The global washing machine market is expected to reach USD 42.16 billion by 2025, according to a new report by Grand View Research, Inc. Increased needs for differentiated products and services have led to an upsurge in investments for R&D activities. Ongoing advancements, such as coin laundry, crowdsourced supply, and on-demand services, are drawing investors toward the laundromat and laundry industries seeking minimal on-site management obligations. Moreover, the commercial laundry space is becoming more automated with the introduction of Internet-enabled features in the washing machines.
Increased number of dual-income households coupled with insufficient time for laundry has led to growing demand for laundromats. Additionally, the growth in the hospitality sector in emerging countries and the advent of on-demand services are expected to propel the commercial washing machine growth. Furthermore, the energy labels and energy efficiency policies have enabled manufacturers to focus on the development of energy-efficient products.
The growth in online laundry services is expected to have a positive impact on the commercial washing machine market. The commercial washing machine market is characterized by the presence of key players who provide conventional washing and laundry services. However, the startups in this industry are struggling to fill in the gap by providing comprehensive solutions at a reasonable price.
Further key findings from the report suggest:
- The fully-automatic washing machine industry is expected to be the fastest-growing segment owing to the growing shortage of time for household chores
- The demand for washing large volume of load is providing traction to the growth of the washing machines having capacity of over 8 kg
- The residential sector is anticipated to grow at a CAGR of over 5% throughout the forecast period due to the transition from semi-automatic to fully automatic washing machines.
- The strong growing demand for residential products in the UAE and Saudi Arabia is contributing to the growth in the MEA region
- The major players include LG Electronics Inc., Samsung Electronics Co. Ltd., Whirlpool Corporation, and Electrolux AB
- Emphasis on R&D is a major strategy adopted by the key players to generate financial profits and address the environmental and social issues through technologies and products