Scope of the Study
Washing machine a type of home appliance that is used for the laundry purpose comes with the basic specification like capacities (in kilograms) to specify weight of the cloths to be washed at a time and warranty & guarantee (in years) to specify life span of machine. Now-a-days washing machines comes with the additional and exciting features like Reload functions, Air Dry Function, Smart Rinse and Memory Wash. The use of a washing machine helps to save time and energy required to wash laundry that is becoming essential due to increasing hectic life and increasing number of working women. Ongoing technological up-gradations in the product is making it more convenient for audience and attractive in the market.
The market study is being classified by Type (Fully Automatic and Semi-Automatic), by Application (Residential, Hotel and Others) and major geographies with country level break-up. According to AMA, the Global Residential Washing Machines market is expected to see growth rate of 5.32% and may see market size of USD52.96 Billion by 2024.
Samsung Group (South Korea), LG Electronics Inc. (South Korea), Siemens AG (Germany), Haier Group Corporation (China), AB Electrolux (Sweden), Whirlpool Corporation (United States), Robert Bosch GmbH (Germany), Miele and Cie. KG (Germany), Panasonic Corporation (Japan), GE Appliances (United States) and IFB (India) are some of the key players profiled in the study. Additionally, the Manufacturers which are also part of the research are Videocon (India), Bosch home appliances (Germany) and Midea Group (China).
Key players are adopting numerous strategy to gain market attention and to increase their market share, this strategy can be listed as increasing product portfolio, making partnership to adopt certain technologies and acquiring small players to finish competition in the future. As well as investing money in R&D sector to make technical up-gradations in the product. Research Analyst at AMA predicts that European Manufacturers will contribute to the maximum growth of Global Residential Washing Machines market throughout the predicted period.
Segment Analysis
AdvanceMarketAnalytics has segmented the market of Global Residential Washing Machines market by Type, Application and Region.
On the basis of geography, the market of Residential Washing Machines has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
Market Drivers
- Increasing number of working women
- Increasing purchasing capabilities due to high disposable income
Market Trend
- Rapid Technological Advancements to make product more user-friendly
- Fully automatic washing machines are gaining market attraction
Restraints
- Presence of laundry shop
- Increasing Online laundry services
Opportunities
- Increasing investments by manufacturers to increase efficiency of product
- Rapid market growth in the emerging countries like India and China
Key Target Audience
Product Manufacturers, Distributors/Traders/Wholesalers, Sub-component Manufacturers, Industry Association, Downstream Vendors, Technology, equipment, and solution providers and Private utility players
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