Washing Machine Market size was valued at USD 68.74 billion in 2024 and is projected to reach USD 193.81 billion by the end of 2037, expanding at around 8.3% CAGR during the forecast period i.e., between 2025-2037. In the year 2025, the industry size of washing machine is assessed at USD 73.3 billion. The reason behind the growth is due to the growing apparel and fashion industry across the globe. The increased consumption of apparel and fashion garments will increase the demand for washing machines, driving market growth. Furthermore, using promoting marketing strategies by apparel and fashion brands such as buy one get one free, seasonal discounts, cashback offers, and others has encouraged consumption. According to recent data, the global apparel industry is predicted to generate over USD 1 trillion in revenue in 2023—around a 13% rise over the previous year.
The growing usage of advanced technologies such as the Internet of Things (IoT) is believed to fuel the market growth. Manufacturers of washing machines are now providing IoT-enabled services to improve consumer satisfaction by notifying them when the wash cycle on their load of laundry is complete. For instance, in 2021 Samsung introduced an IoT-enabled washing machine that includes more than 20 models, all equipped with artificial intelligence (AI) features that promise to provide 45% more fabric care while saving time and energy and also offer an adaptable washing procedure.
Growth Drivers
Challenges
For instance, washing machines use over 253 kWh of power annually.
|
Base Year |
2024 |
|
Forecast Year |
2025-2037 |
|
CAGR |
8.3% |
|
Base Year Market Size (2024) |
USD 68.74 billion |
|
Forecast Year Market Size (2037) |
USD 193.81 billion |
|
Regional Scope |
|
Product (Fully Automatic, Semi-Automatic, Dryer)
The fully automatic segment is estimated to hold 55% share of the global washing machine market in the coming years owing to the increasing personal disposable income of individuals. Moreover, this has led to a rise in purchasing power, especially in developing nations which is expected to fuel the demand for fully automatic washing machines. The growing discretionary money combined with people's busy lifestyles has given more people the means to buy luxuries such as fully automatic washing machines that boast a plethora of functions, including flexi wash technology and germ clean, which are a lot more practical with washers that are fully automatic operate by simply pressing a button. Global disposable incomes and family spending were estimated to be increased by over 2% in 2022.
End-Use (Commercial, Residential)
Washing machine market from the residential segment is set to garner a notable share. A washing machine is an indispensable household device in each contemporary home, that is built to save time and effort during the laundry process and is remarkably convenient and simple to operate to clean textiles such as clothing, linens, and other textiles.
Capacity (Below 6 Kg, 6.1-8 Kg, Above 8 Kg)
The 6.1-8 Kg segment is anticipated to gain a substantial market share in the coming years. Modern households are not complete without their machines since they provide time-saving and convenient features and a 6.1-8 kilogram fully automatic washing machine benefits large families by helping wash all the dirty clothing in one go and being ergonomically friendly while providing excellent wash quality.
Technology (Smart Connected, Conventional)
The smart connected segment in the washing machine market is poised to garner a prominent share during the forecast timeframe. Similar to computers and smartphones, smart washing machines or IoT-enabled washing machines are gadgets that can connect to a Wi-Fi network and are designed to perform at their best for personalized options and efficient, on-the-spot laundry care whereby the customers can choose the kind of wash cycle they want for their fabric and monitor the process remotely by receiving notifications.
Our in-depth analysis of the global market includes the following segments:
|
Product |
|
|
Capacity |
|
|
Technology |
|
|
End-Use |
|
|
Distribution Channel |
|
|
Type |
|
APAC Market Forecast
The washing machine market in Asia Pacific is predicted to account for the largest share of 50% by 2037 propelled by the rising urbanization. The exposure to new lifestyles and trends that come with living in metropolitan areas increases demand for washing machines in the region.
Urban areas with a higher number of nuclear families and working professionals are exposed to new lifestyles and trends, and the increasing cost-effectiveness is expected to raise the market demand for washing machines that are both efficient and quick. In India, more than 460 million people live in urban areas and the figure is increasing annually by over 2%.
North American Market Statistics
The North America washing machine market is estimated to be the second largest, during the forecast timeframe led by increasing outdoor & recreational activities. As more and more people in the region will be involved in outdoor activities, they tend to generate more dirty and sweaty clothes which is expected to result in higher demand for washing machines. In 2023, more than 95% of Americans indicated that they intend to engage in outdoor activities in the future year, up from around 90% the previous year.
Author Credits: Abhishek Verma
Copyright © 2024 Research Nester. All Rights Reserved
FREE Sample Copy includes market overview, growth trends, statistical charts & tables, forecast estimates, and much more.
Have questions before ordering this report?