Residential Washing Machine Market 2030: Key Trends and Projections
The global residential washing machine market size is expected to reach USD 113.0 billion by 2030, according to a new report by Grand View Research, Inc. It is projected to register a CAGR of 6.6% from 2024 to 2030. Rising standard of living coupled with the rapid urbanization across the globe is expected to drive the growth. Moreover, significant improvement of electricity infrastructure in developing countries including India, Indonesia, and China is expected to further fuel the product demand. The fully automatic segment is expected to witness the fastest CAGR during the forecast period, owing to the ease of operation, high energy efficiency, and less water consumption and drying times. Major manufacturers including Samsung Electronics Co. Ltd.; Whirlpool Corporation; and LG Electronics Inc. are introducing latest technologies such as Internet of Things (IoT) to gain competitive edge in the market. For instance, in February 2018, Samsung Electronics Co. Ltd. an...