Author: Vikas Kumar
14 January 2023
The smart washing machine market is expected to witness a CAGR of around 20% during the forecast period. 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.
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Based on the 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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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 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.
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
Global Smart Washing Machine Market Segmentation
Market Insight, by Product
Market Insight, by Application
Market Insight, by Region
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