The factors driving the Smart Steam Washer Market, such as increasing demand for energy efficiency and convenience, growing smart home integration, the rising popularity of connected appliances, increasing adoption of the Internet of Things (IoT) enabled technologies and availability of customized solutions. As the demand for energy-efficient products increases, manufacturers are increasing their focus on developing more efficient and intelligent washers.
The needs of the Smart Steam Washer Market are increasing as more people are opting for energy-efficient and easy-to-use appliances that provide a range of advanced features and improved performance compared to traditional models.
The benefits of the Smart Steam Washer Market are becoming increasingly evident to consumers across the globe. These Smart Washers are becoming popular because of their improved energy efficiency, convenience, and advanced features. The Smart Steam Washer is designed to be more efficient than traditional washers by using less water and detergent to wash clothes.
The washers come with several customizable settings and options that allow users to customize their washing experience. Additionally, they use less electricity when compared to traditional models and have a longer life span due to their ability to self-clean.
Furthermore, these washers can relate to other smart technology devices such as smartphones and tablets through Wi-Fi or Bluetooth connections which allows users to control them remotely and receive notifications when their laundry is done. This additional feature has made them highly sought after in the market today.
The global Smart Steam Washer market is expected to expand at an 8.5% CAGR from 2021 to 2031.
This growth can be attributed to a number of key factors such as increasing demand for energy-efficient and cost-effective laundry appliances, growing awareness about environmental protection and water conservation, increasing urbanization, and rising disposable incomes worldwide.
The Smart Steam Washer Market, on the other hand, faces some hurdles. They are the high expense of these products and the lack of consumer awareness. Moreover, there is a lack of knowledge about how to use the technology, which has been a challenge for the industry.
The major players are LG Electronics Inc., Panasonic Corporation, Electrolux AB, Whirlpool Corporation, Miele & Cie. KG, Bosch Gruppe, Robert Bosch GmbH, Maytag Corporation, Haier Group Corporation, Samsung Electronics Co. Ltd., and Fisher & Paykel Appliances Holdings Ltd. These key competitors are always concentrating on strategies such as strategic partnerships and collaborations in order to expand their product portfolios and increase their position in the Smart Steam Washer Market.
The Anti-bacterial segment is projected to grow at a higher CAGR
Over the projection period, the antibacterial category is anticipated to hold the largest market share and increase at a faster CAGR. It is because the antibacterial segment offers various advantages such as effective cleaning, reducing residue from the clothes, and killing germs and bacteria.
The Household segment will hold the largest market share
The Household sector is anticipated to have the biggest revenue market share and is anticipated to increase at a substantial rate over the course of the forecast period. This is attributed to the rising demand for energy-efficient and space-saving washers among households across the globe. Smart steam washers are gaining traction as they are more efficient in cleaning clothes than conventional washers, thereby reducing water consumption.
The commercial segment is expected to increase at the fastest rate
Due to increased demand from hotels, restaurants, and other similar facilities, the commercial segment is expected to grow at the fastest rate in the market during the forecast period. Additionally, the growing demand for energy-efficient products will further boost the sales of smart steam washers in this sector.
The North American region is likely to account for a large segment
North America is expected to account for a significant share of the market due to the presence of key vendors and advanced technology in this region. it is because consumer preferences are shifting towards smart technology-enabled appliances.
There has been a significant rise in the adoption of steam washers in North America owing to several benefits such as easy operation, energy efficiency, and clean cleaning offered by these washers. Additional factors influencing the growth of the smart steam washer market in North America include increased urbanisation and rising disposable income.
Covid-19 Impact & Market Status
The global smart steam washer market has been significantly impacted by the recent outbreak of COVID-19. Over the past year, the spread of the coronavirus pandemic has led to numerous disruptions throughout markets and economies worldwide. With many countries across the globe still in lockdown and social distancing measures in place, consumer demand for smart steam washers has waned significantly as people are unable to access retail outlets and shopping centers. This is attributed to a decrease in spending on luxury household items, such as smart steam washers, which are considered nonessential products.
In addition to the impact of COVID-19 on consumer spending, changes in regional regulations have also affected market growth for smart steam washers. Many countries have imposed regulations on product imports due to health concerns about spreading viruses through manufacturing processes or shipping containers. As a result, some regions have experienced delays in production and shipment due to these restrictions, resulting in decreased sales of smart steam washers across key markets.
Latest Innovations in the Smart Steam Washer Market: a Snapshot
• SAMSUNG launched AI EcoBubble washing machines in India in May 2022. It is a multilingual AI EcoBubble front-loading washing machine with artificial intelligence.
• SAMSUNG, a global consumer electronics manufacturer, will cooperate with ABB Group, a global leader in energy and automation technology, in April 2022.
Smart Steam Washer Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2031||US$ NA|
|Growth Rate||CAGR of 8.5% % during 2021-2030|
|Segment Covered||Type, Application, By End-use, Regions|
|Regions Covered||North America, Europe, Asia Pacific, South America, Middle East and Africa|
|Key Players Profiled||LG Electronics Inc., Panasonic Corporation, Electrolux AB, Whirlpool Corporation, Miele & Cie. KG, Bosch Gruppe, Robert Bosch GmbH, Maytag Corporation, Haier Group Corporation, Samsung Electronics Co. Ltd., and Fisher & Paykel Appliances Holdings Ltd.|
Key Segments of the Smart Steam Washer Market
Type Overview, 2021-2031 (USD Billion)
• Non- Antibacterial
Application Overview, 2021-2031 (USD Billion)
End- Use Overview, 2021-2031 (USD Billion)
Regional Overview, 2021-2031 (USD Billion)
• Rest of Europe
• Rest of Asia Pacific
• Rest of South America