Global Smart Washing Machine Market: 2020 – 2026

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With xx million units sold, worldwide in the year 2019 – 2020; the Global Smart Washing Machine Market was valued at around $5 billion in the year 2020, and is projected to reach $xx million by the year 2026, growing at a CAGR of 20% during the forecast period.

Global Smart Washing Machine Market: 2020 – 2026

Global Smart Washing Machine MarketWith xx million units sold, worldwide in the year 2019 – 2020; the Global Smart Washing Machine Market was valued at around $5 billion in the year 2020, and is projected to reach $xx million by the year 2026, growing at a CAGR of 20% during the forecast period.

The report covers the detailed analysis of the Global Smart Washing Machine industry with the classifications of the market on the basis of Product Type, Capacity, Connectivity, Application, and region. Analysis of past market dynamics from 2016 to 2020 is given in the report, which will help readers to benchmark the past trends with current market scenarios with the key player's contribution in it.
Global Smart Washing Machine Market Market Definition

Smart Washing Machines are the washing appliances that allow the user to control the washing process remotely. The devices come with advanced features, which make washing much easier and faster, as compared to the traditional washing machines. The smart washing machines are generally connected through Wi-Fi, which allows users to connect the machines with their personal devices, and they can hence, control the machines, as per their preferences. The smart phones can be used to control the processing of the machines, by downloading an application, which could help the user by allowing it to choose the program of wash; it could help by notifying the user if the process is complete, and so on.
Global Smart Washing Machine Market Competitive Insights

The report has profiled around twenty key players in the market from different regions. However, the report has considered all market leaders, followers, and new entrants with investors while analyzing the market and estimating the size of the same. The manufacturing environment in each region is different and focus is given on the regional impact on the cost of manufacturing, supply chain, availability of raw materials, labor cost, availability of advanced technology, trusted vendors are analyzed and the report has come up with recommendations for a future hot spot in the Asia Pacific region.

The top leaders in the smart washing machines market include Whirlpool (United States), General Electric Appliances (United States), LG (Korea), Electrolux (Sweden), Samsung (Korea), Haier (China), Siemens (Germany), Panasonic (Japan), among many others.

As per the study, LG stands to be the most popular brand in South Korea, Russia, and India. The company reported a sales (Home Appliances) of US $4.94 billion in the year ended, 2020. On the other hand, Whirlpool has major popularity in the North American countries, the United States and Canada. It is observed that the domestic market has a high preference when compared to the brands from the different countries. Well, this strategy seems to be failed by the Indian manufacturers, as the Indian market is dominated by LG, rather than its domestic brands, Godrej and IFB.

In the year 2018, Haier Group Corporation became the 1st manufacturer to launch a commercial laundry machine, which was IoT enabled and could be completely operated through a smartphone. Also, in the year 2019, the company unveiled its launch of the world’s first smart laundry room. This solution has a combined technology of washing the clothes, air–drying and also folding the same.
Global Smart Washing Machine Market Dynamics

Urbanization and the Approach of Smart Homes

As per the United Nation Organization, today almost 55% of the world population resides in urban areas and is expected that this share would increase to about 68% by the year 2050. With such a tremendous shift towards the urbanization, the preferences of people, and the developing economies play a huge part in working for the development of the urban areas. The concept of smart homes or Home automation is one of the hot trends, being worked on for the development of urban areas, especially in developed and developing countries. A decade ago, thinking about controlling home appliances through technology, was just not possible, but thanks to the automation and Internet of Things (IoT), which have changed the way of living. A market study claims that about 12% of homes in the United States have several smart home appliances. The same study, also predicts that the utilization of smart home appliances would rise to 15% of households across the globe, by the end of 2023. Therefore, such smart advancements in the household sector, which are expected to rise exponentially, in recent times, could be one of the major reasons responsible for driving the market growth during the forecast period.

Sustainability and Data Privacy Concerns

Though the market for Smart Washing Machines is growing due to its automated version and rising preferences by consumers, across the globe. But, on the contrary, the industries have an underlying risk for hampering the market growth, due to the consumer’s preference towards sustainability approaches, in recent times. Smart washing machines are known to consume approximately 12,000 gallons of water annually, and while the world faces a major problem for water scarcity, the people are very much concerned about the same, and hence prefer not to use such appliances. Furthermore, as the smart devices are connected devices, they are meant to capture all the data from the devices they are connected to. With the rising rate of cyber threats across the globe, it becomes hard for consumers to connect their personal devices with any of such devices. Therefore, the threat of consumer’s data and people’s raising awareness of the environment are the two major factors, which could restrain the market growth of the smart washing machines, during the forecast period.

