LONDON–(BUSINESS WIRE)–The global residential washing machine market is expected to post a CAGR of close to 6% during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report
Smart homes and smart home technologies, such as smart hubs and Al-enabled smart home controllers, have garnered the attention of the consumers. In addition, 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. Key market players are offering voice control integration with Alexa and Google Assistant, to help control microwaves, ovens, and a combination washer-dryers, and dishwashers. Thus, the integration with smart technology which helps the consumers in saving time and effort is expected to positively influence the demand for smart appliances, including residential washing machines.
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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 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. In addition, a majority of these machines do not require electricity and consume less detergent. Furthermore, they are easy to carry and handy during camping, trekking, and road trips. Also, companies are also focusing on launching other innovative products such as pocket washing machines to beat the intense competition. Therefore, such innovations are expected to boost market growth for the residential washing machine market during the forecast period.
“The increasing adoption of integrated smart home technology, introduction of smart washing machines, and the expansion of e-commerce market are some other major factors that will boost market growth during the forecast period,” says a senior analyst at Technavio.
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Global Residential Washing Machine Market: Segmentation Analysis
This market 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).
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 enables them to spend more on household appliances.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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