Smart Washing Machine Market was valued at more than USD 8 billion in 2020 and is expected to grow at a CAGR of around 20% from 2022-2028.
According to a new report published by UnivDatos Markets Insights, the Smart Washing Machine Market was valued at more than USD 8 billion in 2020 and is expected to grow at a CAGR of around 20% from 2022-2028. The analysis has been segmented into Product (Front Load and Top Load); Application (Residential and Commercial); Region/Country.
The smart washing machine market report has been aggregated by collecting informative data on various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the smart washing machine market. The smart washing machine market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the smart washing machine market at the global and regional levels.
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Market Overview
A conventional washing machine is one that is used to wash clothes; a smart washing machine, on the other hand, is a laundry machine that is made up of a smart washer and dryer that can connect to the network via wi-fi. A smart washing machine can be controlled by smartphones, Alexa, or Google Assistant. Moreover, the global smart washing machine industry is expanding as a result of an increase in IoT usage, rapid urbanization, and rising technological advancement by market players. For instance, in 2021, Samsung introduced an AI-powered bilingual washing machine in India that offers an interface in both Hindi and English. It features Samsung's EcoBubble and QuickDrive technologies, both of which, according to the manufacturer, provide 45% more fabric care while saving time and energy. Additionally, the market expansion is anticipated to be aided by an increase in the efficiency of smart connected washing machines, which use less water and electricity.
Furthermore, the strict government regulations governing electric home appliances and advancements in technology are to blame for the rise of energy-efficient washing machines. By 2035, the U.S. Energy Information Administration (EIA) estimates that an increase in household energy consumption will result in a 37% increase in global energy demand.
Some of the major players operating in the market include Whirlpool, Samsung, LG Electronics, Electrolux, Haier Inc., Godrej Industries Ltd, IFB Industries Ltd., Panasonic Holdings Corporation, Mirc Electronics Limited, BSH Hausgeräte GmbH.
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COVID-19 Impact
The recent covid-19 pandemic has disrupted the world and has brought a state of shock to the global economy. The global pandemic has impacted the healthcare industry and has transformed the way healthcare is delivered. The smart washing machine market has been significantly affected during these times owing to the delay in elective surgeries during the pandemic.
The global smart washing machine market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
· Based on product, the market is bifurcated into front load and top load. Among them, the front-load category is to witness higher CAGR during the forecast period owing to their advanced features and contribution to reducing water, energy, and detergent consumption, front-load washing machines are increasingly popular with consumers. Customers still prefer front loaders due to their large loading capacity, despite their high initial cost.
· Based on application, the smart washing machine market has been bifurcated into residential and commercial. The residential category is to witness higher adoption of the smart washing machine during the forecast period. This is mainly due to smart washing machines becoming more popular in residential settings as smartphones and wireless internet connections become more common. The installation of these products in residential areas aids in tracking and controlling the wash, reducing the number of wash cycles required and the amount of water used, resulting in increased demand from residential customers.
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Smart Washing Machine Market Geographical Segmentation Includes:
· North America (United States, Canada, and the Rest of North America)
· Europe (Germany, United Kingdom, Spain, Italy, France, and the Rest of Europe)
· Asia-Pacific (China, Japan, India, and the Rest of Asia-Pacific)
· Rest of the World
APAC is anticipated to grow at a substantial CAGR during the forecast period. This is mainly due to their compatibility, user-friendliness features, increasing urbanization, and growing middle-class population in the region. In addition, the availability of major market competitors in the region also contributes to the growth through the development of advanced products to expand the customer base. For instance, in 2019, TCL Corp. introduced a wide range of smart home products, including air conditioners, refrigerators, washing machines, soundbars, and audio solutions in India. Also, the company launched smart washing machines in the G, K, and B series with water sealing and non-pollution designs in the country.
The major players targeting the market include
· Whirlpool
· Samsung
· LG Electronics
· Electrolux
· Haier Inc.
· Godrej Industries Ltd
· IFB Industries Ltd.
· Panasonic Holdings Corporation
· Mirc Electronics Limited
· BSH Hausgeräte GmbH
Competitive Landscape
The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the smart washing machine market. The major players have been analyzed by using research methodologies for getting insight views on global competition.
Key questions resolved through this analytical market research report include:
• What are the latest trends, new patterns, and technological advancements in the smart washing machine market?
• Which factors are influencing the smart washing machine market over the forecast period?
• What are the global challenges, threats, and risks in the smart washing machine market?
• Which factors are propelling and restraining the smart washing machine market?
• What are the demanding global regions of the smart washing machine market?
• What will be the global market size in the upcoming years?
• What are the crucial market acquisition strategies and policies applied by global companies?
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About UnivDatos Market Insights (UMI)
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About UnivDatos Market Insights
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