Global Inverter Washing Machine Market- Description
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.
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 products consumption that was because of the governments 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
The fully automatic segment has dominated the market growth over the forecast period. This is because the consumers are willing to spend more on technologically advanced products.
Based on Capacity
Below 6kg
6.1-8kg
Above 6kg
The 6.1-8 kg segment has dominated the market growth over the forecast period. This is because the product is considered as an ideal choice for the majority of households worldwide.
Global Inverter Washing Machine Market- Geographical analysis of the Market
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.
