The global washing machine market size is set to hit USD 80.87 billion by 2026, exhibiting a CAGR of 5.8% during the forecast period
The globalwashing machine marketsize is set to hitUSD 80.87 billion by 2026, exhibiting aCAGR of 5.8%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 Size, Share and Industry Analysis, By Product (Fully Automatic, Semi-Automatic, and, Dryer), By Capacity (Below 6 Kg, 6.1-8 Kg, and Above 8Kg), and Regional Forecast, 2019-2026”.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 to the washing machine market trends in the upcoming decade.
An Overview of the Impact of COVID-19 on this Market:
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. Some industries are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
We are making continuous efforts to help your business sustain and grow during COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of coronavirus outbreak across industries to help you prepare for the future.To get the short-term and long-term impact of COVID-19 on Washing Machine MarketMarket, Visit:https://www.fortunebusinessinsights.com/enquiry/covid19-impact/washing-machine-market-102645The report states that the value of the market stood at USD 51.98 billion in 2018. The other highlights of the report include:
Competitive LandscapeIntegration of Intelligent Systems in Washing Machines by Players to Intensify CompetitionAs 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 IBF are increasingly focusing on making and delivering products that are smarter, efficient, and sustainable.
List of Key Companies Profiled in the Washing Machine Market Report Include;
Browse Summary of This Research Insights with Detailed TOC:https://www.fortunebusinessinsights.com/washing-machine-market-102645
Market RestraintsNegative Environmental Impact of Washing Machines to Hinder Market GrowthThe 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 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. The findings of this study were substantiated through a study performed by the University of California Santa Barbra, which also concluded that washing of clothes is a massive contributor to microplastic pollution in water bodies.
Regional AnalysisIncreasing Adoption of Sedentary Lifestyle to Drive the Market in Asia-PacificThe market size in Asia-Pacific stood at USD 20.58 billion in 2018 and the region is poised to dictate the washing machine market share in the forthcoming years. This will primarily occur as a result of 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 people’s hands, encouraging them to demand luxury home electronics such as washing machines.
In North America, steady income will ensure stable demand for electronic products, while in Europe high per capita income will propel the market in the foreseeable future.
Quick Buy – Washing Machine Market Research Report:https://www.fortunebusinessinsights.com/checkout-page/102645
Key Industry Developments:
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