LONDON, Jan. 05, 2023 (GLOBE NEWSWIRE) — According to The Business Research Company’s research report on the washing machine market, companies in the washing machines market are investing in health-focused washing machines. These innovations in the washing machines market allow companies to plan and bring new products to the market with various health solutions.
For example, in November 2023, Midea UK, an electrical appliance manufacturer launched the Lunar Series laundry range, a range of new health-focused washing machines. This series features a number of functions including allergy care, steam care, auto-clean and high-temperature drum clean functions. The Lunar Dial integrates the screen display and dial functions for a seamless user experience. Also, in September 2023, Grundig, a Germany-based consumer electronics manufacturer, launched the FiberCatcher® washing machine to help tackle plastic pollution. The integrated synthetic microfiber filter in the machine catches up to 90% of synthetic fibers released during the wash cycle which can be sent to a specialist company to be recycled when the special integrated filter is full.
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The global washing machine market size is expected to grow from $17.27 billion in 2020 to $18.09 billion in 2023 at a compound annual growth rate (CAGR) of 4.7%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The washer market is expected to reach $21.3 billion in 2025 at a CAGR of 4%.
The washing machine manufacturing market is highly concentrated, with a few large players. The top ten competitors in the market made up to 72.64% of the total washing machine market share in 2020. The players in the market are involved in the production and sale of a wide range of washing machines such as front load, top load washing machines. Major players in the market are Samsung Electronics Co Ltd, IFB Industries Ltd, Whirlpool Corporation, LG Electronics Inc., Robert Bosch GmbH, Midea Group, Panasonic Corporation, Haier Group Corp, and Sharp Corporation.
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The washing machines market is segmented by type into fully automatic semi-automatic and others; by sales channel into e-commerce, retail chains and direct sales; by technology into top load and front load; by application into residential and commercial.
As stated in TBRC’s washing machine market research report, the top opportunities segmented by type will arise in the fully automatic segment, which will gain $5.96 billion of global annual sales by 2026; by sales channel will arise in the retail segment, which will gain $7.38 billion of global annual sales by 2026; by technology will arise in the front load segment, which will gain $10.54 billion of global annual sales by 2026; by application will arise in the residential segment, which will gain $11.11 billion of global annual sales by 2026. The washing machines market size will gain the most in the China region at $2.72 billion.
The washing machines market has experienced new product launches in recent years, with major companies coming up with innovative washing solutions. Product launch in the market is a planned effort to bring a new product to the market. For instance, in April 2023, Whirlpool announced the launch of new top load washing machine with a 2 in 1 removable agitator. The new product allows consumers to customize any load of laundry to care for their clothes. Likewise, in July 2023, Samsung announced the launch of new front load washing machine with hygiene steam technology. The new product is capable of removing ingrained dirt and 99.9% of bacteria and allergens. Companies have also initiated product innovation with development of unique products keeping up with the washing machine market trends. For example, in October 2020, LG Electronics USA modernized laundry through the launch of the revolutionary LG Wash Tower, which is a sleek, single-unit laundry solution that enables consumers to reinvent their laundry room design
Asia Pacific was the largest region in the washing machines market, accounting for 47.3% of the total in 2023. It was followed by Western Europe, and then the other regions. Going forward, the fastest-growing regions in the washing machines market will be Africa, and Middle East where growth will be at CAGRs of 7.8% and 4.3% respectively. These will be followed by Asia Pacific, and South America, where the markets are expected to grow at CAGRs of 3.8% and 3.2% respectively.
Washing Machine Market Global Report 2022: Market Size, Trends, And Global Forecast 2023 – 2026 is one of a series of new reports from The Business Research Company that provide washing machine market overviews, washing machine market analyze and forecast market size and growth for the whole market, segments and geographies, washing machine market trends, washing machine market drivers, washing machine market restraints, washing machine market leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies.
The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
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