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The global smart connected washing machines market size was US$ 1,920.2 million in 2021. The global smart connected washing machines market is forecast to grow to US$ 2,751.6 million by 2030 by registering a compound annual growth rate (CAGR) of 5.1% during the forecast period from 2022 to 2030.
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Factors Influencing the Market
The growing trend of smart cities and smart homes will primarily drive the growth of the smart connected washing machines market during the forecast period. Residential smart grid adoption will give users a simple interface to track their electricity use. With the introduction of smart grids, modernization, and technological advancements, the use of smart products will significantly increase. Apart from that, the growing initiatives toward smart cities are expected to bring lucrative growth opportunities for the smart connected washing machines market during the study period.
The benefits of smart connected washing machines, such as time and cost savings, easy operations, and low energy consumption, will prompt the demand for smart connected washing machines during the study period.
Growing technological advancements are forecast to increase the prospects for market growth during the study period. For instance, LG Electronics (LG) launched its advanced innovation in laundry in 2020. The company deploys artificial intelligence to bring innovation and deliver advanced services to users. Apart from that, Samsung Electronics Co., Ltd. also unveiled a series of new Home Appliances, including a full smart laundry line-up, in 2020. Thus, the growing efforts by industry players is forecast to benefit the smart connected washing machines market during the study period.
On the contrary, the high cost of smart connected washing machines may limit the growth of the market during the study period.
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COVID-19 Impact Analysis
Due to the COVID-19 pandemic, government authorities imposed restrictive containment measures, such as social distancing, remote working, and the closure of commercial activities. As a result, the situation became challenging for the companies thriving in the smart connected washing machines market. Various firms halted their operations due to scarcity of raw materials, which ultimately affected the revenue generation of the smart connected washing machines market.
Regional Analysis
The Asia-Pacific smart connected washing machines market is forecast to record a high growth rate, owing to the rising disposable income and the presence of a wide range of industry players, such as Samsung Group, LG Electronics Inc., etc.
Europe is forecast to hold the second-largest share in the smart connected washing machines market due to the advanced lifestyle of people and growing awareness about the benefits of smart connected washing machines, such as energy-saving, easing operability, less time consumption, etc. Apart from that, the presence of a wide range of manufacturers in this region, such as Siemens AG, AB Electrolux, Robert Bosch GmbH., etc., will also benefit the overall European market for smart connected washing machines.
Competitors in the Market
• Samsung Group
• Siemens AG
• LG Electronics Inc.
• AB Electrolux
• Whirlpool Corporation
• Haier Group
• Whirlpool Corporation
• Robert Bosch GmbH
• Techtronic Industries
• GE Appliances
• Other Prominent Players
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Market Segmentation
The global smart connected washing machines market segmentation focuses on Product, End-Users, and Region.
By Product Type Outlook
• Top Load
• Front Load
By End-Users Outlook
• Commercial
• Residential
By Region
● North America
o The U.S.
o Canada
o Mexico
● Europe
Western Europe
o The UK
o Germany
o France
o Italy
o Spain
o Rest of Western Europe
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Eastern Europe
o Poland
o Russia
o Rest of Eastern Europe
● Asia Pacific
o China
o India
o Japan
o Australia & New Zealand
o ASEAN
o Rest of Asia Pacific
● Middle East & Africa (MEA)
o UAE
o Saudi Arabia
o South Africa
o Rest of MEA
● South America
o Brazil
o Argentina
o Rest of South America
What is the goal of the report?
1.The market report presents the estimated size of the market at the end of the forecast period. The report also examines historical and current market sizes.
2.During the forecast period, the report analyzes the growth rate, market size, and market valuation.
The report presents current trends in the industry and the future potential of the North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa markets.
3.The report offers a comprehensive view of the market based on geographic scope, market segmentation, and key player financial performance.
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Updated : 2022-08-25 09:14 GMT+08:00
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