Washing Machine Market Size, Share & Industry Analysis, By Product (Fully Automatic {Front Load and Top Load}, Semi-Automatic, and Dryer), By Capacity (Below 5 Kg, 5-7 Kg, and Above 7 Kg), and Regional Forecast, 2024-2032

The global washing machine market size was valued at USD 65.44 billion in 2023. The market is projected to grow from USD 69.28 billion in 2024 to USD 127.62 billion by 2032, exhibiting a CAGR of 7.93% during the forecast period. Asia Pacific dominated the Washing Machine Market with a market share of 45.14% in 2023. Moreover, the washing machine market size in the U.S. is projected to grow significantly, reaching an estimated value of USD 8.15 billion by 2032, driven by increasing construction activities to propel the product demand.

A washing machine is an essential appliance used across households and commercial spaces, such as hospitals, hotels, luxury resorts, and laundromats for cleaning textiles efficiently. The product is easy to use and significantly saves the user’s effort and time, which triggers its adoption throughout countries. Furthermore, prominent industry participants worldwide, including Panasonic, Bosch, GE Appliances, and Samsung, prioritize developing the product by incorporating multiple advanced features, such as smart connectivity, quick wash, energy efficiency, and soft closing. These features enhance the product’s efficiency and attract more customers.

The COVID-19 outbreak negatively influenced the global market expansion. The pandemic led to the closure of physical stores, cross-border trade limitations, and raw material & labor shortages. These factors impeded the product’s manufacturing and sales throughout countries, notably in 2020. Nevertheless, the crisis improved consumer consciousness about the significance of cleanliness and health, which is expected to boost the product adoption in the coming years.

Washing Machine Market Trends

Increasing Consumer Interest in Smart Products to Provide Market Growth Opportunities

The increasing consumer interest in technologically advanced products will fuel the demand for smart washing machines with innovative features. These products incorporate internet connectivity, sensors, and cognitive capabilities to improve the user’s laundry experience. Moreover, smart machines include Internet of Things (IoT) technology, which assists customers in monitoring and changing their settings from a distance. Recent years have witnessed the increasing development of smart products with advanced functionalities. For instance, in May 2024, Xiaomi Inc., a Chinese consumer electronics company, introduced its latest smart washing machine, Xiaomi MIJIA Essence Wash, with features including a high-precision sensor, smart drying, and voice control. The 10 kg capacity machine can also be controlled via the MIJIA application.

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Washing Machine Market Growth Factors

Growing Residential Sector to Accelerate Product Sales

The rapidly growing residential sector across countries worldwide due to the rising population increases the demand for essential home appliances, including cloth washers; this will positively influence the global washing machine market growth. For instance, according to GOV. U.K., a U.K. government website, approximately 50,000 houses were constructed in the country in 2021 (first quarter), the highest in more than 20 years. Economic growth in countries including the U.S. and China also supports the residential industry expansion. For instance, as per the National Association of Home Builders (NAHB), a U.S.-based trade association, single-family housing starts across the country are expected to rise by 4.7% in 2024 and 4.2% in 2025. The increasing consumer emphasis on convenient and efficient solutions will propel the adoption of modern appliances across these residences that make everyday household chores, such as cleaning and washing easier.

Growing Accommodation Industry and Number of Laundromats to Boost Product Adoption 

Washing machines are a vital part of accommodation businesses, including hotels, motels, resorts, and hostels as they frequently clean bedding, curtains, towels, and linens to provide guests with a better experience. Moreover, rising consumer knowledge regarding hygiene has resulted in accommodation businesses investing in machines that efficiently clean large volumes of clothes regularly. In this regard, the rapidly growing accommodation industry and an increasing number of hotels and resorts across countries will boost the product demand. For instance, in April 2024, Sarovar Hotels, an India-based hotel chain, including Grand Continent Malleshwaram (Bangalore), Sarovar Portico Sonipat (Haryana), and Grand Continent Anjuna (Goa) feature numerous rooms and luxury amenities. They are located in prime locations to attract more customers.

Furthermore, a sizable number of individuals prefer laundromats due to their convenience and additional services, including pickup and drop-off options. As a result, the increasing number of laundromats in various countries providing laundry machines for public use will boost the product sales. For instance, in April 2024, a new laundromat, Wash Works Laundromat, was launched at Hancock Street, Springfield, U.S., featuring efficient washing machines that can be controlled using a smartphone. The new facility also provides laundry pickup, delivery, wash & fold, and self-service solutions.

RESTRAINING FACTORS

High Electricity Consumption and Cost of Technologically Advanced Machines to Limit Market Growth

High electricity costs due to the usage of washing appliances are significant factors affecting the demand for the product. For instance, according to the U.S. Energy Information Administration (EIA), an agency collecting and analyzing energy data, in 2020 stated that the country’s households consumed 11 billion kWh of electricity to wash clothes. In addition, technologically advanced machines are offered at high prices due to their innovative features and quality. High repair and maintenance costs are also associated with these products, further hampering their adoption among middle & lower-income consumers. In addition, uncertainty in the prices of raw materials, such as stainless steel and plastic used to develop the product can affect manufacturing and decline a company’s profit margins.

Washing Machine Market Segmentation Analysis

By Product Analysis

Increasing Consumer Preference for Advanced Capabilities Triggered Demand for Fully Automatic Machines

Based on product, the market is segmented into fully automatic, semi-automatic, and dryer.

The fully automatic segment, further bifurcated into front loading and top loading washing machines, led the global market in 2023. The fully automatic machine includes innovative features, such as programmable wash settings and water level sensing, which eliminates the requirement for manual interference in various wash cycles. This factor saves the user’s efforts and time and triggers product adoption. In addition, rising consumer inclination toward technologically advanced home appliances will drive the fully automatic machine sales.

