The global Smart Washing Machine Market size is expected to be worth around US$ 21.82 billion by 2027, according to a new report by Vision Research Reports.
The global Smart Washing Machine market size was valued at US$ 4.90 billion in 2019 and is anticipated to grow at a CAGR of 20.5% during forecast period 2020 to 2027.
Rising shift towards the adoption of water-efficient washers in order to maintain a healthy environment is anticipated to drive the market. Rise in luxury living owing to rapid urbanization as well as increasing disposable income among buyers has also resulted in an increase in the penetration of the product in the residential as well as commercial sectors.
Rising demand for commercial laundry equipment owing to an increase in the number of laundry services is anticipated to fuel growth of the market.
The residential application segment is expected to expand at the highest CAGR from 2020 to 2027 owing to greater visibility and new product development. Installation of smart washing machines in residential areas helps in tracking and controlling the wash to avoid unnecessary wash cycles and water usage, thereby incurring higher demand among residential consumers.
Front-load washing machines held a leading share of 54.5% in 2019 and is anticipated to register the fastest CAGR during the forecast period. Rising inclination of consumers towards conventional front loading washing machines despite higher prices has resulted in increased traction of the product.
Top load washing machines are expected to expand at a CAGR of 23.4% from 2020 to 2027. Convenience, coupled with lower prices, is a key factor driving the demand for top load washing machines, particularly in developing economies owing to a large middle-class customer base.
Smart washing machine with a capacity of 6-10 kg held the largest share of 65.5% in 2019 and is anticipated to register the fastest CAGR during the forecast period. Rapid shift towards nuclear family households owing to rising urbanization has increased the need for washing machines with 7.5 kg capacity on an average.
Smart washing machines with more than 10 kg capacity are expected to expand at a CAGR of 23.6% from 2020 to 2027. These products are primarily used for commercial purposes owing to their capacity of washing a large number of clothes at one time, resulting in energy and water efficiency.
The residential application segment accounted for the largest share of 61.8% in 2019 owing to rising disposable income across developing economies, such as China, India, and Brazil. Moreover, the convenience of operating the smart products bodes well for product adoption.
The commercial application segment is projected to expand at a CAGR of 23.1% from 2020 to 2027. Higher indulgence of commercial laundry services in smart washers as an aid to provide convenience and efficiency is gaining traction in the market. Rapid shift towards coin laundry as well as online laundry services in the emerging economies of Asia Pacific is likely to draw greater attention of consumers towards the sector.
Asia Pacific is expected to expand at the fastest CAGR of 20.7% over the forecast period. Increasing internet penetration and technological advancements in developing economies, such as China and India, are anticipated to fuel the product demand in this region. According to the China Internet Network Information Center (CNNIC), internet penetration in China is 59.2%.
North America held a share of 26.0% in 2019 on account of the higher adoption of smart appliances in the region. Higher indulgence of consumers in buying energy-efficient and water-saving products in the U.S. and Canada is ramping up the demand for smart washing machines in this region.
- Honeywell International Inc.
- Koninklijke Philips N.V.
- Sunbeam Products, Inc.
- Xiaomi Corporation
- COWAYCO. LTD.
- Americair Corporation
- Sharp Corporation
Smart Washing Machine Product Outlook
- Front Load
- Top Load
Smart Washing Machine Capacity Outlook
- Less than 6 kg
- 6-10 kg
- More than 10 kg
Smart Washing Machine Application Outlook
Smart Washing Machine Regional Outlook
- North America
- Asia Pacific
- Central & South America
- Middle East & Africa (MEA)
The Smart Washing Machine market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report provides size (in terms of volume and value) of Smart Washing Machine market for the base year 2019 and the forecast between 2020 and 2027. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
This report focuses on the global Smart Washing Machine market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Smart Washing Machine market development in United States, Europe and China.
It is pertinent to consider that in a volatile global economy, we haven’t just conducted Smart Washing Machine market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.
In terms of production side, this report researches the Smart Washing Machine capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.
In terms of consumption side, this report focuses on the consumption of Smart Washing Machine by regions (countries) and application.
Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Smart Washing Machine market. These figures have been provided in terms of both revenue and volume for the period 2016 to 2027. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.
With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Smart Washing Machine market companies.
Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Smart Washing Machine market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.
The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.
Overall, this is an in-depth research report specifically for the Smart Washing Machine industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.
The Smart Washing Machine market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Smart Washing Machine market.
Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Smart Washing Machine market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.
Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Smart Washing Machine market. These factors have benefited the growth of the global market for Smart Washing Machine. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.
New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Smart Washing Machine. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).
In this study, the years considered to estimate the market size of Smart Washing Machine are as follows:
- Historic Year: 2016-2019
- Base Year: 2020
- Forecast Year 2020 to 2027
Reasons to Purchase this Report:
– Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
– Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
– Market value USD Million and volume Units Million data for each segment and sub-segment
– Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
– Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.
This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.
Market Size Estimation
Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).
The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.
Market Breakdown and Data Triangulation
After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.
Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.
In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.
The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.
The study objectives of this report are:
- To analyze and study the global market capacity, production, value, consumption, status (2016-2019) and forecast (2020-2027);
- Focuses on the key manufacturers, to study the capacity, production, value, market share and development plans in future.
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
- To define, describe and forecast the market by type, application and region.
- To analyze the global and key regions market potential and advantage, opportunity and challenge, restraints and risks.
- To identify significant trends and factors driving or inhibiting the market growth.
- To analyze the opportunities in the market for stakeholders by identifying the high growth segments.
- To strategically analyze each submarket with respect to individual growth trend and their contribution to the market
- To analyze competitive developments such as expansions, agreements, new product launches, and acquisitions in the market
- To strategically profile the key players and comprehensively analyze their growth strategies.
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