Increasing nuclear families in India and rising disposable income will fuel the India washing machine market through 2028.
According to TechSci Research report, “India Washing Machine Market –Industry Size, Share, Trends, Competition, Opportunity, and Forecast, 2018-2028F” India washing machine market is forecast to grow at an impressive CAGR of 7.25% in the forecast period due to rapidly surging demand from the home appliances industry. The market’s growth is stimulated by increasing urbanization, rising disposable income of consumers, and an increasing population. The demand for washing machines is likely to register sustainable growth in the projected period due to the increasing working population and changing lifestyles.
Over the years, washing machines have been an essential home appliance component in Indian households. With rising awareness among customers, they seek “value options” that balance the characteristics of price, quality, convenience, consistency, and innovation. The demand for washing machines is expected to increase in the forecast years. Furthermore, the current tendency in India is for young couples to shift towards nuclear families, which means an increase in demand for washing machines. The sector’s rise has been fueled by new technology, inventive design, and improvements in after-sales services.
In terms of type, the washing machine market is segmented into semi-automatic, top-load automatic, and front-load automatic. The Top Load Automatic type has dominated the market in terms of value, with a market share of around 37.22% in 2022.
During the COVID-19 pandemic, the sales of washing machines went down because of the trade restrictions and a halt in production across the country. On the other hand, e-commerce has seen significant growth as companies were able to generate revenue through online channels as companies started shifting towards online channels.
Browse over 27 market data Figures spread through 70 Pages and an in-depth TOC on “India Washing Machine Market”
The India washing machine market is segmented on type, machine capacity, technology, distribution channel, region and company. The India washing machine market is segmented into semi-automatic, top-load automatic, and front-load automatic in terms of type. In terms of machine capacity, India washing machine market is segmented into below 8 kg and 8 kg and above. The India washing machine market is segmented into non-smart and smart-connected washing machines in terms of technology. The distribution channel segment is divided into multi-branded stores, exclusive stores, supermarkets, and hypermarkets, online, and others (direct sales, wholesales, etc.). Among them, the multi-branded stores dominate the India washing machine market, but online channels have gained popularity after the COVID-19 pandemic.
Key market players in the India Washing Machine market include:
· LG Electronics India Private Limited
· Samsung India Electronics Private Ltd.
· IFB Industries Ltd
· Bosch Limited
· Whirlpool Of India Limited
· Haier Appliances (India) Private Limited
· Mirc Electronics Limited (Onida)
· Panasonic India Private Limited
· Godrej & Boyce Manufacturing Company Limited
· BPL Limited
LG Electronics (LG) unveiled its most advanced laundry invention, which uses artificial intelligence to give a thorough wash for optimal outcomes without guesswork. The new LG ThinQ front-load washing machine includes an Artificial Intelligence Direct Drive (AI DD) motor, which takes it beyond the boundaries of traditional washing machines. The AI DD washer draws on LG’s pioneering Direct Drive motor’s 20-year improvements, effectiveness, and efficiency.
Unlike traditional washing machines, which only detect fabric weight, the LG ThinQ front-load washer has an Artificial Intelligent Direct Drive (AI DD), which recognizes fabric weight and softness and picks the best motions for the fabric on its own. Optimized washing is dependent on the type of laundry and results in fewer damaged items when compared to traditional washing.
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“Demand for washing machines in India is growing steadily due to changing lifestyles, increasing purchasing power, and increasing knowledge about the benefits of smart appliances. Additionally, market leaders are constantly upgrading their products to meet the growing demand, which expected to drive the Indian washing machine market over the next few years. Additionally, the emergence of the e-commerce industry will create new avenues for manufacturers/distributors to reach consumers and expand their customer base, which will positively impact the Indian washing machine market during the forecast period.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“India Washing Machine Market, By Type (Semi-Automatic, Top Load Automatic, Front Load Automatic), By Machine Capacity (Below 8 Kg and 8 Kg and Above), By Technology (Non-Smart Washing Machine, Smart Connected Washing Machine), By Distribution Channel (Multi-Branded Stores, Exclusive Stores, Supermarkets and Hypermarkets, Online and Others (Direct sales, Wholesales etc.), By Region, Competition, Forecast & Opportunities, 2018-2028F”, has evaluated the future growth potential of washing machine market in India and provides statistics and information on market structure, size, share and future growth. The report is intended to provide cutting-edge market intelligence and help decision makers take sound investment decision. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities present in India washing machine market.
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