washing machine market to touch usd 80.24 billion by 2028;
Pune, India, June 01, 2021 (GLOBE NEWSWIRE) -- The global washing machine market size is set to hit USD 80.24 billion by 2028, exhibiting a CAGR of 5.5% during the forecast period. The growing pace of globalization will play a crucial role in driving this market in the foreseeable future, finds Fortune Business Insights in its new report, titled Washing Machine Market, 2021-2028. Globalization is a process wherein countries are getting interconnected economically, politically, and culturally. Most importantly, this process has facilitated accessibility and affordability to a host of technologically advanced products, from supersonic airplanes to simple home appliances such as washing machines.
According to the World Bank, globalization has accelerated the pace of technological diffusion. Furthermore, cross-border exchange of technology has made life simpler and more comfortable and many beneficiary countries are emerging as promising markets for modern technologies. Thus, the rising tide of globalization is likely to lead the market trends in the upcoming decade.
The low consumption rate of electronic products has massively thwarted the market growth during the pandemic. As per the Economic Times' data in April 2020, the appliances and consumer electronics industry witnessed a 50 percent decline in sales in the first quarter of 2020. Moreover, the disruption caused in the transportation and logistics industry will significantly hamper the market growth amid the COVID-19 pandemic.
The washing machine market growth may get impeded owing to the risks posed to the environment by these appliances, slowing down the purchase of these machines. Research conducted by a team from the Plymouth University in the UK found that one cycle of a washing machine can release over 700,000 microscopic plastic fibers in the environment. The biggest contributor, the researchers observed, was acrylic, which churned out nearly 730,000 tiny synthetic fibers per wash.
Pollution caused by micro-plastic materials is a growing ecological concern across the globe as these substances are known to contaminate food chains, trigger behavioral changes in animals, and disrupt the energy flow between organisms. Findings of this study were substantiated through a study performed by University of California Santa Barbra, which also concluded that washing of clothes is a massive contributor to micro-plastic pollution in water bodies.
The market size in Asia-Pacific stood at USD 21.66 billion in 2019 and the region is poised to dictate the washing machine market share in the forthcoming years. This will primarily occur as a result of the increasing adoption of corporate work culture in developing nations such as India and China, which will make sedentary lifestyles more prevalent in the region. Besides this, rapid economic growth is putting more money in peoples hands, encouraging them to demand for luxury home electronics such as these machines.
As per the washing machine market analysis, leading companies in this market are developing machines that are powered by smart technologies such as Artificial Intelligence (AI). Top players such as LG and IFB are increasingly focusing on making and delivering products that are smarter, efficient, and sustainable.
Pressure Washer Market Size, Share & Industry Analysis, By Product Type (Cold Water Pressure Washers, Hot Water Pressure Washers), By Power Source (Fuel-Based Pressure Washers, Gas-Based Pressure Washers, Electric Pressure Washers), By Application (Residential, Commercial, Industrial) And Regional Forecast 2021-2028
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