GVR Report cover Smart Washing Machine Market Size, Share & Trends Report

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

  • Report ID: GVR-4-68038-506-9
  • Number of Pages: 80
  • Format: Electronic (PDF)

Report Overview

The global smart washing machine market size to be valued at USD 21.82 billion by 2027 and is expected to grow at a compound annual growth rate (CAGR) of 20.5% during the forecast period. Rising demand for commercial laundry equipment owing to an increase in the number of laundry services is anticipated to fuel the growth of the market. Additionally, a significant rise in household luxury spending, as well as greater adoption of smart appliances in the residential sector, are providing an impetus to the growth of the market. Greater penetration of smartphones and wireless internet connections is helping increase the adoption rate of smart appliances, such as smart washing machines, across the residential as well as commercial sectors.

Smart Washing Machine Market size, by product

Technological advancement in the smart homes category is resulting in higher demand for connected appliances, such as smart washers, as a source of luxury and convenience. Increased adoption of the automatic washing process as an essential part of everyday housekeeping activity among Europeans has created lucrative growth prospects in the region.

Moreover, the higher indulgence of Americans in smart devices and smart homes is ramping up the sales of smart washing machines owing to the increased prominence of connected devices. According to Digitized House Media, 3 out of 5 people in America buy smart home products in order to monitor their house through their smartphones. According to a blog by NPS Publishing, smart home penetration was 7.5% in 2018, which is likely to hit 19.5% by 2022. Thus, increasing movement in the industry is widening the scope of smart appliances in households, which is expected to drive sales of smart washing machines.

Moreover, the growing scarcity of water across the globe is compelling manufacturers to devise products with technology that minimizes the use of water. Thus, these smart washing machines 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. Therefore, consumers, in order to address the growing issue of water scarcity, are opting for such efficient and technology-integrated washing equipment.

Smart Washing Machine Market Trends

The infrastructural development in consumer goods is growing thereby enlarging the market growth. The rising number of commercial and residential spaces, especially those in developing countries is directly driving the market growth. Increased awareness for smart washing machines is increasing the demand and the usage by small and medium-sized businesses. For example, smart washing machines have witness huge demand in the hotel, travel, and tourism.

Price fluctuations and the lack of technical know-how present a threat to market growth. One of the most significant issues is the demand for high capital expenses to invest in essential gear and conduct operations. Furthermore, high operating and maintenance expenses for machines limit the scope of organic growth. 

The rising technical improvements in manufacturing systems are driving additional values  For instance, the growing number of technical advancements driven by the need to reduce manufacturing costs and waste, aligned with the growing adoption of laundry services available over the internet, has ensured a bright future for the market. Increased federal government financing for research and development capabilities is also contributing to the industry growth. 

Product Insights

Front-load washing machines held a leading share of 54.6% in 2019 and are anticipated to register the fastest CAGR during the forecast period. The rising inclination of consumers toward conventional front-loading washing machines despite higher prices has resulted in increased traction of the product.

Consumers are increasingly shifting towards the adoption of front load washing machines on account of their large loading capacity as well as water and energy efficiency features. Thus, manufacturers are entering this segment with new product launches in order to attain a greater share in the smart washing machine market. For instance, in 2018, Xiaomi Corporation launched MIJIA smart washing machine with a front load capacity of 10kg in China.

Top load washing machines are expected to expand at a CAGR of 23.5% from 2020 to 2027. Convenience, coupled with lower prices, is a key factor driving the demand for top load washing machines, particularly in developing economies owing to a large middle-class customer base. The rising infusion of smart inverter technology in the products is also helping boost the application of these machines in the residential as well as commercial sectors. For instance, the Fischer & Paykel Smart Drive top loaders feature a DC type of motor, which starts softly. These top loaders work off an 800-watt inverter. This scenario is boosting the adoption of top-load smart washing machines across the globe.

Capacity Insights

Smart washing machine with a capacity of 6-10 kg held the largest share of 65.6% in 2019 and is anticipated to register the fastest CAGR during the forecast period. The rapid shift towards nuclear family households owing to rising urbanization has increased the need for washing machines with a 7.5 kg capacity on average. Moreover, an increased focus on water saving has resulted in higher adoption of smart washing machines with a load capacity of 6-10 kg. A wash cycle of 7.5 kg laundry uses less water, electricity, and detergent as compared to two cycles of 3.5 kg. Thus, the inclination towards smart washers with 6-10 kg of load capacity is higher.

Smart washing machines with more than 10 kg capacity are expected to expand at a CAGR of 23.7% from 2020 to 2027. These products are primarily used for commercial purposes owing to their capacity of washing a large number of clothes at one time, resulting in energy and water efficiency. The increasing presence of commercial laundry services across the globe is boosting the demand for large-capacity washing machines.

For instance, increased traction of the coin laundry services in the U.S. has raised the application of front-load washers of 8-22 kg capacity. In addition, national and regional demographics indicate renters being the primary users of coin laundries. According to the U.S. Census data, in 2017, 34% of 120 million households were rented in the country. This scenario indicates lucrative growth prospects for washing machines with higher load capacity in the commercial sector. Moreover, large families with typically more than 5 members also choose a higher loading capacity of washing machines. Thus, smart washing machines with 6-10 kg capacity are bound to witness growth in the forecast period.

