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Washing Machines Global Market Report 2021: COVID 19 Impact and Recovery to 2030

Washing Machines Global Market Report 2021: COVID 19 Impact and Recovery to 2030

  • May 2021
  • 175 pages
  • ID: 6072009
  • Format: PDF
  • The Business Research Company

Summary

Table of Contents

Major players in the washing machine market are Whirlpool Corporation, Panasonic Corporation, Robert Bosch GmbH, Miele, Haier Group Corporation, Electrolux AB, GE Appliances, AEG, Tecnik, and IFB.

The global washing machines market is expected to grow from $17.27 billion in 2020 to $18.09 billion in 2021 at a compound annual growth rate (CAGR) of 4.7%.The growth is mainly due to the companies rearranging their operations and 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 $21.3 billion in 2025 at a CAGR of 4%.

The washing machine market consists of sales of washing machines. A washing machine is an appliance used to wash various types of clothes without applying any physical efforts.

The washing machine market covered in this report is segmented by type into fully automatic, semi-automatic, others.It is also segmented by product into automatic, semi-automatic, dryers.

It is also segmented by sales channel into E-commerce, retail chains, direct sales.It is also segmented by product into technology into top load, front load.

It is also segmented by application into residential, commercial.

Increasing demand for online on demand laundry services is expected to restrain the market for washing machines in the forecast period.According to a recent study it was revealed that the majority of the millennial populace doesn’t want to invest their valuable time in day-to-day household chores such as washing the clothes.

In the USA, the revenue of dry cleaning and laundry services is projected to reach $7,660 million by 2022, . Therefore rising disposable income coupled with hectic lifestyle of individuals will lead to an increase in on demand laundry services, thereby limiting the growth of the market for washing machines.

Washing machine manufacturers are increasingly producing energy-efficient products to reduce carbon footprint and enable energy savings for the consumers.The rise of energy-efficient appliances can be attributed to the stringent government regulations on electric home appliances and advances in technology.

Energy efficient appliances are designed to utilize minimum energy to complete the required task.Currently, over 80 countries have standards and labels for energy efficient appliances.

For example, in the USA, ENERGY STAR certified washing machines use 25% less energy and 33% less water than a standard washing machine.

Rapid Urbanization is expected to contribute to the growth of the washing machine market in the forecast period. According to UNCTAD handbook of statistics 2020, globally the share of urban population increased to 55.7% in 2019. It is generally higher in the developed (80.5% in 2019) than in the developing (51.1% in 2019). The growth in the urban population coupled with the rise in disposable incomes and affordability among residents of cities will drive the demand for washing machines during the forecast period.

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