According to Data Bridge Market Research new Market report, global home laundry appliances market expected to grow with a steady CAGR in the forecast period of 2019-2026. This rise in market value can be attributed to the growing expenses on clothes and purchasing power of individuals.
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Laundry means washing of clothes and other textiles. They usually consist of washing machines and dryers. Washing machine is very important part of laundry as it cleans your clothes and removes the odor from your clothes. Then is dryer which is used to remove the moisture from your clothes after they are washed.
Global home laundry appliances market is segmented on the basis of product, technology, type, distribution channel and geography.
By Product (Washers, Dryers, Steamers, Smoothing Irons, Others), Technology (Automatic, Semi-Automatic, Others), Type (Built-In, Freestanding), Distribution Channel (Retail, Direct, E-Commerce, Others), Geography (North America, South America, Europe, Asia-Pacific, Middle East and Africa)
FACTORS DRIVING GROWTH IN HOME LAUNDRY APPLIANCES MARKET
Increasing levels of urbanization
According to United Nations, around 55% of the global population currently resides in urban areas as of 2018. Projections to this data suggest that by the year of 2050, this percentage of population could rise to 68%.
According to statista in 2018, Northern America had the highest share of the population living in urban areas, with around 82%, followed by the Latin America & the Caribbean at 78%, Europe at 74%, Oceania at 67%, Asia at 49% and Africa at 43%.
This high share and projected rise of the share of the population living in the urban areas is expected to be one of the major factors for the growth of the market, as high levels of urbanization induces rise in the construction and various other end-use industries which employ the use of metal powder in production of end products.
Few of the major competitors currently working in the home laundry appliances market are Godrej.com; Midea Group; Electrolux; Haier lnc.; Flipkart.com; Koninklijke Philips N.V.; Hitachi Appliances, Inc.; SAMSUNG; Whirlpool Corporation; IFB Industries Limited; LG Electronics; BSH Home Appliances Group; Candy; Miele & Cie. KG; SHARP CORPORATION and Panasonic Corporation.
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