Application Insights

The residential application segment accounted for the largest share of 61.9% in 2019 owing to rising disposable income across developing economies, such as China, India, and Brazil. Moreover, the convenience of operating smart products bodes well for product adoption. Installation of these products in the residential areas helps in tracking and controlling the wash to avoid unnecessary wash cycles and water usage, thereby incurring higher demand among residential consumers.

The commercial application segment is projected to expand at a CAGR of 23.2% from 2020 to 2027. Higher indulgence of commercial laundry services in smart washers as an aid to provide convenience and efficiency is gaining traction in the market. The rapid shift towards coin laundry as well as online laundry services in the emerging economies of Asia Pacific is likely to draw greater attention of consumers to the sector.

Smart Washing Machine Market share, by application

Moreover, rising developments in the hospitality sector and hospitals are resulting in continuous demand for convenient and faster laundry washing, thereby increasing demand for smart washing machines in the commercial application segment.

Regional Insights

Asia Pacific is expected to expand at the fastest CAGR of 20.8% over the forecast period. Increasing internet penetration and technological advancements in developing economies, such as China and India, are anticipated to fuel the product demand in this region. According to the China Internet Network Information Center (CNNIC), internet penetration in China is 59.3%. New product developments across the industry are paving the way for higher adoption of these smart appliances. For instance, in December 2018, Xiaomi Global Community launched a fully automatic smart washing machine in China with a load capacity of 10 kg. It is equipped with the latest BLDC variable frequency motor and is priced at around USD 290.

Smart Washing Machine Market Trends by Region

North America held a share of 26.0% in 2019 on account of the higher adoption of smart appliances in the region. The higher indulgence of consumers in buying energy-efficient and water-saving products in the U.S. and Canada is ramping up the demand for smart washing machines in this region. Moreover, the growing number of smart homes in the region is paving the way for increased penetration of smart washing machines. According to the Digital Market Outlook, the number of smart homes in the U.S. is expected to be 68.5 million by 2024.

Key Companies & Market Share Insights

The global market is characterized by high competition. Market players are adopting merger and acquisition strategies to enhance product offerings.

Moreover, companies are focusing on expanding their product line through product innovation, particularly in developing economies, to meet the rising demand. For instance, in 2019, TCL Corporation launched new smart home appliances, including washing machines, in India. The company introduced TCL G-series, K-series, and B-series washing machines with front and top-loading capacity.

Recent Developments

  • In May 2022, In India, SAMSUNG introduced AI EcoBubble washing machines. It is multilingual AI EcoBubble full auto front-loaded washing machines with artificial intelligence

  • In April 2022, SAMSUNG, a worldwide maker of consumer electronics collaborated with ABB Group, a world leader in energy and automation technology.

Some of the prominent players in the smart washing machine market include:

  • Honeywell International Inc.

  • Koninklijke Philips N.V.

  • Sunbeam Products, Inc.

  • Xiaomi Corporation

  • Blueair

  • COWAYCO. LTD.

  • Whirlpool

  • Americair Corporation

  • Sharp Corporation

  • Dyson

Smart Washing Machine Market Report Scope

Report Attribute

Details

Market size value in 2020

USD 5.79 billion

Revenue forecast in 2027

USD 21.82 billion

Growth Rate

CAGR of 20.5% from 2020 to 2027

Base year for estimation

2019

Historical data

2016 - 2018

Forecast period

2020 - 2027

Quantitative units

Revenue in USD million/billion and CAGR from 2020 to 2027

Report coverage

Revenue forecast, company ranking, competitive landscape, growth factors, and trends

Segments covered

Product, capacity, application, and region

Regional scope

North America, Europe, Asia Pacific, Central & South America, and MEA

Country scope

U.S.; U.K.; Germany; China; India, Brazil

Key companies profiled

Honeywell International Inc.; Koninklijke Philips N.V.; Sunbeam Products, Inc.; Xiaomi Corporation; Blueair; COWAYCO. LTD.; Whirlpool; Americair Corporation; Sharp Corporation; and Dyson

Customization scope

Free report customization (equivalent up to 8 analysts working days) with purchase. Addition or alteration to country, regional & segment scope.

Pricing and purchase options

Avail customized purchase options to meet your exact research needs. Explore purchase options

 

Global Smart Washing Machine Market Segmentation

This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2016 to 2027. For the purpose of this study, Grand View Research has segmented the global smart washing machine market report on the basis of product, capacity, application, and region:

Global Smart Washing Machine Market Segmentation

  • Product Outlook (Revenue, USD Million, 2016 - 2027)

    • Front Load

    • Top Load

  • Capacity Outlook (Revenue, USD Million, 2016 - 2027)

    • Less than 6 kg

    • 6-10 kg

    • More than 10 kg

  • Application Outlook (Revenue, USD Million, 2016 - 2027)

    • Residential

    • Commercial

  • Regional Outlook (Revenue, USD Million, 2016 - 2027)

    • North America

      • The U.S.

    • Europe

      • Germany

      • The U.K.

    • Asia Pacific

      • China

      • India

    • Central & South America

      • Brazil

    • Middle East & Africa

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