Pre-Investment Guide: Global Washing Machines Market Set to Reach $86.2 Billion by 2031

Pre-Investment Guide Global Washing Machines Market Set to Reach $86.2 Billion by 2031

According to a report by Altus Market Research titled, “Washing Machines Global Market 2022 Size, Share To 2031: COVID-19 Impact And Recovery Including: By Type: (Fully Automatic; Semi-Automatic; Others); By Sales Channel: (E-Commerce; Retail Chains; Direct Sales); By Technology: (Top Load; Front Load)”, the washing machines market reached a value of nearly $63,022.7 million in 2021, having increased at a compound annual growth rate (CAGR) of 4.6% since 2016. The market is expected to grow from $63,022.7 million in 2021 to $76,137.8 million in 2026 at a rate of 3.9%. The market is then expected to grow at a CAGR of 2.5% from 2026 and reach $86,168.4 million in 2031.

Market Growth Drivers:

Growth in the historic period resulted from strong economic growth in emerging markets, rapid urbanization and rapid technological adoption, and a rise in disposable income. Factors that negatively affected growth in the historic period were stringent government regulations and counterfeit products. Going forward, the increasing smart homes, increasing adoption of 5G networks, increasing population growth, and increasing urbanization, will drive the growth. Factors that could hinder the growth of the washing machines market in the future include increasing demand for dry cleaning and laundry services and the coronavirus pandemic.

Market Growth by Key Players:

The washing machines manufacturing market is highly concentrated, with a few large players. The top ten competitors in the market made up to 72.64% of the total market in 2020. The players in the market are involved in the production and sale of a wide range of washing machines such as front load, top load washing machines. Major players in the market are Samsung Electronics Co Ltd, IFB Industries Ltd, Whirlpool Corporation, LG Electronics Inc., Robert Bosch GmbH, Midea Group, Panasonic Corporation, IFB Industries Ltd, Haier Group Corp, and Sharp Corporation.

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Other Players Covered in the report

Midea Group, Panasonic Corporation, Haier Group Corp, Sharp Corporation, Onida, Godrej, BPL, Siemens AG, Little Swan, TCL Corporation, Sanyo Electric, Vega-Systems B.V, Landuwasco B.V., Bsh Hausgeräte Gmbh, Kohlhoff Hygienetechnik Gmbh & Co. Kg, Tps Industriewaschmaschinen, Und Anlagenbau Gmbh , Pulse Monitor, Rusolut Sp. Z O.O, SECTRON, General Electric (GE), Speed Queen, Amana Corporation, Kenmore, Maytag, Miele, Frigidaire, Asko Appliances, Ariston, Brandt Appliance, Crosley Company, Dyson, Electrolux

Market Growth by Segments:

The washing machines market is segmented by type into fully automatic semi-automatic and others. The fully automatic market was the largest segment of the washing machines market segmented by type, accounting for 44.1% of the total in 2021. Going forward, the semi-automatic market is expected to be the fastest growing segment in the washing machines market segmented by type, at a CAGR of 4.0% during 2021-2026.

The washing machines market is also segmented by sales channel into e-commerce, retail chains and direct sales. The retail market was the largest segment of the washing machines market segmented by sales channel, accounting for 71.6% of the total in 2021. Going forward, the e-commerce segment is expected to be the fastest growing segment in the washing machines market segmented by sales channel, at a CAGR of 9.3% during 2021-2026.

The washing machines market is also segmented by technology into top load and front load. The front load market was the largest segment of the washing machines market segmented by technology, accounting for 73.1% of the total in 2021. Going forward, the front load is expected to be the fastest growing segment in the washing machines market segmented by technology, at a CAGR of 4.2% during 2021-2026.

Market Growth by Applications:

The washing machines market is also segmented by application into residential and commercial. The residential market was the largest segment of the washing machines market segmented by application, accounting for 82.4% of the total in 2021. Going forward, the residential segment is expected to be the fastest growing segment in the washing machines market segmented by application, at a CAGR of 4.0% during 2021-2026.

Market Growth by Region:

Asia Pacific was the largest region in the washing machines market, accounting for 47.3% of the total in 2021. It was followed by Western Europe, and then the other regions. Going forward, the fastest-growing regions in the washing machines market will be Africa, and Middle East where growth will be at CAGRs of 7.8% and 4.3% respectively. These will be followed by Asia Pacific, and South America, where the markets are expected to grow at CAGRs of 3.8% and 3.2% respectively.

Future Investment Opportunities:

The top opportunities in the washing machines market segmented by type will arise in the fully automatic segment, which will gain $5,976.4 million of global annual sales by 2026. The top opportunities in the washing machines market segmented by sales channel will arise in the retail segment, which will gain $7,385.2 million of global annual sales by 2026. The top opportunities in the washing machines market segmented by technology will arise in the front load segment, which will gain $10,547.5 million of global annual sales by 2026. The top opportunities in the washing machines market segmented by application will arise in the residential segment, which will gain $11,116.8 million of global annual sales by 2026. The washing machines market size will gain the most in the China region at $2,728.1 million.

Market: Trend-based Strategies

Market-trend-based strategies in the washing machines market include artificial intelligence (AI) powered washing machines, smart technology, new product launches and innovation, IoT in washing machines, strategic collaborations and partnerships to drive innovations, and health-focused washing machines. Player-adopted strategies in the washing machines market include developing innovative washing machines technologies through research and development, strengthening products through strategic collaboration with other companies, launching new innovative products to strengthen position in the market.

Growth Strategies by Altus Market Research for Companies in the Market:

To take advantage of the opportunities, Altus Market Research recommends the washing machine companies to invest in artificial intelligence-powered washing machines, focus on new product launches and innovation, integrate Internet of Things (IoT) in washing machines, expand in emerging markets, leverage e-commerce to maximize reach, offer value-based pricing, offer competitively priced products, leverage online portals or social media platforms to maximize reach, participate in trade shows and events and collaborate with celebrities to drive growth.