Technological advancements in recent times have made washing machines efficient in terms of electricity and water usage. Urbanization, growth of smart homes, evolving consumer preferences, and digitalization have helped in the growth of the market. Households and commercial establishments use washing machines to save both, energy and time.
The market was valued at INR 160 Bn in 2021. It is expected to reach INR 235.44 Bn by 2027, expanding at a CAGR of ~6.14% during the 2022 – 2027 period. The sales volume of the market stood at INR 7.63 Mn units in 2021. It is expected to reach INR 20.73 Mn by 2027, expanding at a CAGR of ~19.66% during the 2022 – 2027 period.
Impact of COVID-19:
The COVID-19 outbreak led to an increase in awareness about health and hygiene among consumers. To take advantage of the situation, washing machine manufacturers are innovating models that have the technology to kill the SARS-CoV-2 virus from clothes.
Nowadays, financing schemes have become attractive and convenient, making it easy for the middle class to indulge in shopping. People’s purchasing power has increased with their income in the past few years. The demand for washing machines has also picked up because people do not have enough time to wash their clothes due to their busy lifestyles. Through the government’s ’Make in India’ campaign, several domestic companies that import parts of their products have now set up their own manufacturing plants.
Key deterrents to the growth of the market:
Laundry shops and e-laundry are growing in India and customers prefer these services because of the ease of availability and affordability. People prefer laundry services over household washing because they like to wear neat and clean clothes, and the latter never provides such results. A washing machine consumes a huge amount of electricity because its rotational action needs a powerful motor for operation.