About the Washing Machine Market in the US
With the latest innovations and new features, vendors are focusing on differentiating their product offerings through a clear and unique value proposition so as to entice consumers to replace their older washing machines with newer ones. Companies are also focusing on consumer engagement through superior customer service, and introduction of green and sustainable appliances.
The market is expected to boost sales through the increased penetration of smart, connected, and energy-efficient appliances. For instance, GE increased the working efficiency of its agitator washers in 2015, so that consumers can have control over the cycles as well as to improve energy-efficiency.
Technavio’s analysts forecast the washing machine market in the US to grow at a CAGR of 4.84% during the period 2016-2020.
Covered in this report
The report covers the present scenario and the growth prospects of the washing machine market in the US 2016-2020. To calculate the market size, the report considers the revenue generated from the sale of the following types of washing machines in the US for the residential segment:
Technavio Announces the Publication of its Research Report – Washing Machine Market in the US 2016-2020
Technavio recognizes the following companies as the key players in the washing machine market in the US: Electrolux, GE, LG Electronics, Samsung, and Whirlpool.
Other Prominent Vendors in the market are: Midea, Bosch-Siemens, Haier, Sharp, Panasonic, Hitachi, Arçelik, Groupe SEB, Miele, and Toshiba.
Commenting on the report, an analyst from Technavio’s team said: “A key trend that is expected to positively impact the market is the growing emphasis on technology and smart appliances. Wireless technologies like ZigBee and Wi-Fi are making interoperability between devices possible. Near Field Communication (NFC) is being extensively used in smart washing machines to establish radio communication with smartphones and bring them at proximity. For instance, in 2014, LG Electronics introduced a smart washing machine using NFC that allows users to pair up their smartphones to download additional programs. The smart diagnosis feature of this machine can be used to detect functional issues in the machine. This product also has a smart diagnosis feature that can help to instantly troubleshoot problems and answer users' queries swiftly and conveniently.”
According to the report, a key growth driver is the rising demand for energy- and water-efficient washing machines. One of the major drivers of the washing machine market in the US is the increasing demand for energy- and water-efficient appliances. The US household consumes an average electricity of 911 kilowatts per month, which is higher than the energy consumed in other developed countries. In an attempt to curb this high energy consumption, the US government is encouraging manufacturers and consumers to switch to energy-efficient appliances that use smart grids.
Further, the report states that one challenge that could hamper market growth is the infrequent purchase by consumers. Generally, consumers opt to purchase washing machines only when they are shifting to a new house or when they are replacing worn out or old ones. Washing machines are meant for long-term use and generally do not require frequent replacement.
Electrolux, GE, LG Electronics, Samsung, Whirlpool, Midea, Bosch-Siemens, Haier, Sharp, Panasonic, Hitachi, Arçelik, Groupe SEB, Miele, and Toshiba.