In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022. Purchasing power in the country is expected to fell nearly by 2.5%.
On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.
February 2020, Haier launches 83 new age products in the market with a plan to spearhead the IoT era in the home appliances industry.
Washing machines are used in every home nowadays for washing laundry, as it saves time and energy. The IoT enables washing machine makes this task of washing clothes more convenient and user-friendly as the user can operate the machine remotely from any location, provided the user has access to internet connectivity. It requires the internet connectivity by which the user can get the real time information about washing and can control the remote from anywhere. From last few years many features were introduced in the washing machine market such as better efficiency, saving water and electricity. And, now with this new added feature of smart connect (IoT), end users can experience an effortless and convenient way of washing clothes.
Smart home devices or appliances are becoming popular among the new and the old generation of people. The IoT enabled washing machine is a classic example in this domain. This new tech feature gives more flexibility while using it, faster and more effective cleaning and noise free washing. The IoT enabled washing machines can be easily operated from remote locations by using a mobile app. For the reason that IoT enabled machines have attractive features, the amount of enthusiasm in the market is high. This is not only limited to metro cities but demand in the semi-urban and rural areas is also increasing massively owing to levels of earnings going up and other reforms coming in. Increasing usage of IoT enable washing machine on account of eliminating major inefficiency such as mechanical issue and power failure, saving time and money is anticipated drive this market at a CAGR of 29.15% over the forecast period, i.e. 2020-2028. The product segment is further categorized into two types, top load and front load. The market size of front load IoT enabled washing machines is anticipated to grow at a robust pace on the back of numerous benefits of front load washing machines over top load washing machines. Front load washing machines are much more space efficient as it can be placed inside modular bathrooms or kitchens, where space is always a constraint. The front load washing machines provide access from the front, rather than the top, providing the user greater flexibility. Top load washing machines, on the other hand, cannot be placed in modular format houses, as it restricts access to the drum.CLICK TO DOWNLOAD SAMPLE REPORT
Based on end user, the market is further divided into commercial user and residential user; out of which, the residential user segment is anticipated to hold the largest market share owing to the increase in working population worldwide. Washing machine helps a user to save time, helping the user to work in parallel for other priority work. Moreover, IoT enabled washing machines can be operated from anywhere.
The IoT enabled washing machine market is increasing owing to its user-friendly operating features, such as user can easily use their smart phones to reserve, schedule, and monitor their washing machines. It also helps them in recording laundry usage history.
Attractive features of the IoT enabled washing machines are making the consumers curious to buy this amazing product. The demand for IoT enabled washing machines is not only restricted to the urban areas, but it has gained popularity in semi-urban and rural areas too.
With increase in workload and hectic schedules, people hardly find any time to do home chores. This creates a need for smart products, hence there is going to be an increase in demand for IoT enabled washing machines.
IoT enabled washing machines help users by notifying them when their laundry loads have completed a wash cycle. In addition, IoT-enabled washing machines can smartly handle the event of power failures or mechanical issues. This saves both time and money by preventing half-completed laundry loads from being washed all over again.
The major restraint factor in this IoT enabled washing machine market is poor internet connectivity. As a person cannot operate the machine without internet and hence is the major restrain factor of this growing market.
IoT enabled washing machine collects various data via sensor and from users. As to operate the machine the first thing is to connect it to the internet or Wi-Fi which generates more data about the user’s patterns and behavior. This data is more than expected to be stored in all of the company’s servers and can easily fall into the wrong hands. On the other hand, customers should be careful while connecting their machine to the mobile phones and read all the privacy policies carefully before using it. In some cases company may reject all the access to the customers if they do not provide details of their data usage to them, this is a trick used by many companies that leaves the customers with no option but to accept their terms and share personal details.
Our in-depth analysis of the IoT enabled washing machine market includes the following segments:
Based on regions, the IoT Enabled Washing Machine market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
The Asia-Pacific IoT enabled washing machine market is anticipated to witness a robust CAGR owing to its compatibility and user-friendly features.
The IoT enabled washing machine market is further classified on the basis of region as follows: