LONDON--(BUSINESS WIRE)--According to the latest research report released by Technavio, the washing machine market in the US is likely to reach USD 7.46 billion in revenue by 2020.
This report titled ‘Washing Machine Market in the US 2016-2020‘, provides an in-depth analysis of the market in terms of revenue and emerging trends. To calculate the market size, the report considers revenue generated from the sale of the following types of washing machines in the US for the residential segment:
- Front loading washing machine
- Top loading washing machine
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“Wireless technologies like ZigBee and Wi-Fi are making interoperability between devices possible. Wi-Fi is being extensively used in smart washing machines while near field communication is also being explored to establish radio communication with smartphones and to bring them at a proximity,” said Poonam Saini, one of Technavio’s lead industry analysts for retail goods and services.
“For instance, in 2014, LG Electronics introduced a smart washing machine using NFC that allows users to pair up their smartphones to download additional programs. The smart diagnosis feature of this machine can also be used to detect functional issues in these machines,” added Poonam.
Some of the other driving forces behind the growth of the global washing machine market in the US are as follows:
- Increasing demand for energy and water-efficient washing machines
- Rapid technological advances and product innovation
- Strong distribution channels
Increasing demand for energy and water-efficient washing machines
A major driver of the washing machine market in the US is the increasing demand for energy and water-efficient appliances. The average US household consumes electricity worth approximately 911 kilowatts per month, which is higher than the energy consumed in other developed countries. In an attempt to curb this high energy consumption, the US government is encouraging manufacturers and consumers to switch to energy-efficient appliances that use smart grids.
The Department of Energy has released test procedure amendments for clothes washers in 2014 that provide information about energy conservation standards for residential clothes washers. The manufacturing tax credit provision was extended in 2013 for accelerated US production of super-efficient washers that meet the threshold for energy and water conservations set by the US DOE.
Energy Star certified washing machines have become a common choice as they use less energy. Consumers are even shifting toward energy-efficient washing machines to save money and reduce their negative impact on the environment. Companies like GE are selling Energy Star certified washers that use less water and energy (approximately 35% less).
Rapid technological advances and product innovation
Continuous technological advancements and product innovations in the design of household and professional appliances have led to the development of advanced washing machines that increase comfort levels and convenience of users. Companies are coming up with advanced, innovative features. For example, Samsung launched its AddWash front load washer in 2016, which gives the user the convenient option to add laundry mid-cycle. The UK-based startup company called Xerox introduced a washing machine for the US domestic market in 2014. This machine uses nylon polymer beads, which allow them to go through clothing to absorb dirt and stains using 80% less water. Similarly, Samsung came up with a smart washing machine in 2014, designed to reduce the amount of energy used by using an eco-bubble generator that dissolves detergents quickly. These product innovations are gaining consumers' attention.
Features in washing machines such as Auto Optimal Wash, Smart Control, Eco-Check, Smart Diagnosis, and Smart Nudges have been launched by Samsung, LG Electronics, and Whirlpool. Such rapid technological advancements will help users in the US experience better washing machines over the next four years.
Strong distribution channels
Vendors are emphasizing on developing holistic distribution channels to cater to all types of customers. Investments in supply chain management strategies along with enhancement in product assortments have been noted in recent times.
Players are also launching informative and interactive websites to enhance customer reach. These websites provide expert advice on the use of products along with product promotions.
Before purchasing products, most consumers now prefer researching about product features and conduct a thorough price comparison. Another advantage of online shopping is the opportunity to voice opinions about products while gaining an opportunity to read customer reviews in order to make informed decisions prior to the purchase.
Browse related reports
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Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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