Smart washing machines are gaining popularity among customers on account of its ability to access, control, and monitor the system remotely while being away. The smart washing machine market is projected to grow at a significant rate on account of rising customer inclination towards smart products and increasing spending power. The advent of the Internet of Things (IoT) is likely to enhance the effectiveness of smart washing machines, further boosting the market growth.
Smart washing machines have been witnessing significant demand in the last few years on account of the increasing women working populace that are seeking appliances with convenience and speed. The trend for smart home systems in high-income countries is subsequently driving the demand for smart washing machines, further driving the market growth.
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The advent of smart appliances with the incorporation of IoT is reshaping the smart appliance sector. Several advancements have been carried out in washing machines in the past few years, resulting in higher efficiency in terms of achieving sustainability. The introduction of smart washing machines with wi-fi connectivity and advanced features, such as smart diagnosis, automatic detergent dispensing, smart control, eco-check, and steam-care functions, provides an impetus to the market growth.
In the U.S., over 35% of the customers spend more than USD 700 on smart connected washing machines, and the number is expected to grow by 55% in the coming five years. The technologically advanced washing machines have the ability to significantly reduce the use of detergent, electricity, and water than the traditional washing machines. They are gaining huge popularity among the customers that are inclined towards eco-friendly products. The Energy Star program in the U.S. has made the consumers conscious about energy efficiency, resulting in higher demand for smart machines.
Globally, the emergence of smart home trends is the prime factor driving the demand for smart washing machines. Increasing spending power and debouching smart home trends provides an impetus to the market growth. Around 66% of the customers agree that connected devices have the potential to make their lives easier, resulting in higher demand for smart washing machines.
Increasing penetration of smartphones and wireless internet connections is surging the adoption of smart washing machines in residential and commercial sectors. On the other hand, smart washing machines are extensively used in the hospitality sectors, commercial laundry service sectors, and coin laundry facilities to reduce labor costs and cut the laundry expenses. The below-mentioned info-graph depicts the estimated share of the residential and commercial segments in the smart washing machine market for the period (2020–2029).
The front load segment held the largest market share of around 55% in 2019. Today, consumers are inclining towards the use of front-load machines as they offer advanced features and aid in reducing the use of water, energy, and detergent. The initial cost of front loaders is usually high but is still preferred by the customers owing to their large loading capacity.
The top loaders, on the other hand, are witnessing considerable demand in the developing markets on account of its low cost. Apart from this, rising infusion of smart self-clean technologies, coupled with smart inverter technology, drive the adoption of smart washing machines across the globe.
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North America’s smart washing machine market is projected to grow by 19.8 % by 2022, which was 8.2% in 2018. The U.S. spearheads the regional market as the country is backed by the presence of a tech-savvy populace and early adopters of technology. Additionally, around 80% of the U.S. homes will deploy smart technologies and systems by the end of 2023, further creating lucrative opportunities for the emerging players in the smart washing machines market.
In Canada, around 30% of individuals own smart home systems, and the percentage is projected to reach 50–55% during the forecast period. As per the data published by Digitized House Media, in the U.S., around three out of five individuals purchase smart home products to monitor their home through smartphones.
Asia-Pacific’s smart washing machine market is largely driven by the rising internet penetration rate and technological advancements. In China, the internet penetration rate is about 59.3%, as per the Internet World Statistics. The region is also backed by the presence of prominent market players that are actively working to develop innovative products to expand the customer base. Recently, in 2018, Xiaomi Global Community unveiled a new fully automatic smart washing machine equipped with the latest technology in the Chinese market.
Asia-Pacific is home to the largest number of price-sensitive customers, compelling the players to implement promotional strategies such as Black Friday promotions, holiday promotions, and additional online offers to augment the sales of smart washing machines. The growing scarcity of water and high electricity consumption in densely populated areas has driven the search for technologically advanced products that minimizes the global environmental impact. The below info-graph depicts the internet penetration rate of the region in 2019.
The Middle East and Africa is projected to witness slow growth in the smart washing machine market due to low internet penetration in the region. The demand for smart washing machines largely depends on the internet usage of the natives as it requires wi-fi connectivity and speedy broadband. Thus, the low internet penetration rate affects the growth of smart home appliance sector, further impeding the market growth.