India Washing Machine Market to Grow with a CAGR of 7.25% During the Forecast Period
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" https://www.techsciresearch.com/report/india-washing-machine-market/4064.html
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.
Contact
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