According to a report by Altus Market Research titled, “Smart Washing Machines Global Market 2022 Opportunities And Strategies To 2031 By Type: (Top Load; Front Load); By Connectivity: (Wi-Fi; Bluetooth; Near-Field-Communication (NFC)); By Application: (Residential; Commercial)“, the global smart washing machines market reached a value of nearly $14,870.3 million in 2021, having grown at a compound annual growth rate (CAGR) of 18.4% since 2016. The market is expected to grow from $14,870.3 million in 2021 to $20,827.2 million in 2026 at a rate of 7.0%. The market is then expected to grow at a CAGR of 7.2% from 2026 and reach $29,500.4 million in 2031.
Market Growth Drivers:
Growth in the historic period resulted from a rise in disposable income, a rise in merger and acquisition activity, rapid urbanization and strong economic growth in emerging markets. Going forward, increasing smart homes, adoption of the Internet of Things (IoT), increasing demand for energy efficient products, rapid growth in ecommerce, increasing adoption of 5G networks, increasing adoption of smart appliances and increased internet penetration will drive market growth. Factors that could hinder the growth of the smart washing machines market in the future include growth in online laundry services and increasing demand for dry cleaning and laundry services.
Market Growth by Key Players:
The global smart washing machines market is highly fragmented, with a large number of players. The top ten competitors in the market made up to 38.56% of the total market in 2021. Haier Smart Home Co., Ltd. was the largest competitor with 9.36% share of the market, followed by LG Electronics with 8.30%, Whirlpool Corporation with 6.18%, AB Electrolux with 5.08%, Panasonic Corporation with 3.78%, Samsung Electronics Co Ltd with 1.92%, Arcelik A.S. with 1.90%, Xiaomi Corporation with 0.87%, Robert Bosch GmbH with 0.83%, and Miele and Cie KG with 0.35%.
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Player-adopted strategies in the smart washing machines market include focusing on improving product portfolio through the launch of new innovation products and focusing on new product innovations by providing technologically advanced products.
Market Growth by Segments:
The smart washing machines market is segmented by type into top load and front load. The front load market was the largest segment of the smart washing machines market segmented by type, accounting for 54.7% of the total in 2021. Going forward, the front load segment is expected to be the fastest growing segment in the smart washing machines market segmented by type, at a CAGR of 7.3% during 2021-2026.
The smart washing machines market is also segmented by connectivity into Wi-Fi, Bluetooth, near-field-communication (NFC), and other connectivities. The Wi-Fi market was the largest segment of the smart washing machines market segmented by connectivity, accounting for 51.3% of the total in 2021. Going forward, the Wi-Fi segment is expected to be the fastest growing segment in the smart washing machines market segmented by connectivity, at a CAGR of 7.2% during 2021-2026.
Market Growth by Applications:
The smart washing machines market is also segmented by application into residential and commercial. The residential market was the largest segment of the smart washing machines market segmented by application, accounting for 69.4% of the total in 2021. Going forward, the residential segment is expected to be the fastest growing segment in the smart washing machines market segmented by application, at a CAGR of 7.0% during 2021-2026.
Market Growth by Region:
Asia-Pacific was the largest region in the smart washing machines market, accounting for 59.2% of the total in 2021. It was followed by Western Europe, and then the other regions. Going forward, the fastest-growing regions in the smart washing machines market will be Africa, and, Middle East where growth will be at CAGRs of 14.8% and 10.8% respectively. These will be followed by South America, and, North America where the markets are expected to grow at CAGRs of 8.8% and 8.3% respectively.
Future Investment Opportunities:
The top opportunities in the smart washing machines market segmented by type will arise in the front load market segment, which will gain $3,442.0 million of global annual sales by 2026. The top opportunities in the smart washing machines market segmented by connectivity will arise in the Wi-Fi market segment, which will gain $ 3,163.0 million of global annual sales by 2026. The top opportunities in the smart washing machines market segmented by application will arise in the residential market segment, which will gain $4,149.5 of global annual sales by 2026. The smart washing machines market size will gain the most in China at $1,677.2 million.
Market: Trend-based Strategies
Market-trend-based strategies for the smart washing machines market include focus on artificial intelligence (AI)-powered washing machines, focus on Wi-Fi enabled washing machines, focus on voice-enabled washing machines, focus on product innovations and focus on IoT technology.
Growth Strategies by Altus Market Research for Companies in the Market:
To take advantage of the opportunities, Altus Market Research recommends the smart washing machines companies to focus on artificial intelligence-powered smart washing machines, develop wi-fi enabled washing machines, invest in internet of things (IoT) technology, expand in emerging markets, continue to focus on developed countries, offer competitive pricing, focus on premium pricing in developed regions, continue to participate in trade shows and events, focus more on direct-to-consumer (DTC) advertising and increase focus on online customers.
Other Players Covered in the report
Samsung Electronics Co Ltd, Arcelik A.S., Xiaomi Corporation, Robert Bosch GmbH, Miele and Cie KG, IFB, Onida, Godrej, BPL, Little Swan, TCL Corporation, Sanyo Electric, Siemens AG, Landuwasco B.V., Hotpoint Ariston, 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, Hotpoint, Kenmore, Maytag, Miele, Frigidaire, Asko Appliances, Ariston, Brandt Appliance, Crosley Company, Dyson, Fisher and Paykel, Hoover Limited, Magic Chef, H-Buster, Philco, Pioneer, Sony, AOC, Philips, Hisense, TCL, Robert Bosch Middle East, Advanced Electronics Company, Leap Technologies FZC, SMARTECH AV, CZ Electronics (Pty) Ltd., Avnet South Africa, TOSHIBA, 3M South Africa, Electrocomp (PTY) Ltd