Residential Washing Machine Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Residential Washing Machine Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The residential washing machines market was valued at nearly USD 56,000 million in 2020, and it is projected to register a CAGR of 3% during the forecast period, 2021-2026.

The end of the COVID-19 pandemic situation is expected to bring this industry significantly higher consumer traffic, most notably through online channels, and manufacturers will need to design their production plans and distribution networks in tandem with this changing business environment. With work from home becoming a reality, at least for the near future, many consumers have started investing in consumer durables to enable them to multitask better. The sales of appliance categories, such as dishwashers, washing machines, and big-sized refrigerators, have doubled. Companies, such as LG, witnessed an increase in sales of their home appliance ranges in July and August 2020.

Numerous technological advancements were carried out in these machines during the last few years, leading to their higher efficiency in terms of saving water and electricity. This has also enabled the key players to gain a significant share in the market. Moreover, the government has taken various initiatives toward the development of rural households in developing countries in Asia-Pacific, which is expected to increase the demand for residential washing machines. An increase in disposable income and improvements in rural electrification may drive the residential washing machines market.

In addition, the rising affordability of washing machines and increased urbanization fueled the demand for washing machines. However, the availability of laundry shops and growth in online laundry services hamper the growth. Technological and innovative advancements related to washing machines present a major opportunity for manufacturers operating in this market.

Key Market TrendsFully Automatic Washing Machines are Expected to Grow at Higher Rate

A fully automatic washing machine contains a single motor that has the ability to both wash and whirl, which is done on its own without any help from any manual involvement. The segment is expected to be the fastest-growing segment, owing to the growing shortage of time for household chores. The increased number of dual-income households with insufficient time for laundry has led to the rising demand for laundromats. The energy labels and energy efficiency policies enabled manufacturers to focus on the development of energy-efficient products.

Fully-automatic machines are available in two variants, namely, front load and top load machines, and currently, front load machines are more preferred due to ease of convenience, space-saving, and water and energy efficiencies.

The Asia-Pacific Region to Witness the Highest Growth

The Asia-Pacific residential washing machines market is anticipated to grow rapidly, as residential washing machines gained popularity owing to their compatible and user-friendly features. In addition, emerging economies in the region, rapid urbanization, and an expanding middle-class population drive the market. The demand for residential washing machines is witnessing a continuous rise, owing to less availability of time to do laundry by individuals due to their hectic lifestyles. The performance of the industry is expected to be mixed over the next five years. However, much of this growth is expected to be witnessed post the COVID-19 pandemic situation, when the industry is forecast to rise owing to changing consumer behaviors.

Competitive Landscape

The report covers the major international players operating in the market studied. The market is dominated by players such as LG Electronics Inc., Whirlpool Corporation, Haier Group Corporation, and Electrolux, among others. However, with technological advancements and product innovations, mid-size to smaller companies are increasing their market presence by securing new contracts and tapping into new markets.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

Companies Mentioned

LG Electronics Inc.​
Whirlpool Corporation​
Haier Group Corporation​
Electrolux​
Panasonic
BSH Home Appliances Group
IFB Industries Ltd
Samsung
Hitachi​
Toshiba​
Other Companies​

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