Smart Washing Machine Market Growth & Trends
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.
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.
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Smart Washing Machine Market Report
Smart Washing Machine Market Report Highlights
- 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