SAN FRANCISCO, May 5, 2020 /PRNewswire/ -- The global smart washing machine market size is expected to reach USD 21.82 billion by 2027, expanding at a CAGR of 20.5% during the forecast period, according to a new report by Grand View Research, Inc. 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.
Key suggestions from the report:
- Asia Pacific held the largest share of the overall revenue in 2019
- By product, the front load segment is expected to expand at the fastest CAGR over the forecast period due to rise in demand from the residential sector
- The commercial application segment is projected to expand at a CAGR of 23.2% from 2020 to 2027
- The smart washing machine market is characterized by high competition due to the presence of key players, including Honeywell International Inc.; Koninklijke Philips N.V.; Sunbeam Products, Inc.; Xiaomi Corporation; Blueair; Coway Co., Ltd..; Whirlpool; Americair Corporation; and Sharp Corporation
Read 80 page research report with ToC on "Smart Washing Machine Market Size, Share & Trends Analysis Report By Product (Front Load, Top Load), By Application (Residential, Commercial), By Capacity, By Region, And Segment Forecasts, 2020 - 2027'' at: https://www.grandviewresearch.com/industry-analysis/smart-washing-machine-market
Smart washing machines offer added advantages through technology integration, such as remote control using an app, automatic program selection, auto-dosing, troubleshooting, memory feature, safety, and energy use. Moreover, these appliances help download cycles and tailor them to customer's specific needs through features of cycle customization.
Technological advancement in the smart homes category is leading to higher demand for connected appliances, such as smart washers, as a source of luxury and convenience. Additionally, automatic washing process acts as an essential part of everyday housekeeping activity among Europeans, thereby increasing adoption of these appliances in the residential sector. Smart washers with Energy Star ratings can save a lot of water as compared to conventional washing machines. For instance, Samsung's 6.0 cu. ft. FlexWash™ Washer in Black Stainless Steel model of product with an Energy Star rating and Wi-Fi connectivity uses 4,278 gallons of water per year. Whereas, conventional washing machines wash approximately 300 loads of clothes a year and consume about 12,000 gallons of water in a year.
Front load smart washer held a share of 54.6% in 2019 owing to the water and energy efficiency of the product as well as large loading capacity. Despite higher prices, the product is witness growing demand. For instance, in January 2020, SAMSUNG launched a new AI-powered front load washing machine and dryer.
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.
Asia Pacific held the largest share in 2019 and is expected to expand at the fastest CAGR of 20.8% from 2020 to 2027. Rising introduction of new products in the market are paving the way for increased adoption of these appliances in the region. For instance, in December 2018, Xiaomi Global Community launched a fully automatic smart washing machine in China with a load capacity of 10 kg. The product is equipped with the latest BLDC variable frequency motor and is priced at around USD 290.
Grand View Research has segmented the global smart washing machine market based on product, capacity, application, and region:
- Smart Washing Machine Product Outlook (Revenue, USD Million, 2016 - 2027)
- Front Load
- Top Load
- Smart Washing Machine Capacity Outlook (Revenue, USD Million, 2016 - 2027)
- Less than 6 kg
- 6-10 kg
- More than 10 kg
- Smart Washing Machine Application Outlook (Revenue, USD Million, 2016 - 2027)
- Smart Washing Machine Regional Outlook (Revenue, USD Million, 2016 - 2027)
- North America
- Asia Pacific
- Central & South America
- Middle East & Africa
Find more research reports on Electronic & Electrical Industry, by Grand View Research:
- Electronic Home Locks Market – The global electronic home locks market size was valued at USD 334.3 million in 2018 and is projected to expand at a CAGR of 16.1% from 2019 to 2025.
- Residential Washing Machine Market – The global residential washing machine market size was valued at USD 14.9 billion in 2018. Significant rise in awareness regarding household luxury is expected to be the key factor driving the growth.
- Large Cooking Appliance Market – The global large cooking appliance market size was valued at USD 25.67 billion in 2018 and is anticipated to ascend at a CAGR of 6.5% from 2019 to 2025.
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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