Increasing disposable income, urbanization, demand for convenience, working population and improving standard of living is all set to fuel growing demand of washing machines in India.
India has always been a labor intensive country which takes a little extra time to accept any new technology; as a result washing machines growth rate has been slow since the introduction along with easy availability of cheap domestic help which has proved to be a major restraint in growth of the washing machines market in India. However, the situation is changing rapidly in the country with increasing charges of maintaining a servant and security concerns.
According to a recently published report by TechSci Research, ‘India Residential Washing Machines Market Forecast & Opportunities, 2017’, the washing machines market in India is expected to witness healthy growth rates for the next five years. Increasing disposable income and rapid urbanization in the country has generated huge demand for washing machines during 2010-2011. The market for the residential washing machines in India is expected to reach US$ 1.50 Billion (Rs. 836 Crores) by 2017.
The sales of fully automatic washing machines are expected to witness a higher growth rate in comparison to semi-automatic washing machines in India on account of increasing working population. LG, Samsung, Videocon, Whirlpool, Onida, Godrej, Haier, IFB, etc. are the top players in the residential washing machines market in India.
The growing disposable income of households in the country has been improving the standard of living of the people, which in turn is driving sales of the residential washing machines in the country. Now, even domestic helps have started asking for washing machines otherwise they intend to charge extra money. Therefore, availability of a domestic help is gradually shifting from a restraint to a growth factor. The overall consumer durables market in India has witnessed double digit growth which is expected to continue its rhythm for at least next five years period.
‘India Residential Washing Machines Market Forecast & Opportunities, 2017’ has evaluated the future growth potential of washing machines market and provides statistics and information on market structure, trends and opportunities. The report includes segmental market projections and demand forecasting. The report is intended to provide cutting-edge market intelligence and help decision makers to take sound investment evaluation. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities available in washing machines market worldwide.