Household Laundry Equipment Global Market Report 2024: A $101.96 Billion Industry in 2023 – Long-term Forecasts to 2028 and 2033
DUBLIN, Feb. 6, 2024 /PRNewswire/ — The “Household Laundry Equipment Global Market Report 2024” report has been added to ResearchAndMarkets.com’s offering.
The household laundry equipment market size has grown strongly in recent years. It will grow from $101.96 billion in 2023 to $108.11 billion in 2024 at a compound annual growth rate (CAGR) of 6.0%. The household laundry equipment market size is expected to see steady growth in the next few years. It will grow to $131.11 billion in 2028 at a compound annual growth rate (CAGR) of 4.9%.
The growth observed in the historical period can be attributed to several factors, including the electrification of households, evolving consumer lifestyles, the trend of urbanization and the prevalence of smaller living spaces, the rise in the number of nuclear families globally, and the growing awareness of energy conservation.
Anticipated growth in the forecast period can be attributed to various factors, including the adoption of smart and connected appliances, a focus on energy efficiency and sustainability, the influence of health and hygiene trends, urbanization with limited living space, and the increasing automation of laundry processes. Additionally, key trends expected in the forecast period encompass the popularity of front-load washing machines, the emergence of washer-dryer combos, the use of smart laundry apps, the development of faster and more efficient laundry cycles, and the incorporation of laundry sanitization features in household laundry equipment.
The rapid global urbanization trend is poised to be a significant contributor to the growth of the household laundry equipment market during the forecast period. As of April 2022, the World Economic Forum, an independent international organization headquartered in Switzerland, reported that over 4.3 billion people, equivalent to 55% of the world’s population, resided in urban areas, with a projected increase to 80% by 2050. The surge in urban population, coupled with rising disposable incomes and affordability in cities, is anticipated to fuel the demand for household laundry equipment.
The primary types of household laundry equipment include washing machines, ironers, dryers, and various other laundry-related appliances. Washing machines are devices utilized to clean clothes without the need for manual effort. These machines employ various technologies, including automatic, semi-automatic, and manual methods. Household laundry equipment is made available to consumers through a range of distribution channels, including direct selling, traditional retail, e-commerce, and other outlets.
The household laundry equipment market research report is one of a series of new reports that provides household laundry equipment market statistics, including household laundry equipment industry global market size, regional shares, competitors with a household laundry equipment market share, detailed household laundry equipment market segments, market trends and opportunities, and any further data you may need to thrive in the household laundry equipment industry. This household laundry equipment market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The household laundry equipment market is expected to experience substantial growth due to the expansion of the hospitality industry. This sector encompasses services such as lodging, dining, and entertainment offered through businesses like hotels, restaurants, and various entertainment venues. Laundry equipment holds a pivotal role in the hospitality industry, ensuring that hotels, resorts, and similar establishments maintain high standards of cleanliness and guest satisfaction.
The market for household laundry equipment is expected to face constraints due to the rising demand for online on-demand laundry services in the forecast period. These services are anticipated to benefit from stable economic growth forecasts in both developed and developing countries. For example, in June 2023, the Organization for Economic Co-operation and Development, a France-based international economic organization, projected modest UK gross domestic product growth of 0.3% in 2023, with an expected improvement to 1.0% in 2024.
Furthermore, emerging markets are anticipated to exhibit slightly faster growth rates compared to developed markets in the forecast period. Factors such as stable economic growth, increased internet penetration, rising disposable incomes, and the busy lifestyles of individuals are likely to drive the demand for on-demand laundry services, potentially limiting the growth of the household washing machine market.
Household laundry equipment manufacturers are increasingly focused on producing energy-efficient products to diminish carbon footprints and facilitate energy savings for consumers. The surge in energy-efficient appliances is a result of strict government regulations governing electric home appliances and the continuous advancements in technology.
These appliances are engineered to consume the least amount of energy required to fulfill their intended tasks. Currently, more than 80 countries have implemented standards and labeling for energy-efficient appliances. In the USA, for example, washing machines certified by Energy Star use 25% less energy and 33% less water compared to standard washing machines.
Key companies within the household laundry equipment market are launching innovative products like Ecobubble as a strategy to gain a competitive edge. Ecobubble represents a line of fully automatic washing machines designed to elevate cleaning efficiency and fabric care through unique bubble and pulsator features.
Asia-Pacific was the largest region in the household laundry equipment market in 2023. Western Europe was the second-largest region in the household laundry equipment market. The countries covered in the household laundry equipment market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada
A selection of companies mentioned in this report includes
- LG Electronics
- Whirlpool Corporation
- Haier Corporation
- Electrolux AB
- Panasonic Corporation
- BSH Home Appliances Group
- Siemens AG
- Toshiba Corporation
- General Electric Company
- Hisense Co. Ltd.
- Hitachi Ltd
- Koninklijke Philips
- Hamilton Beach
- Groupe SEB
- Joy Mangano
- CUORI ELECTRICAL APPLIANCES
- Jiffy Steamer
- Robert Bosch
- Fisher & Paykel
- Speed Queen
- Indesit Company
- Candy Group
- Ariston Thermo Group
- Sharp Corporation
- Dexter Laundry
- Schulthess Maschinen AG
- Alliance Laundry Holdings LLC
For more information about this report visit https://www.researchandmarkets.com/r/6y1lx8
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