Global Smart Washing Machines Market To Reach Value Of About $12.5 Billion In 2023
The global smart washing machine market is expected to decline from $7.85 billion in 2019 to $7.59 billion in 2020 at a rate of -3.2%. 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 a rate of about 18%. The increasing need for energy-efficient washing machines will drive the growth of the market in the forecast period. Although the higher expense of smart washing machine with a comparable build quality to a regular washing machine is not unreasonable, the high cost of these washing machines would hinder the demand and growth of the smart washing machine market.
The smart washing machine market 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 a 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 the user can decide its activity through the commands on the app or through other means like voice.
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The global smart washing machines market is further segmented based on type and geography.
By Type: Top Load; Front Load
By Application: Residential; Commercial
By Geography: The global smart washing machines market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, the North American smart washing machines market accounts for the largest share in the global smart washing machines market.
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Trends In The Smart Washing Machines Market
Artificial Intelligence is expected to be a trend in smart washing machine market. AI uses a simulation of human intelligence into machine. These machines are programmed with AI technology to think and function like humans.
Smart Washing Machines Global Market Report 2020 is one of a series of new reports from The Business Research Company that provides smart washing machines market overviews, analyzes and forecasts smart washing machines market size and growth for the global smart washing machines market, smart washing machines market share, smart washing machines market players, smart washing machines market size, smart washing machines market segments and geographies, smart washing machines market trends, smart washing machines market drivers and smart washing machines market restraints, smart washing machines market’s leading competitors’ revenues, profiles and market shares. The smart washing machines market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.