The global washing machine market size was valued at USD 56.32 billion in 2022. The market is projected to grow from USD 59.39 billion in 2023 to USD 83.47 billion by 2030, exhibiting a CAGR of 4.98% during the forecast period.

The product's growth rate has increased in recent years as more consumers have started to favor automating domestic tasks. The product's high preference rate is the result of its capacity to shorten drying time, eliminate physical effort, and save time. The expansion of the laundry appliances market is being fueled by an increase in consumer engagement in sports such as cricket, football, basketball, tennis, and others that produce more sport-related laundry. The data provided by the CBI Ministry of Foreign Affairs shows that in 2020, fashion sportswear imports for domestic consumption in Europe were USD 14.84 billion.

Segments:

Fully Automatic Segment Holds Major Market Share due to Significant Consumer Demand for Innovative Products

By product, the market is divided into fully automatic, semi-automatic, and dryers. Due to consumers' increased willingness to spend more money on technologically advanced products, fully automatic segment is predicted to hold the majority of the market share. The product's capacity to wash and dry in the same drum, which reduces drying time and also contributes to the increase in preference rates.

6.1-8 Kg Segment to Continue Leading as it Caters to Consumers’ Most Needs

Based on capacity, the market is divided into below 6 kg, 6.1-8 kg, and above 8 kg. The 6.1-8 kg segment is anticipated to be the best option for majority of households globally since it complements the strength, power, and capacity needed by most households, making the 6.1–8 kg category the dominant one.

Report Coverage:

The report offers:

• Major growth drivers, restraining factors, opportunities, and potential challenges for the market.
• Comprehensive insights into the regional developments.
• List of major industry players.
• Key strategies adopted by the market players.
• Latest industry developments include product launches, partnerships, mergers, and acquisitions.

Drivers & Restraints:

Urbanization's Rapid Expansion will Accelerate Market Development

Urban areas now have more people living in them due to improved infrastructure, a significant number of corporate headquarters, and higher-quality schools and universities, which, in turn, is fueling the market's expansion. According to data provided by the United Nations Conference on Trade and Development (UNCTAD), the proportion of the population living in urban areas in Asia and Oceania went from 43.3% in 2011 to 50.0% in 2021. The need has also increased as a result of the abundance of hotels, motels, and resorts in urban areas, which need a quicker method of laundry cleaning. These factors will result in an increase in the global washing machine market share.

However, high consumption of power by cleaning machines may impede the global washing machine market growth.

Regional Insights

Expanding Popularity of Outdoor Activities Drive Market in North America