Washing Machines Market:
Executive Summary
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 global fibers market was worth $ 147.16 billion in 2019. It is expected to grow at a compound annual growth rate (CAGR) of 5% and reach $175.06 billion by 2023.
The fibers market has been geographically segmented into North America, Western Europe, Asia-Pacific, Eastern Europe, South America and Middle East & Africa. Asia Pacific accounts for around 50% of the market.
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.
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Rapid Urbanization is expected to contribute to the growth of the washing machine market in the forecast period. Globally, the percentage of population living in urban areas is expected to increase from 55% in 2018 and reach 68% by 2050 . 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.
Increasing demand for online on demand laundry services is expected to restrain the market for washing machines in the forecast period. The on demand laundry services market is expected to be aided by stable economic growth forecast in many developed and developing countries. According to the International Monetary Fund (IMF), the global real GDP growth will be 3.7% during 2019 and 2020, and 3.6% from 2021 to 2023 . Additionally, emerging markets are expected to continue to grow slightly faster than the developed markets in the forecast period. For instance, China is forecast to register GDP growth of 6.2% in 2019. Stable economic growth, increasing internet penetration, and 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.
Major players in the market are Whirlpool Corporation, Panasonic Corporation, Robert Bosch GmbH, Miele, Haier Group Corporation, Electrolux AB, GE Appliances, AEG, Tecnik, IFBWashing Machines Market Global Report 2020 from The Business Research Company provides the strategists, marketers and senior management with the critical information they need to assess the global washing machines market.
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