Major players in the smart washing machine market are General Electric Co., LG Electronics Inc., Samsung Electronics Co. Ltd., Whirlpool Corp., Robert Bosch GmbH, Haier Consumer Electronics Group Co. Ltd., Panasonic Corp., Siemens AG, AB Electrolux, and Whirlpool.
The Global Smart Washing Machine Market is expected decline from USD 7.85 billion in 2019 and to USD 7.59 billion in 2020 at a compound annual growth rate (CAGR) of -3.22%. The decline is mainly due to economic slowdown across countries owing to the COVID-19 outbreak and the measures to contain it. The market is then expected to recover and reach USD 12.48 billion in 2023 at CAGR of 18.03%.
The smart washing machine market consists of sales of smart washing machines and related services. The sales comprises of revenues generated by establishments that are primarily engaged in the manufacturing and selling of smart front load, Inclined Load and top load smart washing machines. Smart washing machine is defined as the machine which helps the user to control the washing process remotely. Smart washing machines are connected to the internet and to smart phone, or other smart devices through the cloud or app. The connectivity gives more control on the machine, and user can decide its activity through the commands on the app or through other means like voice.
North America was the largest region in the smart washing machines market in 2019. Asia Pacific is expected to be the fastest growing region in the forecast period.
Artificial Intelligence is expected to be a trend in smart washing machine market. AI uses a simulation of human intelligence into machine. These machines are programmed with AI technology to think and function like humans. For instance, LG electronics newly released smart washing machine LG thinkQ which uses Artificial Intelligence and analyses the wash load and suggests the wash settings accordingly. Similarly, Samsung released Samsung Grande AI washer and drier in January 2020 which uses Artificial Intelligence for effective ways to laundry and connect with drier to ease the process of laundry. AI-programmed smart washing machines are expected to ease the process of laundry.
The smart washing machines market covered in this report is segmented by type into top load, front load and by application into residential, commercial.
Smart washing machine utilizes wireless technology (such as WiFi, 3G, Bluetooth, etc.) to communicate and interact with other devices or networks. Therefore, the cost of smart washing machine is high compared to conventional washing machine. The smart washing machine cost ranges from USD 650 to USD 2500 compared to conventional ones which ranges from USD 100 to USD 1000. The cost will also depend on the size of the washing machine, with larger units fetching higher prices, such as a Samsung 16kg front load washing machine, which retails for around USD 3,000. Although the higher expense of smart washing machine with a comparable build quality to a regular washing machine is not unreasonable, the high cost of these washing machines would hinder the demand and growth of the smart washing machine market.
In February 2018, Hughes Electrical, a leading player in the UK’s commercial laundry market acquired Armstrong Commercial Laundry Systems for an undisclosed amount. This acquisition allows Hughes to open trade counters to provide domestic equipment to local businesses as well as to Armstrong customers. Armstrong is a UK distributor for American company Alliance Laundry Systems, the worldwide producer of commercial laundry equipment.
The increasing need for energy-efficient washing machines will drive the growth of the smart washing machines market in the forecast period. Smart washing machines increasingly producing energy-efficient products to reduce carbon footprint and enable energy savings for the consumers. The rise of energy-efficient washing machines can be attributed to the stringent government regulations on electric home machines and advances in technology. According to the U.S. Energy Information Administration (EIA), the demand for global energy will grow by 37% due to a rise in energy requirements per household by 2035. Energy-efficient machines are designed to utilize minimum energy to complete the required task. Currently, over 80 countries have standards and labels for energy-efficient machines. Thus, smart washing machines will drive the market in the forecast period.
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Ankur Gupta, Head Marketing & Communications