India Washing Machine Market Forecast and Trends
The India Washing Machine Market reached USD USD1267 million in 2019 and projected to grow at CAGR over 3.7% to reach USD 1698 million by 2026. Rising disposable income and improvements in rural electrification are driving India washing machine industry.
Moreover, the rising affordability of washing machines and growing urbanization is further boosting the demand for washing machines across the country. The availability of laundry shops and growth in online laundry services anticipated to hinder the growth of the market. Technological and innovative advancements related to washing machines present a vital opportunity for manufactures operating in this washing machine market.
The increasing demand for commercial laundry machines is expected to provide an impetus to the industry growth. The commercial washing machine industry is experiencing a transition with the introduction of innovative solutions. The introduction of card-based laundry payment methods as an alternative to coin laundries is changing the laundry sector for increased automation. In contradiction to the traditional coin operating laundries, digital laundry payment options are reducing the frequency of coin collection and providing laundry owners with more flexible payment alternatives. The growing preference for ease and rapidly changing consumer lifestyle is contributing to the smart connected products growth.
Macroeconomic factors such as digitalization, urbanization, changing consumer buying patterns, and demand in emerging economies are augmenting the revenue growth. The introduction of the next- generation washing machine utilizing technology for the efficient use of electricity and water is anticipated to have a positive impact on the demand for these products during forecast period. The need for seamlessly selecting the preferred wash cycle is expected to gain traction over the forecast period.
India Washing Machine Market: Overview
India's washing machine market is expected to witness high growth over the forecast period. Washing machines are widely used home appliances for washing clothes, as they save energy and time.Various technological improvements have been carried out in washing machines during the last decade, leading to their higher efficiency, in terms of saving electricity and water. A washing machine operates by spinning the laundry at high speed, thereby generating centrifugal force that removes water from the wash along with dirt. This has also enabled vital players in this market to gain a significant market share in the washing machine market. Moreover, the government has taken various initiatives towards the development of rural households and with an increase in per capita income in India, which is further expected to increase the demand for washing machines.
Growth Drivers
Growing Population
As India is one of the fastest growing region in the world and most people use Washing Machines to wash and dry clothes efficiently in their homes in comparison with laundry service and expected to drive the market growth trend.
Increasing purchasing power
The combined purchasing power of the Indian middle class would lead to the creation of one of the largest markets in the world, this increasing portion of population and its increased spending potential could both drive creativity and create employment, thus providing more stimulus to economic growth. As people's purchasing power is growing in India, it is the main driver of growth for the Indian Washing Machine market.
Restraint
Increasing cost of electricity
Washing Machines cosumes a large amount of electricity and with the rising priceso of electricity in india, Washing machines will causes financial drawbacks for the people who have to pay for the electricity bill.
India Washing Machine Market: Type
On the basis of its type, the market is segmented into into Fully Automatic, Semi-Automatic washing machine and other. The Fully Automatic washing machine Market is expected to grow in the forecast period. A fully automatic system offers a clean wash and even extracts dirt and stains efficeintly. For stain removal the front loader automatic washing machine is particularly effective without harming the cloth. The water stimulates the detergent as the clothes turn in the drum and the rubbing between the clothes starts the process of extracting the stain and dirt.
The agitator rubs against the clothes in a top loader to cause friction, which removes marks and stain on the garments, although this can harm the fabric material. A semi-automatic stain removal is not as effective as automatic washing machine.
India Washing Machine Market: Capacity
On the basis of washing machine capacity, the market is segmented into Below 6 kg , 6 to 8 kg and Above 8kg. 6 to 8 kg is expected to dominate the market as this type of washing machine is efficient for medium size family across India.
India Washing Machine Market: End-Use
On the basis of washing machine end-use, market is segmented into Commercial and Residential. The increase in disposable income and a decline in the average selling price of the washing machine is expected to propel the demand for residential washing machines in India and is expected to grow in the coming years. The innovation of smart connected products is attracting consumers and enabling them to replace their existing products.
The growth in online laundry services is expected to propel the demand over the coming years in India. Also, the growing trend of outsourcing laundry services in hospitals, hospitality, and government sectors is anticipated to boost the demand for commercial laundry.
India Washing Machine Market: Regional Insights
On the basis of regional analysis, the India Washing Machine Market is segmented into four major regions including Eastern India, Western India, Northern India, Southern India. Northern India is expected to grow at high CAGR due to high disposable income and high population in the region.
Competitive Landscape
The major companies in the India Washing Machine market are LG Electronics India Pvt. Ltd., Samsung India Electronics Ltd, Whirlpool, Godrej, Electrolux, IFB, Lloyds, Videocon, Midea, Intex, MarQ by Flipkart, Mitashi, Bosch, Sansui, Onida and Other prominent players.
Recent Development
February 2020 - Haier is launched new age items across markets with ambitions to drive the IoT revolution in the home appliances industry. Growing its product portfolio in major categories such as refrigerators, air conditioners, washing machines, Driven TVs and others, the company is moving forward its strategy for 2020 to improve its dedication to the Indian market.
The objective of the Study:
To analyze and forecast the India Washing Machine Market size of the market in terms of value.
To examine the careful market segmentation and forecast the market size, in terms of value, based on the region by segmenting.
The India Washing Machine Market segmented into into four major regions including Eastern India, Western India, Northern India, Southern India.
To outline, categorized, and forecast the India Washing Machine Market based on the type, Capacity, End-Use.
To examine competitive developments like technological advancement, services, and regulative framework within the India Washing Machine Market.
To highlight the impact analysis of the factors affecting the market dynamics such as drivers, restraints, opportunities, and challenges.
To strategically profile the key players and comprehensively analyze their market shares along with detailing the competitive landscape for market leaders.