Washing machines are the home appliances that are used for washing laundry, as they save time and energy. The rising affordability of washing machines and growing urbanization are driving the growth of the washing machine market. Growing the use of washing machine in commercial application such as in hospitals, hotels, laundries, and others are further bolster the growth of the washing machine market.
MARKET SCOPE
The "Global Washing Machine Market Analysis to 2028" is a specialized and in-depth study with a special focus on the global market trend analysis. The report aims to provide an overview of the washing machine market with detailed market segmentation by product type, technology, machine capacity, energy rating, end user, and geography. The report provides key statistics on the market status of the leading washing machine market players and offers key trends and opportunities in the market.
MARKET SEGMENTATION
- Based on product type, the global washing machine market is bifurcated into fully automatic and semi-automatic.
- On the basis of technology , the market is segmented into top load and front load.
- Based on machine capacity, the market is segmented into below 6 kg, 6 to 8 kg, and above 8 kg.
- On the basis of energy rating, the market is segmented into 1 star, 2 star, 3 star, 4 star, and 5 star.
- Based on end-user, the market is segmented into residential and commercial.
MARKET DYNAMICS
Drivers:
- The increasing demand for commercial laundry equipment is provided an impetus to the growth of the washing machine market. The manufacturer is introducing next-generation washing machines utilizing technology for the efficient use of electricity and water which is also a positive impact on the growth of the market.
- Factors such as digitalization, urbanization, changing lifestyles, and increasing demand in emerging economies are augmenting the growth of the washing machine market.
Restraints:
- High electricity consumption by the washing machines may hamper the growth of the market.
REGIONAL FRAMEWORK
The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides an overview and forecast of the global market based on various segments. It also provides market size and forecast estimates from the year 2019 to 2028 with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), the Middle East and Africa (MEA), and South America. The washing machine market by each region is later sub-segmented by respective countries and segments. The report covers the analysis and forecast of 18 countries globally along with the current trend and opportunities prevailing in the region.
The report analyzes factors affecting the market from both demand and supply side and further evaluates market dynamics affecting the market during the forecast period i.e., drivers, restraints, opportunities, and future trend. The report also provides exhaustive PEST analysis for all five regions namely; North America, Europe, APAC, MEA, and South America after evaluating political, economic, social and technological factors affecting the washing machine market in these regions.
IMPACT OF COVID-19 ON WASHING MACHINE MARKET
COVID-19 first began in Wuhan (China) during December 2019 and since then it has spread at a fast pace across the globe. The US, India, Brazil, Russia, France, the UK, Turkey, Italy, and Spain are some of the worst affected countries in terms confirmed cases and reported deaths. The COVID-19 has been affecting economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. Shutdown of various plants and factories has affected the global supply chains and negatively impacted the manufacturing, delivery schedules, and sales of products in global market. Few companies have already announced possible delays in product deliveries and slump in future sales of their products. In addition to this, the global travel bans imposed by countries in Europe, Asia-Pacific, and North America are affecting the business collaborations and partnerships opportunities.
MARKET PLAYERS
The report covers key developments in the washing machine market as organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as product launches, product approvals and others such as patents and events. Inorganic growth strategies activities witnessed in the market were acquisitions, and partnership & collaborations. These activities have paved way for the expansion of business and customer base of market players. The market payers from washing machine market are anticipated to lucrative growth opportunities in the future with the rising demand in the global market.
The report also includes the profiles of key companies along with their SWOT analysis and market strategies in the washing machine market. In addition, the report focuses on leading industry players with information such as company profiles, components, and services offered, financial information of the last 3 years, the key development in the past five years.
- BSH Hausgerate GmbH
- Electrolux AB
- Glen Dimplex Home Appliances
- Godrej and Boyce Mfg. Co. Ltd.
- Haier Inc.
- LG Electronics Inc.
- Panasonic Corporation
- Samsung Electronics Co., Ltd
- Toshiba Corporation
- Whirlpool Corporation