Washing Machine Market Size

Washing Machine Market size is poised to reach USD 103 Billion by the end of 2036, growing at a CAGR of 5% during the forecast period, i.e., 2024-2036. In the year 2023, the industry size of washing machine was USD 60 Billion. The reason behind the growth is due to the growing apparel and fashion industry across the globe. The increased consumption of apparel and fashion garments will increase the demand for washing machines, driving market growth. Furthermore, using promoting marketing strategies by apparel and fashion brands such as buy one get one free, seasonal discounts, cashback offers, and others has encouraged consumption. According to recent data, the global apparel industry is predicted to generate over USD 1 trillion in revenue in 2023—around a 13% rise over the previous year.

The growing usage of advanced technologies such as the Internet of Things (IoT) is believed to fuel the market growth. Manufacturers of washing machines are now providing IoT-enabled services to improve consumer satisfaction by notifying them when the wash cycle on their load of laundry is complete. For instance, in 2021 Samsung introduced an IoT-enabled washing machine that includes more than 20 models, all equipped with artificial intelligence (AI) features that promise to provide 45% more fabric care while saving time and energy and also offer an adaptable washing procedure.