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Scope of Global Smart Washing Machine Market: Inquire before buying

The market is divided into 4 major segments and further into sub-segments to forecast the market size by value.
Global Smart Washing Machine Market, By Product Type

• Front Load
• Top Load

Front Load segment, by Product Type is expected to Account for the Largest Market Share during the Forecast Period.

Global Smart Washing Machine Market

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The Front Load type of the washing machine is observed to have a larger market share, as compared to the top – load type of washing machine, and it is expected that the segment would continue to have its dominance accordingly, during the forecast period. The Front Load segment type, accounted for almost a 60% market share, in the year 2020, due to its enriching features, like higher wash quality, along with water-saving per load, among many others. However, it also holds true that the top load segment is not much behind, as people’s preferences are rising for this type, owing to the low costs and flexibility approaches by the type.
Global Smart Washing Machine Market, By Capacity

• Less than 6 Kg
• 6 – 10 Kg
• More than 10 Kg

The Category ranging between 6 – 10 Kg is expected to Account for the Largest Market Share during the Forecast Period.

It is observed that the Smart Washing Machines ranging between 6 – 10 Kg capacity are highly preferred by the consumers. The basic reason for this could be attributed to the increasing nuclear family concept across the globe. Considering the technological aspects, this category of machines are known to use less amount of water and are reasonably priced, which grabs the consumer’s attention towards them and hence, are highly preferable as compared to the washing machines with a capacity of more than 10 Kg.
Global Smart Washing Machine Market, By Connectivity

• Wi – Fi
• NFC
• Bluetooth

Global Smart Washing Machine Market1

Global Smart Washing Machine Market1
Global Smart Washing Machine Market, By Application

• Residential
• Commercial

The Residential Segment is expected to Account for the Largest Market Share during the Forecast Period.

Global Smart Washing Machine Market2

In 2020, the residential segment attributed a market share of almost 65% for the smart washing machines, thanks to the rising disposable incomes. Moreover, the residential segment could also be on rising due to the increasing number of developing countries, across the globe. Also, the target of turning the developing countries into the smarter countries is another factor for people easily adopting and utilizing the latest automated products, as far as the domestic appliances are considered. The commercial segment, on the other side, is also set to pave a good CAGR, over the forecast period, owing to the quick shift of people’s preferences for the coin laundry and latest online registering services for laundries.
Global Smart Washing Machine Market, By Region

• North America
• Europe
• Asia-Pacific
• Middle East& Africa
• South America

Asia Pacific is expected to Account for the Largest Market Share during the Forecast Period.

Global Smart Washing Machine Market3

It is expected that the Asia Pacific region would account for the highest market share for the Smart Washing Machines, during the forecast period. In 2019, the region accounted for revenue of around US $20 billion. China accounts as the major contributor for this high revenue by the region, both in production as well as sales. The highest market share of the region could be attributed to the rise in the urbanization rate of the region, which in turn increases the disposable income of people there. Moreover, it is observed that the people are spending a much higher part of their in the consumption of electronic goods, since last few years; which could be due to the basic features of automated products, that help in skipping the manual work and hence the people get more time for themselves. As far as China is considered, the Haier Company is one of the top manufacturers, across the globe. The company accounted for revenue of US $31.06 billion, of which the washing machines segment accounted for the share of US $ 6.92 billion, across the globe.

The objective of the report is to present a comprehensive analysis of the Global Smart Washing Machine Market to the stakeholders in the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that includes market leaders, followers, and new entrants. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors of the market has been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The report also helps in understanding Global Smart Washing Machine Market dynamics, structure by analyzing the market segments and projects the Global Smart Washing Machine Market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the Global Smart Washing Machine Market make the report investor’s guide.
Key Players Covered:

• Honeywell International Inc.
• Sunbeam Products Inc.
• Xiaomi Corporation
• Blueair
• Miele
• Whirlpool
• Kenmore Applications
• Sharp Corporation
• Bosch
• Speed Queen
• Samsung
• LG Electronics
• IFB
• Electrolux
• GE Appliances
• Haier
• Godrej
• Siemens
• Panasonic
• TCL