Press Release

Global Washing Machine Market to Grow at a CAGR of 7.1% During 2024-2032, Driven by the Consumers’ Busy lifestyle

Global Washing Machine Market

According to a new report by EMR titled, ‘Global Washing Machine Market Report and Forecast 2024-2032’, the market attained a value of about USD 64.84 billion in 2023. The market is estimated to grow at a CAGR of 7.1% in the forecast period of 2024-2032 to reach a value of around USD 120.26 billion by 2032.

The Asia Pacific accounts for a significant share of the market due to rapid urbanisation in densely populated countries like China and India. Washing machines offer quick and thorough cleaning; they also extend the shelf life of clothes by protecting the fabric.

 

The growing hospitality sector of ASEAN countries such as Thailand and Indonesia is aiding the washing machine market growth. Hotels, restaurants, and resorts require quick cleaning and rinsing devices, surging washing machine demand.

 

Technological advancements, such as the infusion of various technologies, further contribute to the market expansion of washing machines. Tilt designs in washing machines free up residential space and provide a personalised washing experience through e-devices, which positively influences the growth of the market.

 

Advancements in IoT technologies expand the market for washing machines. In August 2023, LG Electronics, Inc. (NYSE: LPL) launched an advanced product line for washing machines named ThinQ UP 2.0, expanding LG’s home appliance business into non-hardware sectors, such as subscription services. This product line offers personalisation through the ThinQ app, and customers have the freedom to change the sequence of installed cycles on their machines, and they can save their preferences on the app.

 

Customers can pick from a variety of services that can lighten the load of managing and doing domestic duties. These include laundry services for specialised clothes care and time-saving automated services for reordering detergent, as well as subscriptions and smart home services that help enhance the functioning of LG's devices.

 

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Market Analysis by Product, Technology, Capacity, End-Use, and Region:

  • The market, on the basis of product, can be divided into fully automatic, semi-automatic, and dryers.
  • Based on technology, the market can be divided into smart connect machines and conventional machines.
  • The different capacities for washing machine include below 8 kg and above 8 kg.
  • Based on end-use, the market can be divided into commercial and residential.
  • The regional markets for washing machine include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

 

Key Findings of the Report:

  • Consumers’ busy lifestyle, rising disposable incomes, and a larger proportion of nuclear households support the washing machine market expansion.
  • Technological advancements in washing machines, such as wave motion and drum technology, allowing users to choose different wash motions depending on the fabric are aiding the market growth.
  • Washing machines save time and contribute to a reduction in water usage. Additionally, demand for energy-efficient and noise-free washing machines is creating opportunities for the market.
  • Coin-operated laundry services and laundry business owners’ marketing campaigns, such as free laundry days, discounts, and volunteer efforts, further influence the market growth.

 

Key Offerings of the Report:

  • The EMR report gives an overview of the global washing machine market for the periods (2018-2023) and (2024-2032).
  • The report also offers the historical (2018-2023) and forecast (2024-2032) markets for the products, technologies, capacities, end-uses, major and regions of washing machine.
  • The market report also analyses the trade data by covering the major importing and exporting countries.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with an assessment of the SWOT and Porter’s Five Forces models.

 

The major players in the global washing machine market are LG Electronics Inc., Samsung Electronics Co., Ltd., BSH Home Appliances Ltd, IFB Appliances, Voltas Limited, Panasonic Corporation, Toshiba Lifestyle Products and Services Corporation, Whirlpool Corporation, Electrolux, and GE Appliances, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

 

Key Highlights of the Report

REPORT FEATURES DETAILS
Base Year 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Scope of the Report

Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:

  • Product
  • Technology
  • Capacity
  • End-Use
  • Region
Breakup by Product
  • Fully Automatic
  • Semi-Automatic
  • Dryers
Breakup by Technology
  • Smart Connect Machines
  • Conventional Machines
Breakup by Capacity
  • Below 8 Kg
  • Above 8 Kg
Breakup by End-Use
  • Commercial
  • Residential
Breakup by Region
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East and Africa
Market Dynamics
  • SWOT Analysis
  • Porter's Five Forces Analysis
  • Key Indicators for Demand
  • Key Indicators for Price
Competitive Landscape
  • Market Structure
  • Company Profiles
    • Company Overview
    • Product Portfolio
    • Demographic Reach and Achievements
    • Certifications
Companies Covered
  • LG Electronics Inc.
  • Samsung Electronics Co., Ltd.
  • BSH Home Appliances Ltd
  • IFB Appliances
  • Voltas Limited
  • Panasonic Corporation
  • Toshiba Lifestyle Products and Services Corporation
  • Whirlpool Corporation
  • Electrolux
  • GE Appliances
  • Others

 

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