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Key manufacturers are following various market strategies which include new product launches, expansion of distribution channels, mergers and acquisitions, and technological advancements to acquire the maximum customer base.
For instance, in February 2018, Samsung Electronics Co. Ltd. announced the introduction of IoT ready washing machine featuring the Bixby AI interface.
These strategic actions ensure a meaningful rise in the demand for smart washing machines capable of providing ease of operation.
Fully automatic washing machines are required to attest the fastest CAGR of 6.3% from 2019 to 2025 in order to make the operation comfortable and for lesser human intervention request for the product operation.
In addition, the segment is designed to predict meaningful growth over the next few years owing to the ability of the product to put forth high energy efficiency and quality stain removal as compared to semi-automatic products. Most manufacturers concentrate on new product development, technology innovation, and expanding their manufacturing facilities to cater to the significant rise in demand.
For the past few years, urbanization has been drastically increased which has led to the increased sales of white goods including washing machines, refrigerators, and air conditioners.
Furthermore, enhanced electricity infrastructure as well as changing lifestyles across rural as well as urban areas in developing countries including India, China, Indonesia, and Sri Lanka has exacerbate the demand for plastic washing machines.
Top load washing machines were the largest technology segment, with a market share of 51.3% in 2018.
These products used up little space and are economical, hence the best choice, especially for the consumers from the developing countries including Indonesia, Vietnam, and Sri Lanka.
On the other hand, front load washing machines are becoming more acceptable, on account for their durability, energy efficiency, less water consumption as well as drying time. The segment is predicted to foresee a high CAGR over the forecast period.
The largest distribution channel was offline with a market share of 69.1% in 2018. Major manufacturers such as Whirlpool Corporation, Samsung Electronics Co. Ltd., IFB Industries Ltd., and LG Electronics Inc. have their entire stores.
Over the past few years, these companies have been spending greatly in developing countries such as India, Thailand, and Taiwan for spreading out their distribution channel and opening whole stores to gain a competitive edge.
The fastest-growing segment is an online distribution channel, witnessing a CAGR of 6.6% from 2018 to 2025 due to increasing internet penetration in different countries such as India and China. The online segment enables companies to attain a larger customer base.
Moreover, the online platform offers product comparison, price, together with smooth returns and prompt delivery. Major manufacturers are following marketing strategies such as product advertisement and celebrity marketing to attain maximum customer comprehension.
Online giant Flipkart in India which has become a part of Walmart, launches discount offers almost every time to improve online sales, which is expected to motivate the market growth.
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RETECH is a creative company focusing on the technology R&D of Plastic recycling machinery solutions.
