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Residential Washing Machine Products Market Size, Share, & Trends Analysis Report (2023 – 2030)
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Report Overview
The global residential washing machine market was valued at USD 19.3 billion in 2022 and is projected to expand at a CAGR of 8.6% from 2023 to 2030. The growing need for convenience, coupled with an increase in the disposable income, is driving the demand for the market. The rising penetration of washing machines in household applications is propelling the adoption of these products, as they offer enhanced convenience and enable time-savings.
Furthermore, the increasing preference for eco-friendly and energy-efficient machines is driving the residential washing machine market. Consumers are seeking efficient machines that are capable of cleaning clothes with minimal water consumption and detergent usage. Thus, market participants are focusing on the development of advanced washing machines with a wide range of features, such as quick-wash cycles and auto-load sensing, to cater to the needs of customers. For instance, in February 2021, Whirlpool Corporation launched a new line of washers and dryers with advanced features, such as Imprint Link Technology, which can connect to an app for remote control and WashMotion Technology, which uses a unique wash motion to clean clothes.
In addition, the development of smart washing machines with voice-enabled controls is expected to further boost the market. For instance, in October 2021, Samsung Electronics Co. Ltd. launched a new range of smart washing machines with intelligent voice command features that enable users to control the washer using voice commands. Moreover, the growing trend of integrating IoT technology into washing machines is expected to drive the market. For instance, in January 2021, LG Electronics Inc. launched a new range of washing machines with AI-enabled features, such as AI ThinQ, which can sense the load size, detergent amount, and water temperature and optimize the wash cycle accordingly.
Moreover, the increasing demand for washing machines with greater capacity is expected to drive the market. For instance, in March 2021, Haier launched a new range of washing machines with a capacity of up to 11 kilograms, targeting the large family segment. The company also claims that its machines can remove 99.9% of bacteria, offering superior cleaning performance. Additionally, the increasing demand for washing machines from the commercial sector is expected to drive the market. For instance, in April 2021, Whirlpool Corporation launched a new range of commercial washing machines with advanced features such as enhanced temperature management, extended washing cycles, and superior stain removal.
Product Insights
The front-load segment accounted for the majority of the market share in 2022. Front-load washing machines are the most efficient compared to top-load machines, as they consume less energy and water. Additionally, the front-load washers provide better cleaning performance, leading to their increasing adoption in residential households. According to the U.S. Department of Energy, front-load washers used 45% less energy and 25% less water than top-load washers in 2015.
The automatic segment is expected to expand at the fastest CAGR of 5.2% over the forecast period. Automatic washing machines are technologically advanced and offer easy operation. They also provide features such as automatic detergent and fabric softener dispensing, and are equipped with sensors that can detect water level, temperature, and fabric type. Moreover, the increasing awareness about such features among consumers is driving the growth of the segment.
Distribution Channel Insights
The supermarkets and hypermarkets segment accounted for the major share of the global market in 2020. The segment is expected to be the fastest-growing market during the forecast period. The growth of the segment is attributed to the high visibility of washing machine products in supermarkets & hypermarkets, which are increasing the sales of the product category. Furthermore, these stores offer a variety of products, which allows customers to compare the product features, prices, and brands. Additionally, supermarkets and hypermarkets also provide discounts and promotional offers on washing machines to attract customers and increase sales.
The online segment is expected to register the highest CAGR during the forecast period. The increasing penetration of the internet and the increasing trend of online shopping among consumers are expected to drive the growth of this segment. Furthermore, the adoption of digital marketing strategies by washing machine manufacturers to promote their products and increase their customer base is also driving the growth of this segment. In addition, online stores offer numerous discounts and promotional offers on washing machines, which are expected to drive the segment’s growth.
Type Insights
The front-loading segment held the largest share of the market in 2022, with a share of 56.9%. This segment is expected to expand at a CAGR of 8.4% during the forecast period. This can be attributed to the fact that front-loading washing machines use less water and detergent, saving energy and money, and can also handle large loads of laundry. Furthermore, the increasing demand for smart and energy-efficient washing machines is driving the market.
The top-loading segment is expected to expand at the highest CAGR of 8.9% over the forecast period. The increasing demand for top-loading washing machines owing to their easy-to-use features is boosting the market. Furthermore, manufacturers are introducing innovative features such as auto-load sensing, water-level sensing, and digital control panels in these washing machines to attract more customers.
Regional Insights
Europe dominated the residential washing machine market and accounted for the largest revenue share of over 33% in 2022. The growth of the market in the region can be attributed to the increasing demand for technologically advanced machines. The sale of smart and connected washing machines has increased significantly in the region, as a result of the growing demand for energy-efficient appliances. For instance, in January 2021, Miele introduced its new range of connected washing machines in the European market.
Asia Pacific is expected to witness the fastest growth over the forecast period. Growing urbanization and rising disposable income are expected to drive the growth of the market in the region. In addition, the increasing focus of leading vendors on the expansion of their product portfolio in the region is further expected to drive the growth of the market. For instance, in January 2021, Panasonic launched its new range of washing machines in the Chinese market.
Financial Projections
In this part of the residential washing machine products business plan we will provide a detailed breakdown of all income and expense categories of the business. These forecasts include cash flow projections and capital requirements for your business. Usually, these projections are drafted for a 5-year period.
Revenue Assumptions
The main source of revenues for a residential washing machine business comes from the sale of washing machines, spare parts, and installation services. Here you will find a list with a description of each of them and other possible sources of profit such as after-sales services, repair services, and warranties.
Projecting Expenses
In this section, all the regular expenses related to keeping the business running will be described. The list of operating expenses includes salaries, rent, advertising and marketing expenses, utilities, insurance policies, taxes, and others.
