The global tumble dryer market is expected to grow at a reasonable CAGR of around 2.6% throughout the projection years from 2022 to 2032. The global market is anticipated to reach a market share of US$ 20.14 Billion in 2032 from US$ 14.8 Billion in 2021. The growth in the global tumble dryer market is attributed to the surging need for energy-efficient electric dryers.
The big growth in money for middle-class people and better spending power in new countries along with higher work costs is expected to make the need for tumble dryers grow a lot. Also, the good prices for many home tools are affecting what’s making the tumble dryer market grow around in world soon. Also, as technology grows and people learn more about using modern stuff like computers, they understand better how to use machines. This leads them to buy dryers for clothes in bigger amounts these days.
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Furthermore, the rise of smart homes is assisting in the development of devices that can get connected to a user’s smartphone and monitored remotely. Tumble dryers are a very popular product in the home appliance industry, and sales of tumble dryers have an impact on the entire tumble dryer market share. In addition, with an immense increase in the sales of tumble dryers, a steady pace is witnessed in the condenser dryer segment as well. As they are easier to install than vents, people are more inclined to adopt and purchase them.
Key Takeaways
- Consumers have been excessively selecting energy-saving dryers over the recent years which is increasingly assisting them to avoid energy waste and save more money on utility bills. Furthermore, promoting manufacturers to release a slew of energy-efficient dryers on the market and improve sales of the tumble dryer.
- Modern energy-efficient dryers are equipped with moisture sensor bars that successfully detect the level of dampness within the load in order to prevent over-drying and energy waste. In addition to that, government agencies are offering various kinds of discounts for ENERGY STAR-certified tumble dryers, resulting in an increase in demand for tumble dryers in the coming years.
- Since consumers are actively drawn to new and advanced technologies with western culture, producers are actively searching for opportunities in order to introduce change within the tumble dryer market during the assessment period.
- Such advanced technology is making the products zealous in their efforts in saving electricity, which gives rise to the demand for tumble dryers. Over the projection period, this one essential element creates a critical opportunity for the tumble dryer market to gain momentum among its target audience and promotes sales of the tumble dryer.
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- Some of the prominent key players have recently introduced a washer-dryer set combined with ultra-noise reduction technology which further increased the demand for tumble dryers over the recent years.
- Manufacturers are actively strategizing on energy-saving solutions and inculcating new technological advancements to the current prototype. Furthermore, the incorporation of a heat pump in the tumble dryers is some of the factors that are contributing to the growth of the tumble dryer market share.
Competitive Landscape
The dominant players operating in the global tumble dryer market and contributing a significant tumble dryer market share. The market is also known for being fragmented due to the fierce competition and the presence of major market players scattered all over the world.
Several key players in the global tumble dryer market have incorporated modern electric dryers combined with novel features that come with the potential to transform the appliance’s future in the marketplace. Such dominant companies come with capabilities that allow customers to monitor and manage their appliances using their smartphones, which attracts customers and boosts sales of the tumble dryer.
With significant promotional activities across all the categories, the total sales of home appliances have increased by approximately 9% in 2016, resulting in surging demand for tumble dryers across the globe. Furthermore, tumble dryers experienced the highest year-over-year increase, with value sales increasing by 12%.
More Insights into the Tumble Dryer Market
On the basis of sales of the tumble dryer and revenue growth, North America is anticipated to create lucrative growth opportunities over the forecast period by accounting for the maximum tumble dryer market share in the tumble dryer market. Changing weather patterns and an increase in the use of smart home products in the home.
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