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Smart Washing Machine Products Market Size, Share, & Trends Analysis Report (2023 – 2030)
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Report Overview
The global smart washing machine market was valued at USD 18.1 billion in 2022 and is expected to register a CAGR of 11.4% from 2023 to 2030. A smart washing machine is a type of washing machine that is equipped with a Bluetooth or Wi-Fi enabled digital control system. The digital control system allows the user to control and monitor the operations of the washing machine remotely. Furthermore, the digital control system also helps in obtaining information such as the amount of water and energy used, the time left for the cycle completion, and alert notifications for maintenance.
The growing need for energy-saving and efficient laundry appliances is driving the growth of the market. Smart washing machines are equipped with advanced features such as load sensors, water sensors, self-cleaning systems, and temperature control, which can save a significant amount of water and energy. Furthermore, the growing trend of automation is boosting the demand for smart washing machines. The manufacturers are launching innovative products to cater to the demands of consumers. For instance, in May 2021, Panasonic introduced the new NA-FS14G4WSD washing machine with Hygiene+ technology, which disinfects clothes with steam and enhances the cleaning performance.
The increasing adoption of advanced technologies such as artificial intelligence, voice-control, and remote monitoring is propelling the market growth. Smart washing machines are being equipped with features such as voice control and AI-enabled features, which allow the user to control the operations of the machine with voice commands. Furthermore, some manufacturers are also providing remote monitoring services, which allows users to monitor their washing machine even when they are not at home.
The rising demand for smart home appliances is propelling the demand for smart washing machines. As more people are opting for smart home appliances, manufacturers are launching integrated smart home systems that communicate with each other to ensure that all the appliances are working efficiently. Additionally, the rising penetration of high-speed internet services and the growing trend of online shopping are also aiding the growth of the market. Furthermore, the increasing competition among manufacturers to launch innovative products is expected to further drive the market growth in the coming years.
Product Insights
The smart washing machine segment is projected to expand at a CAGR of 8.2% over the forecast period. Increasing demand for smart washing machines is attributed to the growing trend of connected home appliances and the introduction of advanced technologies such as Wi-Fi and Bluetooth. According to an article published by the International Trade Administration in December 2020, the United States is the largest smart washing machine manufacturer in the world. In addition, technological advancements, such as the development of smart washing machines with voice command features, are expected to further drive the market growth. Furthermore, the increasing demand for energy-efficient machines and the rising adoption of smart home appliances among consumers are some of the other factors driving the market growth.
Distribution Channel Insights
The supermarkets and hypermarkets segment captured the major share of over 34.1% in 2022. Supermarkets and hypermarkets are the most preferred channels for smart washing machine purchases due to the wide availability of the product and the convenience of shopping. The in-store shopping experience allows customers to touch, feel, and compare the products before making purchase decisions. Moreover, the presence of experienced sales staff in these stores provides customers with additional information and advice, further boosting the segment growth.
The online segment is anticipated to expand at the highest CAGR of 13.9% over the forecast period. The online segment is growing due to the various benefits associated with online purchasing such as lower prices, discounts, and free delivery. In addition, the increasing penetration of the internet and smartphones is expected to fuel the segment growth over the forecast period. Additionally, the presence of a large number of e-commerce platforms such as Amazon, Flipkart, and Alibaba is further driving the segment growth.
Type Insights
The automatic segment dominated the market in 2021 with the largest revenue share of 70.5%. Automatic smart washing machines are more efficient and convenient than semi-automatic washing machines. Automatic washing machines are equipped with advanced features such as digital temperature control, automatic water level detection, and auto lint filter. These features help users to save time, energy, and water. Moreover, with the increasing disposable income, consumers are preferring advanced washing machines with more efficient features.
The semi-automatic segment is expected to expand at the highest CAGR of 11.2% during the forecast period. This can be attributed to the low cost of semi-automatic washing machines as compared to automatic washing machines. Manufacturers are offering various discounts and attractive offers on semi-automatic washing machines to increase their sales. Moreover, semi-automatic washing machines require less maintenance, which is further driving the demand for these machines.
