The washing machine market is slated to have a valuation of USD 69,317.9 million in 2024. In contrast, the 2023 value was marked at USD 67,038.6 million. The market’s progress is anticipated to be average from 2024 to 2034, with a CAGR of 4.2%. The 2034 valuation of the washing machine market is forecast to be USD 1,04,597.8 million.
Washing machines are becoming commonplace household items, especially in urban areas. As the load of clothes that need to be washed grows, especially with the rising amounts of pollution outside, the need for washing machines is even more pronounced. The growth of the apparel and fashion industry is a further factor driving the use of washing machines.
Apart from homes, the use of washing machines in the commercial sector is a significant contributor to the growth of the market. Laundry businesses are the prominent users of washing machines in the commercial sector, but other applications, like hotels and even offices, are seeing the product progress steadily in the commercial sector.
There are several stumbling blocks to the progress of the washing machine market. Companies sometimes face trouble moving the product line along as old products become obsolete. There is concern about the water used by the washing machines and the harmful gases emitted in the process. Manufacturers are, however, addressing the concern by introducing eco-friendly machines.
Key Takeaways from the Washing Machine Market
- The washing machine market is expected to be USD 69,317.9 million in size in 2024.
- Top load is the common type of product in the market. For 2024, top load is expected to hold 63.8% of the market share by product.
- Commercial use of washing machines is edging out residential use. For 2024, commercial end use is expected to contribute to 59.3% of the market share.
- India is expected to be one of the leading countries in terms of progress in the market. The country is forecast to have a CAGR of 5.6% from 2024 to 2034.
- China also holds potential for the market in Asia. For 2024, China is anticipated to have a CAGR of 4.2%.
- The market is expected to progress at a CAGR of 4.8% in Australia through 2034.
Competitive Landscape
Keeping a continuous flow of new products is essential in today’s market. With technological advancements rapidly progressing, companies must remain vigilant to avoid falling behind their competitors.
To access rural and underdeveloped regions, market players are employing promotions and discounts. Additionally, government support is facilitating brands in exploring previously untapped areas.
Recent Developments in the Washing Machine Market
- In December 2023, AIWA India launched the Sentakki washing machine in India. The machine comes with technologies like a magic filter and a shock resistance panel.
- In October 2023, TCL introduced its range of washing machines in India. The company aims to provide affordable options for Indian consumers.
- In September 2023, Xiaomi launched the MIJIA front-loading washing machine in China. The machine is notable for its thinness.
- In September 2023, Samsung Electronics showcased the A-40% Washing Machine at IFA 2023. It is an eco-friendly solution that can connect with other Samsung devices in the house.
Key Companies in the Washing Machine Market
- Alliance Laundry Systems LLC
- Girbau North America
- Electrolux
- Fisher & Paykel Appliances Ltd
- GENERAL ELECTRIC COMPANY
- Haier Inc.
- IFB Industries Limited
- LG Electronics
- Samsung Electronics
- MIRC ELECTRONICS LTD.
- Panasonic Corporation
- BSH Home
- Midea Group
- Whirlpool Corporation
- Toshiba Corporation
- Godrej
- Miele & Cie. KG
- Robert Bosch GMBH
- SHARP CORPORATION
- Arcelik A.S.
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Key Segments
By Type:
- Glass Door
- Sheet Door
- PCM
- VCM
By Product:
- Top Load
- Front Load
By Technology:
- Automatic
- Semi-automatic
By Capacity:
- Below 8 KG
- Above 8KG
By Distribution Channel:
- Offline
- Online
By Application:
- Residential
- Commercial
By Region:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- The Middle East and Africa (MEA)
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