The Global Inverter Washing Machine Market is valued at USD 58.21 billion in 2022 and is projected to reach a value of USD 89.34 billion in 2030 expanding at a CAGR of 5.5% over the forecast period of 2022-2030.
Global Inverter Washing Machine Market– Overview
Washing machine has experienced an escalating growth rate in the recent years. This is because the consumers have been more inclined towards automated household chores.
Also, the inverter washing machine has the ability to save time, eliminate physical effort, and also to reduce the drying time that has resulted in its high preference.
Additionally, the rising participation of people in various sporting disciplines that includes, cricket, football, basketball, and other sports are responsible for generating more laundry that has acted as a major driving factor for the market.
The pandemic led to the decrease in the product’s consumption that was because of the government’s strong steps on the maintenance of the social distancing, lockdown, and also the reduction of store occupancy.
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Key Market Trends
Every market has its growth determinant and challenges. One of the major factor that has fuelled the market growth is the rising growth of urbanization. Also, the advancement of science and technology has helped to increase the simplicity of washing process as it monitors, alerts, and controls the machine through intelligent devices.
Also, the high consumption of apparel and fashion garments has surged the need for washing machine that has driven the market growth over the forecast period. The rising complications on the supply of goods from the manufacturing plants to the sales channel because of the shortage of employees had a negative impact on the market growth.
On the flip side, one of the major factor that has hampered the market growth over the forecast period is the high electricity consumption. This is because the high electricity has negatively impacted the market growth over the forecast period.
Segmental analysis of the Market
Based on Product
- Fully automatic
The fully automatic segment has dominated the market growth over the forecast period. This is because the consumers are willing to spend more on technologically advanced products.
Based on Capacity
- Below 6kg
- Above 6kg
The 6.1-8 kg segment has dominated the market growth over the forecast period. This is because the product is considered as an ideal choice for the majority of households worldwide.
North America is anticipated to amplify at a considerable CAGR
The global inverter washing machine market is segmented into 4 main regions namely, North America, Europe, Asia Pacific, and Middle east and Africa. Among these, North America has dominated the regional segment of the market. This is because of the rising involvement of people in outdoor outings that has increased the change of clothing and has acted as a propelling factor in spiking the consumption rate I the region.
Some of the prominent companies operating in the market are Haier, Samsung, Whirlpool, Electrolux, Panasonic, and LG.
The Major Players in the Inverter Washing Machines Market include:
● Alliance Laundry
● Hisense Kelon
Major questions answered in this report
- What is the growth rate of the global inverter washing machine market?
- What are the primary growth determinants of the market?
- Which are the major regions constituting the geographical landscape of the market?
- Which are the prominent companies operating in the market?
Key takeaways from the report
- The global inverter washing machine market is projected to expand at a CAGR of 5.5% over the forecast period.
- The rising growth of urbanization is aiding market progression.
- The fully automatic segment is poised to expand significantly over the forecast period.
- North America has dominated the regional market sphere over the forecast period