PORTLAND, Oregon and PUNE, India, April 12, 2018 /PRNewswire/ --
According to a new report published by Allied Market Research, titled, Smart Connected Washing Machine Market by Product and End User: Global Opportunity Analysis and Industry Forecast, 2017-2023, the global smart connected washing machine market was valued at $3,712 million in 2016, and is projected to reach $13,631 million by 2023, growing at a CAGR of 22.60% from 2017 to 2023. The front load smart connect washing machine accounted for more than 61% of the global market in 2016.
Washing machines are used for the laundry washing purpose, thus saving time and energy. Product innovations have led to the development of smart connected washing machines that increase comfort level and convenience for customers. Some other features of smart connected washing machines include efficient use of water and electricity during the washing process. Moreover, the introduction of these machines has enabled users to get real-time information about the various stages of washing along with remote access & control.
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By product, the global smart connected washing machine market is divided into top load and front load. The front load smart connected washing machine is expected to register the highest CAGR throughout the analysis period, owing to increase in urbanization and its user-friendliness feature.
Based on end user, the market is bifurcated into commercial and residential. The residential end user is the most lucrative segment, as smart connected washing machines offer enhanced energy efficiency and higher value for money, in terms of laundry washing, which in turn helps people save on electricity bills.
Key Findings of the Smart Connected Washing Machine Market:
- The front load smart connect washing machine is expected to grow at a high CAGR of 23.10%, in terms of value, during the forecast period.
- The residential segment is anticipated to grow at a high CAGR of 22.80%, in terms of value.
- Asia-Pacific is expected to grow at the highest CAGR of 23.40%, in terms of value.
- The North American smart connect washing machine accounted for more than 33% of the global market in 2016.
- U.S. in North American smart connect washing machine accounted for more than 74% of the North American market in 2016.
In 2016, North America and Europe collectively accounted for more than 65% of the global smart connected washing machine industry, in terms of value, owing to increase in popularity of smart connected washing machines in this region. Furthermore, rise in internet penetration fueled the growth of the market. Asia-Pacific is projected to grow at the highest rate, followed by LAMEA, owing to increase in purchasing power of consumers.
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The major companies profiled in this report are Samsung Group (South Korea), LG Electronics Inc. (South Korea), Siemens AG (Germany), Haier Group Corporation (China), AB Electrolux (Sweden), Whirlpool Corporation (U.S.), Robert Bosch GmbH (Germany), Techtronic Industries (U.S.), Panasonic Corporation (Japan), and GE Appliances (U.S.).
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SOURCE Allied Market Research