The washing machine market is anticipated to be worth USD 69,317.9 million in 2024. For 2023, the value was tipped to be USD 67,038.6 million. The market is expected to grow at a modest rate over the period from 2024 to 2034, with a CAGR of 4.2%. By the end of the forecast period, the market value is predicted to have jumped to USD 1,04,597.8 million.
| Attributes | Details |
|---|---|
| Washing Machine Market Value for 2024 | USD 69,317.9 million |
| Projected Market Value for 2034 | USD 1,04,597.8 million |
| Value-based CAGR of Market for 2024 to 2034 | 4.2% |
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The washing machine market was tipped to be USD 59,332.2 million in value in 2019. The market likely progressed at a consistent CAGR of 3.1% over the historical period from 2019 to 2023.
The value of washing machines continued to rise in people's eyes throughout the historical period. However, the pandemic served to dampen the growth of the market. As restrictions were imposed and people stayed more at home, there was less need for fresh clothes. Commercial business washing machines closed, too, further restricting the scope of the market. However, with things returning to normalcy as the historical period came to a close, the demand for washing machines was back on the progress route. By 2023, the demand in the washing machine market had risen to USD 67,038.6 million.
| Market Value (2019) | USD 59,332.2 million |
|---|---|
| Historical CAGR (2019 to 2023) | 3.1% |
| Historical Market Valuation (2023) | USD 67,038.6 million |
Long-term Analysis of the Washing Machine Market
The washing machine market is estimated to reach USD 69,317.9 million in 2024. The market's progress is pegged to be moderate from 2024 to 2034, with a CAGR of 4.2%.
Technology is set to play a key role in the acceleration of demand in the washing machine market. As with other kitchen appliances, consumers are also seeking convenience in washing machines. Technology is helping washing machines become easier to use; for example, washing machines can be operated through mobile apps. With the improvement in lifestyles, consumers are willing to splash on premium washing machines with advanced features.
Apart from the residential sector, the application of washing machines in the commercial sector is expected to contribute significantly to the growth of the washing machine market. Laundry businesses are booming, while washing machines are also being adapted into hotels and other accommodations. Thus, the market outlook in the forecast period is better than in the historical period. By 2034, it is anticipated that the value of the market is expected to have jumped to USD 1,04,597.8 million.
An analysis of the washing machine market is attempted concerning two categories: product and application. Front and top load are the two types of products in the market, each offering different characteristics. Both commercial and residential use of washing machines are propelling the market.
Front-load washing machines triumph over top-load washing machines in the market. For 2024, front load is expected to account for 63.8% of the market share by product.
Typically, front-load washing machines use less water and electricity than top-load washing machines. Thus, the product's cost-saving and environmental impact-reducing nature is endearing to users. Front-load washing machines are also preferred due to their better results in overall cleaning as well as their aesthetic value.
| Attributes | Details |
|---|---|
| Top Product | Front Load |
| CAGR (2024 to 2034) | 63.8% |
Commercial spaces are adopting washing machines at a rapid pace. For 2024, commercial application is anticipated to contribute to 59.3% of the market share.
Laundry businesses are being set up in an increasing number globally, and washing machines are a prime factor in their success. In addition, hotels are also offering laundry services to customers, thus increasing the scope of the market in the commercial space even more.
| Attributes | Details |
|---|---|
| Top Application | Commercial |
| CAGR (2024 to 2034) | 59.3% |
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The rise of the middle class in the Asia Pacific is fueling the demand for washing machines in the region. Families increasingly consider washing machines a necessity, especially with the rise in working women.
Europe, North America, and Oceania are other regions representing opportunities in the market. The advancement of technology is a prime reason for the growth of the market.
| Countries | CAGR |
|---|---|
| United States | 3.0% |
| India | 5.6% |
| China | 4.2% |
| Germany | 3.9% |
| Australia | 4.8% |
India is set to be the leading country in the market. For the 2024 to 2034 period, the CAGR for India is estimated to be a sturdy 5.6%.
Washing machine suppliers are increasingly making washing machines available at reduced prices in India as part of deals and festive offers. Thus, washing machines have penetrated even the rural areas in the country.
China is another Asian country, signifying opportunities for the market. For the forecast period, the CAGR for China is anticipated to be a respectable 4.2%.
Technology is not only being used by consumers in China but also being leveraged in manufacturing. For example, China Midea’s washing machine manufacturing plant in Jingzhou uses 5G networking to connect the entire factory and ease logistics and supply chain processes.
Sustainability trends are strong in Australia, especially in the wake of recent natural disasters. Thus, Australians are seeking consumer products that do not damage the environment. Manufacturers are heeding the call of the Australian population by launching sustainable machines. For example, in June 2023, Samsung Australia launched the Bespoke AI Laundry range, which combined technology with sustainability. For the forecast period, the CAGR for Australia is predicted to be a solid 4.8%.
Germany is home to prominent market players like Bosch and Siemens. The companies focus on new launches, and the market is constantly in flux. Thus, the wide variety of options available to consumers keeps the demand flowing in Germany. For the forecast period, the CAGR for Germany is projected to be a commendable 3.9%.
The trend in the United States slants toward compact kitchen appliances. Thus, the demand for mini and portable washing machines is contributing heavily to the growth of the market in the country. For the forecast period, the CAGR for the United States is a consistent 3.0%.
Maintaining a constant stream of new products is vital in the market. As technology improves, companies have to stay on their toes to avoid being left behind by competitors.
Market players are using offers and discounts to reach rural and underdeveloped areas of the globe. Government aid is also helping brands explore hitherto untapped regions.
Recent Developments in the Washing Machine Market
The washing machine market size is expected to be worth USD 69,317.9 million in 2024.
The washing machine market is estimated to get as big as USD 1,04,597.8 million by 2034.
The CAGR for the market in India from 2024 to 2034 is estimated to be 5.6%.
Top load and front load are the two types of washing machines.
The washing machine market is expected to grow by 4.2% from 2024 to 2034.
| Expected Market Value (2023) | USD 822.3 million |
|---|---|
| Anticipated Forecast Value (2033) | USD 1,431.45 million |
| Projected Growth Rate (2023 to 2033) | 5.7% CAGR |
| Expected Market Value (2023) | USD 644 million |
|---|---|
| Anticipated Forecast Value (2033) | USD 1,175.25 million |
| Projected Growth Rate (2023 to 2033) | 6.2% CAGR |
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