The residential washing machine market will register a CAGR of almost 6% by 2023

Date : 06/13/2019 @ 1:08AM
Source : PR Newswire (US)

The residential washing machine market will register a CAGR of almost 6% by 2023

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.

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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.

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Copyright 2019 PR Newswire

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