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Smart Washing Machines Global Market Report 2021: COVID 19 Growth And Change to 2030

Smart Washing Machines Global Market Report 2021: COVID 19 Growth And Change to 2030

  • May 2021
  • 175 pages
  • ID: 6070193
  • Format: PDF
  • The Business Research Company

Summary

Table of Contents

Major players in the smart washing machine market are General Electric Co., LG Electronics Inc., Samsung Electronics Co. Ltd., Whirlpool Corp., Robert Bosch GmbH, Haier Consumer Electronics Group Co. Ltd., Panasonic Corp., Siemens AG, AB Electrolux and Whirlpool.

The global smart washing machines market is expected grow from $7.18 billion in 2020 to $8.64 billion in 2021 at a compound annual growth rate (CAGR) of 20.3%. The growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $14.98 billion in 2025 at a CAGR of 15%.

The smart washing machine market consists of sales of smart washing machines and related services.The sales comprise of revenues generated by establishments that are primarily engaged in the manufacturing and selling of smart front load, Inclined Load and top load smart washing machines.

Smart washing machine is defined as the machine which helps the user to control the washing process remotely.Smart washing machines are connected to the internet and to smart phone, or other smart devices through the cloud or app.

The connectivity gives more control on the machine, and user can decide its activity through the commands on the app or through other means like voice.

The increasing need for energy-efficient washing machines will drive the growth of the smart washing machines market in the forecast period.Smart washing machines increasingly producing energy-efficient products to reduce carbon footprint and enable energy savings for the consumers.

The rise of energy-efficient washing machines can be attributed to the stringent government regulations on electric home machines and advances in technology. According to the U.S. Energy Information Administration (EIA), the demand for global energy will grow by 37% due to a rise in energy requirements per household by 2035. Energy-efficient machines are designed to utilize minimum energy to complete the required task. Currently, over 80 countries have standards and labels for energy-efficient machines. Thus, smart washing machines will drive the market in the forecast period.

Smart washing machine utilizes wireless technology (such as WiFi, 3G, Bluetooth, etc.) to communicate and interact with other devices or networks. Therefore, the cost of smart washing machine is high compared to conventional washing machine. The smart washing machine cost ranges from $650 to $2500 compared to conventional ones which ranges from $100 to $1000. The cost will also depend on the size of the washing machine, with larger units fetching higher prices, such as a Samsung 16kg front load washing machine, which retails for around $3,000. Although the higher expense of smart washing machine with a comparable build quality to a regular washing machine is not unreasonable, the high cost of these washing machines would hinder the demand and growth of the smart washing machine market.

The smart washing machines market covered in this report is segmented by type into top load, front load and by application into residential, commercial.

Artificial Intelligence is expected to be a trend in smart washing machine market.AI uses a simulation of human intelligence into machine.

These machines are programmed with AI technology to think and function like humans.For instance, LG electronics newly released smart washing machine LG thinkQ which uses Artificial Intelligence and analyses the wash load and suggests the wash settings accordingly.

Similarly, Samsung released Samsung Grande AI washer and drier in January 2020 which uses Artificial Intelligence for effective ways to laundry and connect with drier to ease the process of laundry. AI-programmed smart washing machines are expected to ease the process of laundry.

In February 2018, Hughes Electrical, a leading player in the UK’s commercial laundry market acquired Armstrong Commercial Laundry Systems for an undisclosed amount.This acquisition allows Hughes to open trade counters to provide domestic equipment to local businesses as well as to Armstrong customers.

Armstrong is a UK distributor for American company Alliance Laundry Systems, the worldwide producer of commercial laundry equipment.

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Global Washing Machines Industry

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Abstract: - Global Washing Machines Market to Reach $53.2 Billion by 2027 - Amid the COVID-19 crisis, the global market for Washing Machines estimated at US$28.6 Billion in the year 2020, is projected ...

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