The growth potential of the washing machine market in India has increased tremendously in the recent years due to urbanization, expanding middle class, and rise in the disposable incomes. The white goods manufacturers are now focusing on building capabilities in the Indian market, and enhancing their product offerings at various price points to provide consumers with affordable varieties and customized preferences. With the changing lifestyles of people, penetration of washing machines is increasing at a faster pace with consumers replacing domestic help with washing machines to become more independent.
The washing machines market was once constrained and inhibited by the high price points, but now it is much diversified than before. With the changing lifestyle of the consumers, a major trend that has been driving the market is the shift to big-capacity and fully automatic washing machines (7 kg and above) at a very rapid pace. The front-load contribution is also rising with the top-load washing machines catching up at a fast pace. Overall, the fully automatic contribution is going up. With rise in income and increase in number of working couples, consumers prefer a larger wash in one go rather than multiple rounds of washing. The customers are also upgrading their current washing machines with new advanced AI technology.
The customer base has seen a tremendous rise due to growing population and rapid urbanization with washing machine penetration going up to 15 percent. A change is observed in consumer preference toward improved and innovative technology. The needs of Indian consumers are evolving dynamically with greater requirement for solutions that bring more convenience along with being stylish and energy efficient.
The Indian market is fast moving toward high-end customized products, which are aesthetically designed to complement modern households. The need of the hour is to continuously innovate and come out with product variations across categories to meet the expectations of a varied spectrum of users. We expect the washing machine segment to grow by 12 percent with maximum growth in the fully automatic segment. Hundred percent rural electrification announcement by the Government of India is also a welcome step as it will certainly increase penetration of consumer durables in Tier-II cities.
Consumers today are seeking streamlined and innovatively designed washing machines, having a user-friendly interface to offer the desired washing experience.
The products today must be intuitive, responsive, and energy-efficient that work best for Indian consumers, whilst keeping them updated with the latest technological advances.
With breakthrough innovations in technology, there is a pressing need for smart appliances coupled with efficiency in terms of energy consumption. LG has come out with a unique innovation by offering a washing machine known as the twin wash. As the name suggests, the most compelling feature of this product is its ability to wash two separate loads of clothes at the same time. With this unique twin wash machine, LG brings the laundry Innovation of the year – doubling up the fun!
The author is Vice President – Home Appliances & Air Conditioners, LG Electronics India Pvt. Ltd.