Inverter Washing Machine Market Size, Industry Analysis Report By Product (Fully Automatic, Semi-Automatic) & Region – Forecasts By 2030
- PUBLISHED ON
- 1970-01-01
- NO OF PAGES
- 219
- CATEGORY
- Electronics & Communication
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.
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.
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.
• 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.
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.
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.
Inverter Washing Machine Market- Competitive Landscape
Some of the prominent companies operating in the market are Haier, Samsung, Whirlpool, Electrolux, Panasonic, and LG.
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
Quality Assurance Process
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Market Research Process
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To mitigate risks that can impact project success, we deploy the follow project delivery best practices:
- Project kickoff meeting with client
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- Form project steering committee
- Assign a senior SR executive as QA Executive
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- Monitor client satisfaction
- Monitor realized value post-project
Case Study- Automotive Sector
One of the key manufacturers of automotive had plans to invest in electric utility vehicles. The electric cars and associated markets being a of evolving nature, the automotive client approached We Market Research for a detailed insight on the market forecasts. The client specifically asked for competitive analysis, regulatory framework, regional prospects studied under the influence of drivers, challenges, opportunities, and pricing in terms of revenue and sales (million units).
Solution
The overall study was executed in three stages, intending to help the client meet its objective of precisely understanding the entire market before deciding on an investment. At first, secondary research was conducted considering political, economic, social, and technological parameters to get a gist of the various aspects of the market. This stage of the study concluded with the derivation of drivers, opportunities, and challenges. It also laid substantial emphasis on understanding and collecting data not only on a global scale but also on the regional and country levels. Data Extraction through Primary Research
The second stage involved primary research in which several market players and automotive parts suppliers were contacted to study their viewpoint concerning the development of their market and production capacity, clientele, and product line. This stage concluded in a brief understanding of the competitive ecosystem and also glanced through the strategies and pricing of the companies profiled.
Market Estimates and Forecast
In the final stage of the study, market forecasts for the electric utility were derived using multiple market engineering approaches. This data helped the client to get an overview of the market and accelerate the process of investment.
Case Study- ICT Sector
Business process outsourcing, being one of the lucrative markets from both supply- and demand- side, has appealed to various companies. One of the prominent corporations based out of Japan approached us with their requirements regarding the scope of the procurement outsourcing market for around 50 countries. Additionally, the client also sought key players operating in the market and their revenue breakdown in terms of region and application.
Business Solution
An exhaustive market study was conducted based on primary and secondary research that involved factors such as labor costs in various countries, skilled and technical labors, manufacturing scenario, and their respective contributions in the global GDP. A comparative study of the market was conducted from both supply- and demand side, with the supply-side comprising of notable companies, such as GEP, Accenture, and others, that provide these services. On the other hand, large manufacturing companies from them demand-side were considered that opt for these services.
Conclusion
The report aided the client in understanding the market trends, including country-level business scenarios, consumer behavior, and trends in 50 countries. The report also provided financial insights of crucial players and detailed market estimations and forecasts till 2033.
Frequently Asked Questions
What is the market size and growth projections?
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.
What are the drivers shaping various markets?
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.
Who are the key competitors of market Players?
Some of the major players operating within the market are Haier, Samsung, Whirlpool, Electrolux, Panasonic, and LG.
What are the top performing segments, and countries / regions of each of the markets?
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.
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