Smart Washing Machines Market – Emerging Trends and Growth Opportunities by 2024 | Profiling Players like Samsung Electronics, Candy Group, LG Electronics, IFB Industries Ltd. etc
With the advent of Internet of Things (IoT), a variety of smart devices have emerged across the world. A smart washing machine is an IoT-enabled device. A smart washing machine helps the user to control the washing process remotely. With ubiquitous use of smart phones in everyday life, smart washing machines are witnessing high adoption. A smart washing machine is connected to the Internet through a Wi-Fi network. The user needs to install a washing machine app on his or her smart phone.
The user is connected to the smart washing machine through this app. The user needs to register himself/herself in the app and then, he/she can control the smart washing machine. The smart washing machine app helps the user in monitoring the washing process i.e. whether the machine is washing, spinning, or rinsing the laundry.
It informs the user the time left for washing. It can temporarily pause the washing process. It informs the user when the washing process would be complete and the machine would be ready to be unloaded. The app automatically detects error in the washing process, if any.
Presently, the penetration of IoT is low in developing economies such as China and India. The average rate of penetration of IoT in India is in a single digit, while the global average rate of IoT penetration is in double digits. This presents immense opportunity for growth of the smart washing machines market in developing economies of Asia Pacific. However, a major restraint in the adoption of smart washing machines is that their prices are still higher than the conventional washing machines.
Geographically, the global smart washing machines market has been divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America. The U.S. is expected to hold the largest share of the smart washing machines market in North America during the forecast period. Canada is another major market for smart washing machines in the North America region.
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Germany, the U.K., France, Italy, Spain, Russia, Poland, and Ukraine are projected to be major markets for smart washing machines in Europe between 2018 and 2026. China, India, Japan, and South Korea are likely to be major markets in Asia Pacific from 2018 to 2026.
The UAE, Saudi Arabia, Turkey, and South Africa are estimated to be major markets for smart washing machines in Middle East & Africa during the forecast period. In South America, Brazil and Argentina are anticipated to be major markets between 2018 and 2026.
Samsung Electronics and Candy Group are pioneers of smart washing machines. Some of the leading players in the global smart washing machines market are Samsung Electronics, Candy Group, LG Electronics, IFB Industries Ltd., Whirlpool Corporation, General Electric Company, JLA Limited, Siemens AG, and Haier Group.