Smart Connected Washing Machines Market share and Forecast By 2030
Description
According to the Market Statsville Group (MSG), the global smart connected washing machines market size is expected to grow from USD 1,922.2 million in 2021 to USD 2,759.6 million by 2030, at a CAGR of 4.2% from 2022 to 2030. Most smart connected washing machines available in the market today come with smart features like thermostats and enhanced self-diagnostics tools. They also have smart grid-ready features that automatically run the washer when electricity rates are the lowest, collect data to produce custom cycles by studying the number of cycles run and preferred time for a wash, and download new wash cycles for specific laundry stains. Also, the machines can come in two forms, including washers (single or twin wash drums) and washers and dryers combined into one unit. As smart washing machines use smart grid technology and promote efficient energy utilization, many government bodies encourage their use to save energy and resources. These machines can be connected with smart grids or with users at home via Bluetooth, near field communication (NFC), or Wi-Fi. NFC technology is also used in a smart diagnosis feature to alert users about technical issues.
A growing use of wireless connecting devices and the Internet of Things (IoT) is driving the growth of smart connected washing machines market. The Internet of Things helps to connect people and devices to each other via the Internet. Many smart appliances have gone through transitions due to the growing popularity of IoT, which integrates digital and wireless technology. Additionally, the need for energy-efficient washing machines provides a growing demand for the market. Smart connected washing machines are designed and developed for efficiently using energy by connecting them with smart grids, and automatically scheduling wash cycles using time-based electricity programs to ensure the washing machine is operating during off-peak hours, when energy prices are cheaper.
Global Smart Connected Washing Machines Market Definition
A smart connected washing machine connects to the internet using the household Wi-Fi, allowing the user to acquire real-time washing information as well as remote access and control. Several technological breakthroughs in these washing machines have been made in the recent decade, resulting in increased efficiency in terms of water and electricity savings. As a result, consumers will find smart connected washing machines more appealing because they reduce the cost and difficulty of doing laundry.
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Global Smart Connected Washing Machines Market Dynamics
Drivers: Rise in the trend of smart cities and smart homes are boosting the growth of smart connected washing machines market
The adoption of smart grids in residences will provide customers with an easy interface to monitor their electricity use. Modernization and technological upgrades, which will happen with the adoption of smart grids, will help vendors to develop smart appliances that will adjust their operations as per the consumer needs. In 2015, the Obama Administration announced a new “Smart Cities” Initiative, investing over USD 160 million in federal research and developing more than 25 new technology collaborations to help local communities tackle key challenges such as reducing traffic congestion, fostering economic growth, fighting crime, managing the effects of a changing climate, and improving the delivery of city services. The new initiative was a part of the overall commitment to target federal resources to meet local needs and support community-led solutions.
Restraints: The high cost of smart connected washing machines is the major restraining factor for the growth of the market
The cost of appliances is one of the major factors considered before buying them. A large part of the population living in developing countries and developed countries check the price tag of products before buying them. The average price of a smart connected washing machine ranges from USD 300 to USD 1,000. On the other hand, conventional washing machines are available from a starting price of about USD 100. This high-cost factor makes it difficult for manufacturers to convince consumers to upgrade their regular washing machines with the smart connected variety. Moreover, a research study from the European Commission shows that the annual additional costs for installing smart appliances and the inhouse communication technology on the one hand and additional electricity consumption by stand-by operation in the range of 3 EUR to 6 EUR per individual appliance for washing machine in 2010. Thus, the installation cost and the additional costs discourage consumers from adopting the smart connected washing machines.
Scope of the Global Smart Connected Washing Machines Market
The study categorizes the smart connected washing machines market based on product type, end-users, and region.
By Product Type Outlook (Revenue, USD Million, 2017–2030)
- Top Load
- Front Load
By End-Users Outlook (Revenue, USD Million, 2017–2030)
- Commercial
- Residential
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By Region Outlook (Revenue, USD Million, 2017–2030)
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Italy
- France
- UK
- Spain
- Poland
- Russia
- The Netherlands
- Norway
- Czech Republic
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Indonesia
- Malaysia
- Thailand
- Singapore
- Australia & New Zealand
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Colombia
- Rest of South America
- The Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Northern Africa
- Rest of MEA
The front-load segment is projected to account for the largest market share, by product type
The global smart connected washing machine market is categorized into two major segments based on the product type, including top and front loads. In 2021, the front-load washing machines segment generated the highest revenue, with a market share of 68.9% in the global smart connected washing machine market. Smart front-load washers are considered more effective and efficient than smart top load washers. Front-loading washing machines use less electricity and water than the average top-loading washing machine. An effectual front-loading washer can help better sustain our environment. Front-loading washers are more expensive than top load, but they give a more quality clean and tend to be more energy and water-efficient.
Moreover, top loader washing machine is installed with advanced motors and suspension systems that make them quiet. All these features have attracted consumers, making the front load a highly preferred smart connected washing machine. Also, high energy and water efficiency and less human intervention required to operate front load smart connected washing machine is anticipated to provide growth opportunity for the market and is estimated to be the most lucrative segment during the forecast period.
Asia Pacific accounts for the highest CAGR during the forecast period
Based on the regions, the global smart connected washing machines market has been segmented across North America, Asia–Pacific, Europe, South America, and the Middle East & Africa. Globally, Asia Pacific is projected to hold the highest CAGR of 5.1% in the global smart connected washing machines market from 2022 to 2030. Countries such as China, Japan, and India hold a major share of the smart connected washing machine market in the Asia Pacific region.
After the Asia Pacific, Europe is the fastest-growing region with a CAGR of 4.4% during the forecast period. Smart connected washing machine offers various advantages over the traditional washing machine, namely energy-saving, easing operability, and less time consumption. Moreover, technological advancements that have increased comfort level and convenience for customers are collectively fueling the market’s growth in the European region. Several Western European, as well as Eastern European countries, are involved in product manufacturing. The few major smart connected washing machine manufacturers present in the European region are Siemens AG, AB Electrolux, and Robert Bosch GmbH.
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Key Market Players in the Global Smart Connected Washing Machines Market
A smart connected washing machine is new types of products that alter industry structure and the nature of competition, and further exposing companies to new competitive opportunities and threats at a global level. A major electronic manufacturer is driving innovation and new product development at the local level. The company’s range of products is regularly extended with exciting new additions in different geographic areas.
Major players in the market are:
- Samsung Group
- Siemens AG
- LG Electronics Inc.
- AB Electrolux
- Whirlpool Corporation
- Haier Group
- Whirlpool Corporation
- Robert Bosch GmbH
- Techtronic Industries
- GE Appliances.