The smart washing machine market consists of sales of smart washing machines and related services. The sales comprises 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. 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 phone, or other smart devices through the cloud or app. The connectivity gives more control on the machine, and user can decide its activity through the commands on the app or through other means like voice.
The global smart washing machine market is expected decline from $7.85 billion in 2019 and 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 market is then expected to recover and reach $12.48 billion in 2023 at CAGR of 18.03%.
