Global Residential Washing Machine Market 2019-2023| Increased Adoption of Integrated Smart Home Technology to Boost Growth| Technavio
LONDON--(BUSINESS WIRE)--May 16, 2019--
The global residential washing machine market is expected to post a CAGR close to 6% during the period 2019-2023, according to the latest market research report by Technavio.
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Technavio has published a new market research report on the global residential washing machine market from 2019-2023 (Graphic: Business Wire)
Smart homes and smart home technologies, such as smart hubs and Al-enabled smart home controllers, have captured the interest of consumers. Also, uninterrupted and easy connectivity to smart appliances is an essential feature that helps consumers perform tasks remotely. The vendors of household appliances have also considered this growing trend and featured such technologies in their products. For instance, Whirlpool offers voice control integration with Alexa and Google Assistant, that helps in controlling microwaves, ovens, and a combination washer-dryers, and dishwashers. Thus, integration with these smart tools has consistently contributed to reducing customer effort and is expected to positively influence the demand for smart appliances, including residential washing machines.
As per Technavio, the advent of portable washing machines will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global residential washing machine market 2019-2023 research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global residential washing machine market: Advent of portable washing machines
Portable washing machines have recently emerged as an ideal solution for laundry washing. These machines are usually smaller in size and can be transported with ease as they weigh as little as 43 pounds. Also, a majority of these machines do not require electricity and consume less detergent and are easy to carry and handy during camping, trekking, and road trips. Moreover, the advent of new technologies has intensified market competition with the introduction of pocket washing machines. For instance, in 2015, Haier Group launched CODO, the world's first pocket washing machine weighing 200g. CODO is a hand-held machine capable of removing stains in merely 30-120 seconds. Therefore, such innovations are expected to boost market growth for the residential washing machine market during the forecast period.
“ The intense competition in the global residential washing machine market, coupled with the rapid expansion of technology, has revitalized the taste and preferences of the buyer in a way that the customer has shifted preference to purchase more technically updated appliances. This change in buying preference of consumers has led to the expansion of product portfolios and compelled vendors to aggressively spend on R&D to sustain in the aggressively competitive environment,” says a senior analyst at Technavio.
Global residential washing machine market: Segmentation analysis
This market research report segments the global residential washing machine market by technology (fully-automatic, and semi-automatic), by product (front load, and top load), by distribution channel (offline, and online), and geographical regions (APAC, Europe, North America, MEA, and South America).
The APAC region led the market in 2018, followed by Europe, North America, MEA and South America respectively. During the forecast period, the APAC region is expected to maintain its dominance over the global market and register the highest incremental growth. This can be attributed to the increasing income of people, which encourages them to spend more on household appliances.
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Five Forces Analysis
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- Vendors covered
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