Washing machine has experienced an escalating growth rate in the recent years. This is because the consumers have been more inclined towards automated household chores.
Also, the inverter washing machine has the ability to save time, eliminate physical effort, and also to reduce the drying time that has resulted in its high preference.
Additionally, the rising participation of people in various sporting disciplines that includes, cricket, football, basketball, and other sports are responsible for generating more laundry that has acted as a major driving factor for the market.
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Global Inverter Washing Machine Market- Overview
The Global Inverter Washing Machine Market is valued at USD 58.21 billion in 2022 and is projected to reach a value of USD 89.34 billion in 2030 expanding at a CAGR of 5.5% over the forecast period of 2022-2030.
The pandemic led to the decrease in the product’s consumption that was because of the government’s strong steps on the maintenance of the social distancing, lockdown, and also the reduction of store occupancy.
Also, the rising complications on the supply of goods from the manufacturing plants to the sales channel because of the shortage of employees had a negative impact on the market growth.
Global Inverter Washing Machine Market- Key Market Trends
• Rising growth of urbanization has dominated the market growth
Every market has its growth determinant and challenges. One of the major factor that has fuelled the market growth over the forecast period is the rising growth of urbanization. Also, the advancement of science and technology has helped to increase the simplicity of washing process as it monitors, alerts, and controls the machine through intelligent devices. Also, the high consumption of apparel and fashion garments has surged the need for washing machine that has driven the market growth over the forecast period.
• High electricity consumption has hampered the market growth
One of the major factor that has hampered the market growth over the forecast period is the high electricity consumption. This is because the high electricity has negatively impacted the market growth over the forecast period.
Global Inverter Washing Machine Market- Segmental analysis of the Market
Based on Product
• Fully automatic
• Semi-automatic
• Dryer
• Below 6kg
• 6.1-8kg
• Above 6kg
The global inverter washing machine market is segmented into 4 main regions namely, North America, Europe, Asia Pacific, and Middle east and Africa. Among these, North America has dominated the regional segment of the market. This is because of the rising involvement of people in outdoor outings that has increased the change of clothing and has acted as a propelling factor in spiking the consumption rate I the region.
Global Inverter Washing Machine Market- Competitive Landscape
Some of the prominent companies operating in the market are Haier, Samsung, Whirlpool, Electrolux, Panasonic, and LG.
Report Scope
Global Inverter Washing Machine Market: Historical Period- 2018-2021
Global Inverter Washing Machine Market: Industry and Forecast Period- 2022-2030
Global Inverter Washing Machine Market CAGR- 5.5%
Global Inverter Washing Machine Market 2022- USD 58.21 billion
Global Inverter Washing Machine Market 2030- USD 89.34 billion
Major Segments Covered
• Product- semi-automatic, fully automatic, dryer
• Capacity- below 6kg, 6.1-8kg, and above 6kg
Key Countries and Regions Covered
• North America (United States, Canada)
• Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
• Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa
Top companies profiled- Haier, Samsung, Whirlpool, Electrolux, Panasonic, and LG.
Reasons to Purchase this Report
- Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors
- Provision of market value (USD Billion) data for each segment and sub-segment
- Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market
- Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region
- Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions and acquisitions in the past five years of companies profiled
- Extensive company profiles comprising of company overview, company insights, product benchmarking and SWOT analysis for the major market players
- The current as well as the future market outlook of the industry with respect to recent developments (which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions
- Includes an in-depth analysis of the market of various perspectives through Porter’s five forces analysis
- Provides insight into the market through Value Chain
- Market dynamics scenario, along with growth opportunities of the market in the years to come
- 6-month post sales analyst support
