Monday, 14 September 2015

Washing Machine Market Growth, Share & Forecast To 2022

Technological advancements and an overall improvement in the living standards across the globe are expected to drive the demand for global washing machine market over the forecast period. The demand has been increasing due to the availability of new cheap and innovative models in the market and increasing disposable incomes across the consumer bases. These machines are available from a normal stationary and domestic to more portable and stylish looks.

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Washing machines can be categorized according to their loading techniques into top-loading and front-loading. They can also be classified into automatic and semi-automatic machines, where there are separate washers and dryers and has to be operated manually to some extent. However, such top-loading and semi-automatic machines are going extinct due to ease-of-operation in fully automated machines. These are extensively used in commercial applications as well. These machines are used in rented Laundromat services and have a huge market for it. In addition, these are required in hotels, hospitals, and hostels for their laundry requirements. New innovative machines are equipped with wireless Bluetooth technology and a messaging feature that can receive operational assistance and control settings even when the user is away from home. One of the key factors contributing to such growth is the increasing need for energy-efficient machines. In addition, the introduction of smart washing machines has led to an increasing demand throughout the market.

North American countries such as the U.S. and Canada are witnessing an increase in the replacement activities for the conventional semi-automatic types with advanced automatic and smart machines fueling the demand in this region. In addition, Asia Pacific region has a strong presence of consumer appliances manufacturers, especially in countries such as China, Korea, and India. This has resulted in availability of these machines at cheaper rates driving the demand in this region. European countries are focusing on preserving a sustainable environment and are encouraging consumers for using energy-efficient and environment-friendly products. Washing machines display an EU Energy Label with grades for energy efficiency, performance, and spin efficiency. Moreover, according to the federal standards, machines manufactured for the U.S. are certified by more strict Energy Star standards on the basis of their efficiency to use water and energy for operation.

LG Electronics recently unveiled its dual tub machine that allows users to do twice the load of laundry at the same time. The features are aimed at maximum utilization of space and the economy of time with one dual load feature. Based on the concept of Internet of Things (IoT), Whirlpool has developed a smart washing machine that connects via Wi-Fi and can be stopped or started remotely and is programmed to text or email the user, when the clothes are ready to dry. However, the high cost of smart washing machines and government regulations could pose as a challenge to the industry growth.

Major vendors in the global washing machine market are Electrolux, Godrej and Boyce, Haier, IFB, LG, Panasonic Corporation, Samsung Electronics, TCL Corporation, Toshiba Corporation, Videocon, and Whirlpool Corporation.

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