Key companies & market share insights
Some of the key companies operating in the residential washing machine market are increasingly focusing on product launches and expansion of the distribution channel to gain prominent visibility among consumers. Some of the initiatives are:
– In June 2022, Whirlpool Corporation launched the SwashCollection Washing Machine line which features a unique steam-wash technology.
– In August 2022, Maytag Corporation launched the PowerFoam Front-load Washer line which features an advanced foam-wash technology.
– In October 2022, Samsung Electronics Co., Ltd. launched the AddWash Washing Machine line which features an innovative dual-wash technology.
Some of the prominent players in the residential washing machine market include:
– Whirlpool Corporation
– Maytag Corporation
– LG Electronics Inc.
– Electrolux AB
– Samsung Electronics Co., Ltd.
– Panasonic Corporation
– Midea Group Co., Ltd.
– Haier Group Corporation
– Bosch Appliances
– GE Appliances
Global Residential Washing Machine Market Segmentation
This report forecasts growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global residential washing machine products market based on product, technology, capacity, and region:
1. Product Outlook (Revenue, USD Million, 2017 – 2030)
– Top Load
– Front Load
– Compact
2. Technology Outlook (Revenue, USD Million, 2017 – 2030)
– Automatic
– Semi-Automatic
3. Capacity Outlook (Revenue, USD Million, 2017 – 2030)
– Less than 5 kg
– 5-9 kg
– 10-14 kg
– 15-19 kg
– 20 kg and Above
4. Regional Outlook (Revenue, USD Million, 2017 – 2030)
– North America
– Europe
– Asia Pacific
– Central & South America
– Middle East & Africa
Frequently Asked Questions
[Q]: What is driving the growth of the Residential Washing Machine Market?
[A]: The Residential Washing Machine Market is driven primarily by the increasing urbanization and the subsequent rise in disposable incomes. The growing demand for energy-efficient washing machines, the increasing availability of smart washing machines, and the growing preference for larger machines are some of the major drivers of market growth. Furthermore, the growing demand for eco-friendly washing machines and the increasing popularity of online shopping are also expected to drive market growth.
[Q]: What are the Key Players in the Residential Washing Machine Market?
[A]: The key players in the Residential Washing Machine Market are Whirlpool Corporation, Electrolux AB, LG Electronics Inc., Haier Group Corporation, Bosch, Samsung Electronics Co. Ltd., Panasonic Corporation, Miele & Cie. KG, Arçelik A.Ş., and IFB Industries Limited.
[Q]: What is the Potential of Technological Advancements?
[A]: Technological advancements are expected to have a positive impact on the Residential Washing Machine Market. The introduction of smart washing machines and energy-efficient washing machines is expected to drive market growth. The growing demand for connected washing machines is also expected to drive market growth.
[Q]: What are the Key Trends in the Residential Washing Machine Market?
[A]: Some of the key trends in the Residential Washing Machine Market include the increasing focus on energy efficiency, the growing demand for smart washing machines, the increasing popularity of online shopping, and the growing preference for larger machines.
Research Methodology
Impact Analytix employs a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. The company utilizes a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. In Addition, a recurring theme prevalent across all our research reports is data triangulation which looks market from three different perspectives. Critical elements of the methodology employed for all our studies include:
Preliminary data mining
Raw market data is obtained and collated on a broad front. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. For a comprehensive understanding of the market, it is essential to understand the complete value chain and in order to facilitate this; we collect data from raw material suppliers, distributors as well as buyers.
Technical issues and trends are obtained from surveys, technical symposia, and trade journals. Technical data is also gathered from an intellectual property perspective, focusing on white space and freedom of movement. Industry dynamics with respect to drivers, restraints, and pricing trends are also gathered. As a result, the material developed contains a wide range of original data that is then further cross-validated and authenticated with published sources.
Statistical model
Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously. These factors are studied on a comparative basis, and their impact over the forecast period is quantified with the help of correlation, regression, and time series analysis. Market forecasting is performed via a combination of economic tools, technological analysis, industry experience, and domain expertise.
Econometric models are generally used for short-term forecasting, while technological market models are used for long-term forecasting. These are based on an amalgamation of the technology landscape, regulatory frameworks, economic outlook, and business principles. A bottom-up approach to market estimation is preferred, with key regional markets analyzed as separate entities and integration of data to obtain global estimates. This is critical for a deep understanding of the industry as well as ensuring minimal errors. Some of the parameters considered for forecasting include:
Market drivers and restraints, along with their current and expected impact
Raw material scenario and supply v/s price trends
Regulatory scenario and expected developments
Current capacity and expected capacity additions up to 2030
We assign weights to these parameters and quantify their market impact using weighted average analysis, to derive an expected market growth rate.
Primary validation
This is the final step in estimating and forecasting our reports. Exhaustive primary interviews are conducted, face to face as well as over the phone to validate our findings and assumptions used to obtain them. Interviewees are approached from leading companies across the value chain including suppliers, technology providers, domain experts, and buyers so as to ensure a holistic and unbiased picture of the market. These interviews are conducted across the globe, with language barriers overcome with the aid of local staff and interpreters. Primary interviews not only help in data validation but also provide critical insights into the market, current business scenario, and future expectations and enhance the quality of our reports. All our estimates and forecast are verified through exhaustive primary research with Key Industry Participants (KIPs) which typically include:
Market-leading companies
Raw material suppliers
Product distributors
Buyers
The key objectives of primary research are as follows:
To validate our data in terms of accuracy and acceptability
To gain an insight into the current market and future expectations
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