in San Francisco, California. The company fully offers market reports, both customized and syndicates, based on intense data analysis. It also offers consulting services to business communities and academic institutions and helps them understand the global and business scenario to a significant extent. The company operates across multitude of domains such as Chemicals, Materials, Food and Beverages, Consumer Goods, Healthcare, and Information Technology to offer consulting services.
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