The residential washing machine market will register a CAGR of almost 6% by 2023
June 12 2019 - 8:08PM
PR Newswire (US)
NEW YORK, June 12, 2019 /PRNewswire/ -- About this
market
The growing number of working households is one of the key factors
that will trigger the growth of the market during the forecast
period. The female labor force participation has increased,
resulting lesser time being allocated for household chores. This
has led to an equivalent rise in the demand for automatic washing
machines. Moreover, change in lifestyle, rising middle-class
population, an increase in the number of nuclear families, growing
awareness about technology, and steadily increasing media
penetration are the factors that have elevated the demand for
residential washing machine. Our analysts have predicted that the
residential washing machine market will register a CAGR of almost
6% by 2023.
Read the full report:
https://www.reportlinker.com/p05778668/?utm_source=PRN
Market Overview
Product innovation leading to portfolio extension and product
premiumization
The growth in product premiumization and product line extension,
coupled with the growing customer expenditure on household
expenditure on household appliances, will drive the sales in the
global washing machine market.
Fluctuations in raw material prices and operational costs
The fluctuating prices of raw materials pose a challenge for
manufacturers operating in the household appliances market to
produce efficient and innovative household appliances at affordable
prices. Such concerns are expected to affect the growth of the
global residential washing machine adversely.
For the detailed list of factors that will drive and challenge the
growth of the residential washing machine market during 2019-2023,
view our report.
Competitive Landscape
The market appears to be fragmented and with the presence of
several companies including AB Electrolux and Haier Inc., the
competitive environment is quite intense. The growing demand for
household appliances and an increasing trend for advanced,
featured, and innovative products raise opportunities for vendors
to introduce smart household washing machines with artificial
intelligence features. LG Electronics Inc., Samsung Electronics Co.
Ltd., and Whirlpool Corp. are some of the major companies covered
in this report.
Read the full report:
https://www.reportlinker.com/p05778668/?utm_source=PRN
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