Washing Machine Market Size, Share & Trends Analysis growing at a CAGR of 10.2% from 2023 to 2030
The global washing machine market size was estimated at USD 57.01 billion in 2022 and is projected to reach USD 126.75 billion by 2030, growing at a CAGR of 10.2% from 2023 to 2030. The increasing demand for commercial laundry equipment is expected to provide an impetus to the industry growth. The commercial washing machine industry is undergoing a transition with the introduction of innovative solutions.
Key Market Trends & Insights
- The North American region dominated the market with a revenue share of 33.9% in 2022
- By application, The hospitality segment accounted for the largest revenue share of 53.3% in 2022.
- By product, In the washing machine market, fully automatic segment accounted for the largest revenue share of 71.5% in 2022
- By capacity, The 6.1 to 8 kg segment accounted for the largest revenue share of 41.5% in 2022
Market Size & Forecast
- 2022 Market Size: USD 57.01 Billion
- 2030 Projected Market Size: USD 126.75 Billion
- CAGR (2023-2030): 10.2%
- North America: Largest market in 2022
- Asia Pacific: Fastest growing market
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The introduction of card-based laundry payment systems as an alternative to coin laundries is revolutionizing the laundry sector for increased automation. In contrast to the traditional coin operating laundries, digital laundry payment options are reducing the frequency of coin collection and providing laundry owners with more flexible payment alternatives. The growing preference for convenience and rapidly changing consumer lifestyle are contributing to the smart connected products growth.
Macroeconomic factors such as digitalization, urbanization, changing consumer buying patterns, and demand in emerging economies are augmenting the revenue growth. The introduction of next-generation washing machines utilizing technology for the efficient use of electricity and water is expected to have a positive impact on the demand for these products over the next nine years. The U.S. government is encouraging consumers and manufacturers to switch to energy-efficient appliances that use smart grids to curb high energy consumption. The need for seamlessly selecting the preferred wash cycle is expected to gain traction over the forecast period.
End-use Insights
The residential segment accounted for the largest revenue share of 51.6% in 2022. Over the past few years, urbanization has been increased significantly which has resulted in the augmented sales of white goods including washing machines, refrigerators, and air conditioners. Moreover, changing lifestyles along with the improved electricity infrastructure across rural as well as urban areas in developing countries including India, China, Indonesia, and Sri Lanka has fueled the demand for household washing machines.
