Smart Washing Machines Market (Product Type - Top Load, and Front Load; Connectivity - Wi-Fi, NFC (Near-field Communication), Bluetooth, and Others; End User - Residential, and Commercial): Global Industry Analysis, Trends, Size, Share and Forecasts to 2026

A recent report published by Infinium Global Research on smart washing machines market provides in-depth analysis of segments and sub-segments in the global as well as regional smart washing machines market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional smart washing machines market over the short term as well as long term. The report is a comprehensive presentation of trends, forecasts, and dollar values of the global smart washing machines market. According to the report, the global smart washing machines market is projected to grow at a CAGR of 19.5% over the forecast period of 2020-2026.

Market Insight

The appliance industry worldwide has been stunned out of its slumber due to the hard competition. Nowadays all brands are competing with their counterparts to pull the greatest number of customers towards them. The global smart washing machine market is predicted to rake in an ample amount of demand from the residential sector as consumers reveal a major preference toward smart and connected products. Vendors in the market are taking to products that can be managed and controlled with a few touches on the consumer’s smartphone. As smart washing machines use smart grid technology and promote efficient energy utilization, many government bodies are encouraging their use for saving energy and resources. These machines can be connected with smart grids or with users at home via Bluetooth, near field communication (NFC), or Wi-Fi. NFC technology is also used in a smart diagnosis feature that can alert users about technical issues.

Wireless connectivity is now being extended to a wide range of household appliances moving beyond smartphones and tablets, enabling them to collect and exchange data. The growing use of wireless connecting devices and the Internet of Things (IoT) is driving the growth of the smart washing machines market. Furthermore, the need for energy-efficient washing machines provides a growing demand for the market. Growing demand for energy-efficient home appliances is influencing the adoption of smart washing machines. It is designed and developed for capably using energy by connecting them with smart grids. A smart washing machine is mechanically scheduling wash cycles using time-based electricity programs to ensure the washing machine is operating during off-peak hours when energy prices are cheaper. Additionally, the increased government support for promoting smart homes and smart appliances is another major growth driver for the global smart washing machine market. The majority of governments are now encouraging manufacturers to develop and consumers to adopt domestic appliances that use smart grids. However, the high cost of smart washing machines is a major restraining factor that will likely affect their adoption, and in turn, the growth of the market. Owing to this high-cost factor, it becomes difficult for manufacturers to convince consumers to upgrade their regular washing machines with the smart connected variety. Moreover, rapid technological advancement is provided significant growth opportunities for the market. The current concerns over the spread of coronavirus are creating a huge impact on the smart washing machines market. COVID-19 pandemic affected the global smart washing machines market by hindering production and demand, by disrupting the supply chain and appliance market disruption, and by its impact on firms and the financial markets. The worldwide appliance industry is heavily dependent on Chinese manufacturers. Lockdown in China has caused severe demand-supply gaps in the industry. The gap in the demand-supply chain will hinder the functioning of the flourishing smart appliances industry. 

Among the geographies, the Asia Pacific dominated the global smart washing machine market. Countries such as China, India, and Japan hold a major share of the smart washing machine market in the Asia Pacific and offers significant growth potential in this region. The Asia-Pacific market is largely driven by technological advancements and internet penetration rate in developing economies, such as China and India. According to the China Internet Network Information Center (CNNIC), internet penetration in China is 59.3%. Europe holds the second-largest market share for the smart washing machine market. Technological advancements that have increased comfort level and convenience for customers are collectively fueling the growth of the market in the European region. The increased spending power of the people and growing working women populace in countries such as the U.S. and Canada boosts the growth of the smart washing machine market in the North America region.

Segment Covered

The report on the global smart washing machines market covers segments such as product type, connectivity, and end user. On the basis of product type, the sub-markets include top load and front load. On the basis of connectivity, the sub-markets include Wi-Fi, NFC (near-field communication), bluetooth, and others. On the basis of end user, the sub-markets include residential, and commercial.

Companies Profiled:

The report provides profiles of the companies in the market such as Siemens AG, LG Electronics Inc., AB Electrolux, Whirlpool Corporation, Haier Group, Robert Bosch GmbH, Techtronic Industries, GE Appliances, Samsung Electronics, and Candy Group.

Report Highlights:

The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of smart washing machines market. Moreover, the study highlights current market trends and provides forecast from 2020-2026. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.