Smart Washing Machines Market Size Is Being Driven By Increasing Need For Energy Efficiency And Technological Advances
Smart Washing Machines Market Global Report 2020-30: Covid 19 Growth And Change
The Business Research Company’s Global Smart Washing Machines Industry Analysis Market Report 2020-30: Covid 19 Growth And Change
LONDON, GREATER LONDON, UK, August 6, 2020 /EINPresswire.com/ -- The increasing need for energy-efficient washing machines will drive the growth of the smart washing machines market in the forecast period. Smart washing machines manufacturers are increasingly producing energy-efficient products to reduce carbon footprint and enable energy savings for the consumers. The rise of energy-efficient washing machines can be attributed to stringent government regulations on electric home machines and advances in technology.
According to the U.S. Energy Information Administration (EIA), the demand for global energy will grow by 37% due to a rise in energy requirements per household by 2035. Energy-efficient machines are designed to utilize minimum energy to complete the required task. Currently, over 80 countries have standards and labels for energy-efficient machines. Thus, increasing need for energy-efficient products will drive the smart washing machines market in the forecast period.
The global smart washing machines market size is expected decline from $7.85 billion in 2019 to $7.59 billion in 2020 at a compound annual growth rate (CAGR) of -3.22%. The decline is mainly due to economic slowdown across countries owing to the COVID-19 outbreak and the measures to contain it. The smart washing machines market is then expected to recover and reach $12.48 billion in 2023 at CAGR of 18.03%.
According to smart washing machines market industry trends, artificial Intelligence (AI) is expected to gain traction. AI uses a simulation of human intelligence integrated with the machine. These machines are programmed with AI technology to think and function like humans. For instance, LG electronics newly released smart washing machine LG thinkQ which uses Artificial Intelligence and analyses the wash load, suggesting the wash settings accordingly.
Similarly, Samsung released Samsung Grande AI washer and drier in January 2020 which uses Artificial Intelligence in effective ways to do laundry and connect with drier to ease the process of laundry. AI-programmed smart washing machines will considerably ease the process of laundry.
The smart washing machine market share consists of sales of smart washing machines and related services. The sales comprise of revenues generated by establishments that are primarily engaged in the manufacturing and selling of smart front load, inclined load and top load smart washing machines. A smart washing machine is defined as the machine which helps the user to control the washing process remotely.
Smart washing machines are connected to the internet and to smart phones, or other smart devices through the cloud or an app. The connectivity gives more control of the machine, and user can decide its activity through the commands on the app or through other means like voice.
The global smart washing machines market is segmented by type into top load and front load. By application, the market is segmented into residential and commercial.
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