Washing machines: Key market research findings
- Demand for energy and water-efficiency drives market growth
- Front loading washing machines dominate the market
- Key vendors—Electrolux, General Electric (GE), LG Electronics, Samsung, and Whirlpool
Technavio’s market research analysts predict the washing machine market in the US to grow at a CAGR of almost 5% between 2016 and 2020. The increasing demand for energy and water-efficient washing machines is the fundamental driver for growth in the market. The US government is encouraging manufacturers and consumers to switch to energy-efficient appliances that use smart grids in an attempt to curb high energy consumption in the country. There is also a noticeable shift among consumers towards energy-efficient washing machines to save money and reduce their negative impact on the environment. Factors such as rapid technological advances, product innovation, and evolution of the housing industries are expected to contribute to growth in the washing machine market in the US through 2020.
The new market research report from Technavio presents a breakdown and analysis of the washing machine segments based on the product.
“The growing emphasis on technology and smart appliances is the latest trend in the market. Manufacturers are implementing wireless technologies like ZigBee and Wi-Fi to make interoperability between devices. Near Field Communication (NFC) is also being extensively used in smart washing machines to establish radio communication with smartphones and bring them at proximity. For instance, LG Electronics introduced a smart washing machine using NFC that allows users to pair up their smartphones to download the additional programs,” says Brijesh Kumar Choubey, Lead Analyst, Consumer & Retail, Technavio Research.
During 2015, the front loading washing machine segment accounted for around 65% of the market share to dominate the washing machine market in the US. Front load washers feature a lid in the front for loading clothes into the machine, a drum that spins horizontally, and does not use an agitator like the top drums do. These features make front loading washing machines much gentler on laundry resulting in clothes and linens lasting longer. The focus on introducing new and innovative features by manufacturers for improved convenience and efficiency is expected to boost growth in the front loading washing machine market in the US during the forecast period.
The key vendors in the washing machine market in the US include Electrolux, General Electric (GE), LG Electronics, Samsung, and Whirlpool. Due to the presence of several washing machine manufacturers that compete for a considerable share of the market, the market is highly competitive. In this market, the vendors compete by product quality, technology, and pricing and have started following M&A procedures to increase their global presence. The expected increase in product line extensions, rise in investments in social media marketing and e-commerce, technological innovations, and R&D, are likely to intensify the level of competition in the market.
A more detailed analysis is available in the Technavio report, Washing Machine Market in the US 2016-2020.
We can customize reports by other regions and specific segments upon request.
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