Research Nester’s recent market research analysis on “Washing Machine Market: Global Demand Analysis & Opportunity Outlook 2036” delivers a detailed competitors analysis and a detailed overview of the global washing machine market in terms of market segmentation by product, capacity, technology, distribution channel, type, and by region.
Growing Adoption of Artificial Intelligence and the Internet of Things to Promote Global Market Share of Washing Machine
The global washing machine market is estimated to grow majorly on account of the increasing popularity of advanced technologies such as IoT and artificial intelligence. This is artificial intelligence, and IoT is gaining traction, particularly in the tech sector as they lessen the requirement for direct human intervention in particular jobs. Moreover, these cutting-edge technologies are currently extensively used in many industrial sectors, including cloud computing, robotics, healthcare, and online commerce that has also changed the infrastructure of smart cities by bringing in a range of technologies that improve productivity, sustainability, and urban resident’s comfort. All these factors are expected to fuel the demand for washing machines across the globe. A smart washing machine is an addition to smart homes that integrates artificial intelligence (AI) algorithms and modern sensors to improve washing performance and makes use of machine learning to improve how effectively and efficiently garments are washed. The appropriate washing kind for the garments can be selected by using AI and ML which will result in a wise and environmentally friendly lifestyle since it uses less water than a traditional washing machine.
The global washing machine market is estimated to grow majorly on account of the increasing number of people participating in outdoor activities. For instance, in the United States in 2021, running ranked as the most popular outdoor activity with over 62 million participants. A rise in the demand for washing machines is expected to follow an increase in the demand for more outdoor recreation as they are a highly useful and easy way to clean and disinfect athletic wear, stopping the spread of bacteria, viruses, and superbugs as well as getting rid of sweat stains and odors.
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According to statistics, more than 50% of Americans aged 6 and above engaged in outdoor recreation at least once in 2020.
Some of the major growth factors and challenges that are associated with the growth of the global washing machine market are:
Growth Drivers:
• Surge in Fashion Industry Globally
• Rising Need for Automobiles
Challenges:
The rising utilization of power and the environmental concerns regarding the over consumption of water and energy worldwide are some of the major factors anticipated to hamper the global market size of washing machines. The high power consumption of washing machines is the primary cause of the rising cost of electricity, which is negatively affecting the market demand for these machines.
By product, the global washing machine market is segmented into fully automatic, semi-automatic, and dryer The semi-automatic segment is to garner notable revenue by the end of 2036 by growing at a significant CAGR over the forecast period. Semi-automatic washers are made to work hard, cost less than a fully automatic washing machine, and require less water for cleaning and washing. The semi-automatic washing machines let you add water manually and can be stopped and started at any time during the wash, which is advantageous for a person to conserve energy. Besides this, more people can now afford to purchase luxuries such as fully automatic washing machines that operate by simply pressing a button and can drastically reduce the amount of water and energy used.
By region, the European washing machine market is to generate the highest revenue by the end of 2036. An increase in tourists is expected to fuel the expansion. This is expected to increase demand for washing machines in the region, as people who travel from different regions are frequently required to clean their clothes in hotels or use laundry services. For instance, Europe accounted for over 55% of international tourist arrivals worldwide in 2022.
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