The semi-automatic segment will grow considerably in the coming years. The segment’s growth is favored by the lower cost of semi-automatic machines compared to fully automatic ones, which will fuel their demand among individuals with budget constraints.

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By Capacity Analysis

Increasing Demand for Small Washing Machines across Households to Accelerate Product Sales in 5-7 Kg Category

Based on capacity, the market is divided into below 5 kg, 5-7 kg, and above 7 kg.

The 5-7 kg segment held the highest washing machine market share in 2023. A medium-capacity machine ranging from 5 to 7 kg is suitable for a family of around four members. These machines efficiently clean products and are available in both top-load and front-load options. They also allow users to wash more clothes without performing multiple cycles, unlike small-capacity machines, escalating their adoption throughout households worldwide.

The above 7 kg segment will record the highest CAGR during the forecast period, benefitted from the increasing adoption of these large capacity machines across large family households and commercial settings, such as hotels and hospitals.

REGIONAL INSIGHTS

The global market is studied across North America, Europe, Asia Pacific, South America, and the Middle East & Africa.

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Asia Pacific dominates the global market, backed by increasing consumer disposable incomes and emphasis on a modern and convenient lifestyle involving advanced and efficient products, such as cloth washers. Furthermore, the rapidly increasing urban population living a fast-paced lifestyle in various Asian countries are demanding washing appliances that efficiently wash clothes and saves user’s time. This factor will contribute to the regional market’s expansion. For instance, as per the United Nations Human Settlements Program (UN-Habitat), a Kenya-based United Nations agency emphasizing sustainable urban development, the urban population across the Asia Pacific will rise by nearly 50% (adding nearly 1.2 billion individuals) by 2050.

The European market is expected to grow significantly in the near term, supported by the growing awareness of environmental protection and sustainability among European countries. This will increase consumer inclination toward low-energy appliances that have a limited environmental impact. This factor can trigger the development and sales of water and energy-efficient machines across the region. For instance, in February 2023, Samsung Electronics U.K. Ltd., a U.K.-based subsidiary of Samsung Electronics, a South Korea-based electronics company, introduced its new energy-efficient A.I. Washing Machine (11 Kg) and Tumble Dryer (9 Kg). The products include a power-saving feature that assists in reducing energy costs.

Furthermore, the growing smart home trend across countries, such as the U.S. and Canada will drive the demand for appliances, such as smart laundry machines and favor the North American market expansion. Numerous tech-savvy individuals across the region also prioritize smart appliances with better capabilities.

The rapidly evolving residential sector in countries, such as Brazil and Argentina is expected to boost the demand for home appliances, including cloth washers, and support the South American market expansion.

In addition, rising urbanization and consumer interest in smart and intelligent appliances that make household tasks, including laundry, easier will accelerate product adoption in the Middle East & Africa.

KEY INDUSTRY PLAYERS

Key Players to Develop Products With High-Tech Functionalities to Gain Competitive Advantage

The global market includes renowned players, such as Samsung Electronics, Whirlpool, Electrolux AB, and Panasonic that offer the product with various high-tech functionalities, including quick washing, smart connectivity, and steam cleaning to attract more tech-savvy customers and gain a competitive edge. In addition, launching products at key locations, retail expansion, and collaborating with other key brands are assisting these companies in strengthening their market share. Moreover, rising key players’ emphasis on marketing and promotional strategies will boost their brand awareness and product sales.

List of Top Washing Machine Companies:

• Whirlpool Corporation (U.S.)


• Samsung Electronics (South Korea)


• LG Electronics Inc. (South Korea)


• Electrolux AB (Sweden)


• Haier Smart Home Co. Ltd. (China)


• Godrej Industries Ltd. (India)


• IFB Industries Ltd. (India)


• Panasonic Holdings Corporation (Japan)


• Mirc Electronics Limited (India)


• BSH Hausgeräte GmbH (Germany)

KEY INDUSTRY DEVELOPMENTS:

• February 2024 – LG Electronics, a South Korean consumer electronics and appliance brand, expanded its partnership with WASH, a laundry service provider in the U.S. and Canada. Under the new partnership, LG will provide WASH with its advanced commercial dryers and washing machines that are easy to use, energy-efficient, enhance fabric care, and feature short cycle times.


• January 2024 –  Haier, a Chinese home appliance company, introduced its new product range in Bangladesh, including washer-dryer combos and top-load washing machines. These products included features, such as Wi-Fi operation, AI Sensor Dry, anti-bacterial technology, and direct motion motor.


• May 2023 –  Samsung, a South Korea-based multinational conglomerate, introduced semi-automatic washing machines with 8 kg and 9 kg capacity variants in India. These machines also included easy-to-clean filters, glass lids, and soft closing features.


• April 2023 –  Robert Bosch, a Germany-based engineering company, introduced its new series 8 product range, including dryers and washing machines that incorporate the i-DOS technology and automatically determine the volume of softener and detergent needed for washing. The products efficiently clean clothes with advanced wash settings, including Hygiene Plus, Anti-Stain Plus System, and Iron Assist.


• January 2021 - Toshiba Corporation, a Japan-based electronics company, unveiled its home appliance store, the Toshiba Lifestyle Centre, in Bangalore, India, offering a diversified range of products, including laundry machines.

REPORT COVERAGE

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The report provides a detailed market analysis and focuses on significant aspects, such as competition landscape, regional analysis, product, and capacity. Besides this, it offers insights into various market trends and highlights key industry developments. In addition to the above-mentioned factors, the report encompasses several other factors that have contributed to the growth of the market in recent years.

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Report Scope & Segmentation