The «Household Laundry Equipment Global Market Report 2022, By Type, By Technology, By Distribution Channel» report has been added to ResearchAndMarkets.com’s offering.
This report provides strategists, marketers and senior management with the critical information they need to assess the global household laundry equipment market as it emerges from the COVID-19 shut down.
The global household laundry equipment market is expected to grow from $101.43 billion in 2021 to $110.84 billion in 2022 at a compound annual growth rate (CAGR) of 9.3%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $150.93 billion in 2026 at a CAGR of 8.0%.
The household laundry equipment market consists of revenues generated by entities (organizations, sole traders, or partnerships) that carry out design, manufacturing, and sales of household laundry equipment. The market also consists of sales of household-type laundry equipment including household washing machines, dryers, ironers, and other laundry equipment.
The main types of household laundry equipment are washing machines, ironers, dryers, and other household laundry equipment. A washing machine is a machine that is used to wash clothes without applying any physical efforts. The technologies used are automatic, semi-automatic/ manual, and others. The household laundry equipment are distributed through direct selling, retail, e-commerce, and other channels.
Asia Pacific was the largest region in the household laundry equipment market in 2021. Western Europe was the second-largest region in the household laundry equipment market. The regions covered in the household laundry equipment market are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Rapid Urbanization is expected to contribute to the growth of the household laundry equipment in the forecast period. Globally, the percentage of population living in urban areas is expected to increase from 56.2% in 2020 and reach 68% by 2050. The growth in the urban population coupled with the rise in disposable incomes and affordability among residents of cities will drive the demand for household laundry equipment.
Increasing demand for online on demand laundry services is expected to restrain the market for household laundry equipment in the forecast period. The on-demand laundry services market is expected to be aided by stable economic growth forecast in many developed and developing countries. The International Monetary Fund (IMF) predicts that the global real GDP growth will be 3.7% over 2019 and 2020, and 3.6% from 2021 to 2023. Additionally, emerging markets are expected to continue to grow slightly faster than the developed markets in the forecast period. For instance, China is forecast to register GDP growth of 6.2% in 2019. Stable economic growth, increasing internet penetration, and rising disposable income coupled with hectic lifestyle of individuals will lead to an increase in on demand laundry services, thereby limiting the growth of the market for household washing machines.
Household laundry equipment manufacturers are increasingly producing energy-efficient products to reduce carbon footprint and enable energy savings for the consumers. The rise of energy-efficient appliances can be attributed to the stringent government regulations on electric home appliances and advances in technology. Energy efficient appliances are designed to utilize minimum energy to complete the required task. Currently, over 80 countries have standards and labels for energy efficient appliances. For example, in the USA, ENERGY STAR certified washing machines use 25% less energy and 33% less water than a standard washing machine.