Regional Insights
Europe is anticipated to account for the largest revenue share of the market in the coming years. This can be primarily attributed to the presence of prominent players such as Bosch, BSH, and Electrolux. Furthermore, the presence of an extensive distribution network, strict government regulations on energy consumption, and high disposable incomes are expected to drive the market. For instance, in June 2021, the European Union (EU) announced the Ecodesign Working Plan 2021-2025, which is aimed at reducing the energy consumption of washing machines and other home appliances.
Asia Pacific is expected to witness the highest CAGR during the forecast period. This can be attributed to the increasing manufacturing activities in countries such as India, China, and Japan. Additionally, rising consumer spending on consumer electronic products is likely to drive the demand for smart washing machines. For instance, in April 2022, Haier launched its new range of smart washing machines in India with features such as a smart touch display, direct-drive motor, and an advanced AI-powered algorithm.
Financial Projections
In this section of the business plan, we will provide detailed projections of all income and expense categories associated with the smart washing machine products business. These forecasts will include cash flow projections and capital requirements for the business. Usually, these projections are drafted for a 5-year period.
Revenue Assumptions
The main source of revenue for the smart washing machine products business comes from the sale of the products. Other potential sources of income include product training services and advertising.
Projecting Expenses
In this section, all the regular expenses related to running the smart washing machine products business will be outlined. This list of operating expenses includes wages, rent, utilities, insurance policies, advertising, research and development, and other miscellaneous expenses.
Key companies & market share insights
Some of the major companies operating in the smart 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 May 2022, Haier released its first smart washing machine with voice control and automatic fabric recognition.
– In June 2022, Whirlpool Corporation launched the SmartAlliance app, which allows users to control their washing machine from their smartphone and set custom wash cycles.
– In October 2022, LG Electronics introduced a new range of smart washing machines with artificial intelligence and deep learning capabilities.
Some of the prominent players in the smart washing machine market include:
– Haier Group
– Whirlpool Corporation
– LG Electronics
– Samsung Electronics
– Hisense
– Panasonic Corporation
– Electrolux AB
– IFB Industries Limited
– Bosch
– Miele & Cie. KG
Global Smart 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 smart washing machine products market based on product, distribution channel, type, and region:
1. Product Outlook (Revenue, USD Million, 2017 – 2030)
– Front Load Washing Machines
– Top Load Washing Machines
– Semi-Automatic Washing Machines
– Fully-Automatic Washing Machines
– Smart Washers
2. Distribution Channel Outlook (Revenue, USD Million, 2017 – 2030)
– Supermarkets & Hypermarkets
– Online
– Others
3. Type Outlook (Revenue, USD Million, 2017 – 2030)
– Single Tub
– Twin Tub
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 the potential of product innovation in the smart washing machine market?
[A]: Product innovation is expected to be a key driver for the smart washing machine market. With the rapid advancement of technology, manufacturers are introducing new features to their smart washing machines such as automatically adjusting the water and detergent levels according to the load size, automatic start and stop functions, Wi-Fi and Bluetooth connectivity, energy and water efficiency, and voice control. All these features are expected to drive the market for smart washing machines.
[Q]: Who are the key players in the smart washing machine market?
[A]: Key players in the smart washing machine market include LG Electronics, Samsung Electronics Co. Ltd., Robert Bosch GmbH, Haier Group Corporation, Whirlpool Corporation, and Electrolux AB.
[Q]: Which region offers the largest opportunity for sales of smart washing machines?
[A]: Asia-Pacific is expected to be the most lucrative region for the smart washing machine market due to the increasing demand for smart home appliances in the region.
[Q]: What are the factors driving the smart washing machine market?
[A]: Factors driving the smart washing machine market include increasing disposable incomes, rising urban population, increasing awareness about energy efficiency, and increasing demand for convenience and automation.
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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