Global Residential Washing Machine Market provides a brief and detailed knowledge about key players, market state and circumstances that are covered deeply in this report. The business chain supporting the Residential Washing Machine market is analysed in detail covering accurate information about aspects such as the industrial chain, proficiency in utilization of the available capacity of manufacture, and industry strategies that affect the market.
Residential Washing Machine Market study offers an exhaustive summary of the vendor landscape, competitive analysis, and key strategies to gain ruthless advantage. Residential Washing Machine Market Forecast provides sizing and growth opportunities. It provides comprehensive insights on the latest industry trends, forecast, and growth drivers in the market. it also includes a detailed analysis of growth drivers, challenges, and investment opportunities and delivers a complete overview of segments and the regional outlook of the market.
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The global residential washing machine market size is projected to value at USD 22.55 billion by 2025, at a CAGR of 6.1% from 2019 to 2025. The increasing standard of living along with urbanization is anticipated to boost the market growth. Additionally, considerable improvements in electricity infrastructure in emerging economies like Indonesia, China, and India are likely to augment the product demand.
The fully automatic washing machines segment is anticipated to witness the fastest growth with a CAGR of 6.3% over the forecast period due to high energy efficiency, less water consumption and drying times, and ease of operation. The key manufacturers such as Whirlpool Corporation; LG Electronics Inc., and Samsung Electronics Co. Ltd. are launching new technologies like the Internet of Things (IoT) to increase their market presence. For example, Samsung Electronics Co. Ltd., in February 2018, made the announcement to launch a smart washing machine incorporated with the Bixby AI interface. The launch of AI in the washing machines bring changes in the market as it will provide higher ease of operation to the customers and thus, propel the market growth in the upcoming years.
In recent years, the key players have opted for marketing strategies like innovative product launch, mergers & acquisitions, expansion of production capacity, and introduction of the latest technologies to fulfill the rising demand for this product in the region. For example, Godrej Appliances, in June 2018, established its new manufacturing unit at Mohali, India, with a loading capacity of four lakhs to six lakhs each year. Additionally, LG Electronics Inc., in January 2018, introduced ‘Wi-Fi Inverter’ washing machines in Sri Lanka with in-built Wi-Fi technology.
Some of the companies for Residential Washing Machine market are:
Samsung Electronics Co. Ltd., Whirlpool Corporation, LG Electronics Inc., AB Electrolux, IFB Industries Ltd., GE Appliances, BSH Home Appliances Group, Haier Group Corporation, Midea Group, and Siemens AG, Panasonic Corporation.
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