Washing Machine Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032
Growth Factors of Washing Machine Market
The washing machine market size was valued at USD 59.39 billion in 2023, and the market is now projected to grow from USD 62.88 billion in 2024 to USD 115.82 billion by 2032, exhibiting a CAGR of 7.93% during the forecast period of 2024-2032.
The covid-19 has emerged as a factor that slowed down the washing machine market growth. This was because of the related factors that included supply chain, factory shutdowns and issues with labour force that hindered deliveries and stocks. In addition, 2020 experienced a 6.5% fall from the previous year for Chinese household appliances totalling USD 127 million. However, consumers were mostly at home post-pandemic so, they preferred purchasing energy-efficient washing machines to save costs and be environment-sensitive.
Urbanization is driving the washing machine market share due to better infrastructure, numerous corporate offices, and improved educational institutions. According to UNCTAD, as of 2021, the urban population of Asia and Oceania increased from 43.3% in 2011 to 50.0%. The result has been a growing preference for energy-saving intelligent washing machines as well as hotels' desire for swift laundry services which is enhancing this trend.
Additionally, advancements in science and technology have boosted IoT use in laundry appliances, simplifying washing by enabling monitoring, alerts, and control via smart devices. IoT-connected smart washers can be managed through smartphone apps, enhancing convenience and driving market growth.
Comprehensive Analysis of Washing Machine Market
The washing machine market is rapidly expanding due to effective market segmentation. This growth addresses key supply and demand dynamics in the consumer goods industry, with segmentations based on products and capacity. The product segmentation includes, Fully Automatic [Front Load and Top Load], Semi-automatic, and Dryer and the capacity segmentation includes, Below 6 Kg, 6.1-8 Kg, and Above 8 Kg.
North America places the dominant emphasis on the washing machine market. Increased outdoor activities have led to higher clothing changes, boosting consumption rates. Outdoor activities engaged 54% of people in North America who were at least six years old, in 2021. New houses which kept coming up have raised the demand for washing machines and other household stuff.
Leading market players are vital to the consumer goods industry, driving growth and establishing market standards. These players include, Whirlpool Corporation (U.S.), Samsung Electronics Co., Ltd. (South Korea), LG Electronics Inc. (South Korea), Electrolux AB (Sweden), Haier Smart Home Co., Ltd. (China), Godrej Industries Ltd. (India), IFB Industries Ltd. (India), Panasonic Corporation (Japan), Mirc Electronics Limited (India) and Bsh Hausgeräte GmbH (Germany).
In March 2023, Washing machine maker Sharp Business Systems recently announced new washing machines of Japanese contemporary technologies.
Segmentation Table
GlobalWashing Machine Market Scope
Study Period 2019-2032
Base Year 2023
Forecast Period 2024-2032
Growth Rate CAGR of 7.93% from 2024-2032
Historical Period 2019-2022
Unit Value (USD Billion)
Segmentation By Product, Capacity, and Region
By Product Fully Automatic (Front Load and Top Load)
Semi-automatic
Dryer
By Capacity Below 6 Kg
6.1-8 Kg
Above 8 Kg
By Region North America (By Product, Capacity, and Country)
- U.S. (By Product)
- Canada (By Product)
- Mexico (By Product)
Europe (By Product, Capacity, and Country)
- Germany (By Product)
- France (By Product)
- Italy (By Product)
- Spain (By Product)
- U.K. (By Product)
- Rest of Europe (By Product)
Asia Pacific (By Product, Capacity, and Country)
- China (By Product)
- India (By Product)
- Japan (By Product)
- Malaysia (By Product)
- Thailand (By Product)
- Singapore (By Product)
- Hong Kong (By Product)
- South Korea (By Product)
- Australia (By Product)
- Rest of Asia Pacific (By Product)
South America (By Product, Capacity, and Country)
- Brazil (By Product)
- Argentina (By Product)
- Rest of South America (By Product)
Middle East & Africa (By Product, Capacity, and Country)
- South Africa (By Product)
- UAE (By Product)
- Saudi Arabia (By Product)
- Rest of the Middle East & Africa (By Product)
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