The washing machine market effectively entails sales of washing machines. A washing machine is an appliance effectively utilized to wash several types of clothes without applying any physical efforts.
According to the report analysis, ‘Washing Machines Global Market Report 2020’ states that in the washing machine global market there are several corporates which recently operating more effectively for leading the highest market growth and dominating the handsome value of a market share around the globe, during the upcoming years while delivering better consumer satisfaction, implementing the profitable strategies, analyzing and studying the strategies and policies of the government as well as competitors, decreasing the linked prices, developing the specifications of the production technologies, spreading the awareness related to the washing machines, employing the young workforce and establishing several research and development programs include Whirlpool Corporation, Panasonic Corporation, Robert Bosch GmbH, Miele, Haier Group Corporation, Electrolux AB, GE Appliances, AEG, Tecnik, IFB, and several others.
The worldwide fibers market was worth USD 147.16 billion in 2019. It is projected to grow at a compound annual growth rate (CAGR) of 5% and reach USD 175.06 billion by 2023. The fibers market has been geographically divided into North America, Western Europe, Asia-Pacific, Eastern Europe, South America and Middle East & Africa. The Asia Pacific accounts for nearly 50% of the market.
The speedy Urbanization is projected to underwrite to the growth of the washing machine market in the review period. Internationally, the percentage of the population living in urban locations is expected to augment from 55% in 2018 and reach 68% by 2050. The growth in the urban populace coupled with the increase in disposable incomes and affordability among residents of cities will propel the requirement for washing machines.
For instance, the growing demand for online on-demand laundry services are projected to restrain the market for washing machines in the review period. The on-demand laundry services market is projected to be aided by the stable economic growth review in many developed and developing regions. According to the International Monetary Fund (IMF), the worldwide real GDP growth will be 3.7% between 2019 and 2020, and 3.6% from 2021 to 2023. In addition, the emerging markets are expected to continue to increase slightly faster than the established markets in the forecast duration. For instance, China is review to account for GDP growth of 6.2% in 2019. Stable economic growth, augmenting internet penetration, and increasing disposable income coupled with the hectic lifestyle of individuals will lead to an augment in on requirement laundry services, thereby restraining the growth of the market for washing machines.
Whereas, the Washing machine manufacturers are progressively producing energy-efficient products to decrease the carbon footprint and allow the energy savings for the consumers. The increase of energy-efficient appliances can be accredited to the stringent government regulations on electric home appliances and advances in technology. Energy-efficient appliances are designed to use minimum energy to complete the compulsory task. Recently, over 80 regions have standards and labels for energy proficient appliances. For example, across the USA, ENERGY STAR certified washing machines utilize 25% less energy and 33% less water than a standard washing machine. Therefore, in the near years, it is projected that the market for washing machines will increase around the globe more effectively over the upcoming duration.
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Ankur Gupta, Head Marketing & Communications