A recent report published by Infinium Global Research on smart connected washing machines market provides in-depth analysis of segments and sub-segments in the global as well as regional smart connected washing machines market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional smart connected washing machines market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of the global smart connected washing machines market. According to the report, the global smart connected washing machines market is projected to grow at a CAGR of 4.09% over the forecast period of 2020-2026.

Market Insight

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 washer and dryers combined into one unit. As smart washing machines use smart grid technology and promote efficient energy utilization, many government bodies are encouraging their use for saving 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 that can alert users about technical issues.

The growing use of wireless connecting devices and the Internet of Things (IoT) is driving the growth of the smart connected washing machines market. The Internet of Things (IoT) 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. Furthermore, the need for energy-efficient washing machines provides a growing demand for the market. The rising concern about the high consumption of electricity and the look-out for energy-efficient alternatives will drive the growth of the smart connected washing machine 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. Additionally, the increased government support for promoting smart homes and smart appliances is another major growth driver for the global smart connected washing machine market. Most government bodies are now motivating manufacturers to develop and consumers to adopt domestic appliances that use smart grids. However, the high cost of smart connected washing machines is a major restraining factor that will likely affect their adoption, and in turn, the growth of the market. Owing to this high-cost factor, it becomes difficult for manufacturers to convince consumers to upgrade their regular washing machines with the smart connected variety. Moreover, rapid technological advancement is provided significant growth opportunities for the market. The need for convenience is one of the most important factors that necessitate the development of products that can reduce manual labor.

Among the geographies, the Asia Pacific dominated the global smart connected washing machine market. Countries such as China, India, and Japan hold a major share of the smart connected washing machine market in the Asia Pacific and offers significant growth potential in this region. The Asia-Pacific market is largely driven by technological advancements and internet penetration rate in developing economies, such as China and India. According to the China Internet Network Information Center (CNNIC), internet penetration in China is 59.3%. Europe holds the second-largest market share for the smart connected washing machine market. Technological advancements that have increased comfort level and convenience for customers are collectively fueling the growth of the market in the European region. The increased spending power of the people and growing working women populace in countries such as the U.S. and Canada boosts the growth of the smart connected washing machine market in the North America region.

Segment Covered

The report on global smart connected washing machines market covers segments such as product, and end user. On the basis of product, the sub-markets include top load, and front load. On the basis of end user, the sub-markets include residential, and commercial.

Companies Profiled:

The report provides profiles of the companies in the market such as Commercial, Siemens AG, LG Electronics Inc., AB Electrolux, Whirlpool Corporation, Haier Group, Robert Bosch GmbH, Techtronic Industries, and GE Appliances.

Report Highlights:

The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of the smart connected washing machines market. Moreover, the study highlights current market trends and provides forecast from 2020-2026. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.