Smart Washing Machine Market: Current Analysis and Forecast (2022-2028)
$3999 – $6999
Emphasis on Product (Front Load and Top Load); Application (Residential and Commercial); Region/Country.
The global smart washing machine market is expected to grow at a significant rate of around 20% during the forecast period. A smart washing machine is a clothes-washing appliance based on the Internet of Things (IoT) that allows users to monitor and control the washing process using smartphones or other electronic devices. The market is expected to expand because of the rising demand for commercial laundry equipment brought on by an increase in the number of laundry services. The market’s expansion is also being fueled by an increase in the use of smart appliances in residential settings and a significant increase in household luxury spending. Smart appliances, like smart washing machines, are becoming more popular in both the residential and commercial sectors as smartphones and wireless internet connections become more common.
Additionally, smart washing machines are seeing an increase in sales because of Americans’ increased interest in connected devices and smart homes. Digitized House Media says that three out of five Americans buy smart home products to let their smartphones monitor their homes.
Whirlpool, Samsung, LG Electronics, Electrolux, Haier Inc., Godrej Industries Ltd, IFB Industries Ltd., Panasonic Holdings Corporation, Mirc Electronics Limited, BSH Hausgeräte GmbH are some of the key players in the market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.
Insights Presented in the Report
“Amongst product, front load category to witness robust CAGR during the forecast period”
Based on the product, the market is bifurcated into front load and top load. Among these, the front-load category is to witness a higher CAGR during the forecast period owing to their large loading capacity and energy and water-saving features, front load washing machines are becoming increasingly popular with consumers. To increase their share of the smart washing machine market, manufacturers are entering the market with new product launches. For instance, Haier launched a new array of smart washing machines with six new variants. Its product “Super Drum Series,’ a front-load fully automatic washing machine has the industry’s ‘first biggest ever drum’
“Amongst application, the residential to hold a significant share in the market in 2020”
On the basis of application, the market is bifurcated into residential and commercial. Among these, the residential category to hold a significant share of the market in 2020. This is mainly due to the establishment of these items in local locations helping in following and controlling the wash to stay away from superfluous wash cycles and water utilization, in this way causing more popularity among private shoppers.
On other hand, coin laundry facilities, commercial laundry services, and the hospitality industry all make extensive use of smart washing machines to cut down on labor costs and laundry expenses.
“APAC to hold a significant share in the market”
For a better understanding of the market adoption of the smart washing machine industry, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, and the Rest of North America), Europe (Germany, U.K., France, Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World. APAC is anticipated to grow at a substantial CAGR during the forecast period. This is mainly due to increasing internet penetration and technological advancements in developing economies, such as China and India, which are anticipated to fuel the product demand in this region. According to the China Internet Network Information Center (CNNIC), internet penetration in China is 59.3%. New product developments across the industry are paving the way for higher adoption of these smart appliances.
Reasons to buy this report:
- The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
- The report presents a quick review of overall industry performance at one glance.
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments.
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
- The study comprehensively covers the market across different segments.
- Deep dive regional level analysis of the industry.
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|2.1.||Research Process of the Smart Washing Machine Market|
|2.2.||Research Methodology of the Smart Washing Machine Market|
|5||IMPACT OF COVID-19 ON THE SMART WASHING MACHINE MARKET|
|6||SMART WASHING MACHINE MARKET REVENUE, 2020-2028F|
|9.1.3.||Rest of North America|
|9.2.6.||Rest of Europe|
|9.3.4.||Rest of Asia-Pacific|
|9.4.||Rest of World|
|11||SMART WASHING MACHINE MARKET OPPORTUNITIES|
|12||SMART WASHING MACHINE MARKET TRENDS|
|13.1.||Demand Side Analysis|
|13.2.||Supply Side Analysis|
|14||VALUE CHAIN ANALYSIS|
|15.1.1.||Porters Five Forces Analysis|
|16.6.||Godrej Industries Ltd|
|16.7.||IFB Industries Ltd.|
|16.8.||Panasonic Holdings Corporation|
|16.9.||Mirc Electronics Limited|
|16.10.||BSH Hausgeräte GmbH|
Research Methodology for the Smart Washing Machine Market Analysis (2022-2028)
Analyzing the historical market, estimating the current market, and forecasting the future market of the global smart washing machine market were the three major steps undertaken to create and analyze the adoption of smart washing machines in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global smart washing machine market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the smart washing machine market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the smart washing machine market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as product and application. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the smart washing machine market. Further, we conducted factor analysis using dependent and independent variables such as various products and applications of the smart washing machine. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the smart washing machine industry across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global smart washing machine market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2028 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of revenue (USD) and the adoption rate of the smart washing machine market across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the global smart washing machine market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global smart washing machine market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of product and application in the global smart washing machine market.
The main objective of the Global Smart Washing Machine Market Study
The current & future market trends of the global smart washing machine market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of the smart washing machine market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
- Segments in the study include areas of product and application.
- Define and analysis of the regulatory framework for the smart washing machine industry.
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
- Analyze the current and forecast market size of the smart washing machine market for the major region.
- Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World.
- Company profiles of the smart washing machine market and the growth strategies adopted by the market players to sustain in the fast-growing market
- Deep dive regional level analysis of the industry