Global Washing Machine Parts Market Overview:
As per MRFR analysis, the Washing Machine Parts Market Size was estimated at 29.64 (USD Billion) in 2022. The Washing Machine Parts Market Industry is expected to grow from 30.84 (USD Billion) in 2023 to 44.1 (USD Billion) by 2032. The Washing Machine Parts Market CAGR (growth rate) is expected to be around 4.06% during the forecast period (2024 - 2032).
Key Washing Machine Parts Market Trends Highlighted
The global market for washing machine parts is expanding rapidly, driven by rising demand for energy-efficient and durable home appliances. Consumers' increasing preference for automated and smart washing machines is fueling the need for sophisticated parts such as electronic control boards, sensors, and motors.
Opportunities for market growth lie in the development of innovative parts that enhance washing machine performance and sustainability. Manufacturers are focusing on reducing water and energy consumption, improving wash quality, and incorporating smart features such as remote monitoring and voice control. Recent trends in the washing machine parts market include the use of advanced materials that resist corrosion and wear, the integration of IoT technologies for remote diagnostics and repair, and the adoption of modular designs for easy maintenance and replacement. These trends are shaping the market and creating new avenues for growth.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Washing Machine Parts Market Drivers
Rising Demand for Energy-Efficient Appliances
There is a growing demand for energy-efficient washing machines. This is because consumers know that these home appliances could cause an increase in the level of pollution to the environment. This is why washing machine parts manufacturers are developing new parts that can help to reduce energy consumption. For example, new washing machine motors are more energy-efficient than the older ones and new insulation can help to keep heat in. Thus, it would take less energy to heat the water. This is expected to be one of the key drivers of growth in the Washing Machine Parts Market Industry in the near future.
Increasing Adoption of Smart Washing Machines
Smart washing machines have been gaining popularity among consumers who are looking for ways to simplify their lives. The machines can be managed remotely and programmed to perform certain tasks, for example, to wash a load of laundry at a specific time of day. Washing machine parts manufacturers are producing advanced components that are capable of supporting all the features of such machines. New washing machine sensors are able to identify the type of fabric that is being washed, and new actuators are able to adjust the washing routine accordingly. Therefore they are expected to be among the main drivers of the growth of the Washing Machine Parts Market Industry.
Growing Demand for Aftermarket Washing Machine Parts
The rising demand for aftermarket washing machine parts In the present market conditions, many customers prefer to repair washing machines instead of buying new ones. The development of new aftermarket parts for washing machines plays an essential role in current market tendencies. First, manufacturers can reduce the cost of these parts in comparison with the OEM ones. At the same time, it is easier to replace the damaged parts using the aftermarket ones. Many major participants in the global market have already developed such parts, and there will be a trend towards the emergence of new products. It is expected that such tendencies will contribute to the development of the Washing Machine Parts Market Industry in the next couple of years.
Washing Machine Parts Market Segment Insights:
Washing Machine Parts Market Component Insights
One of the crucial segments in the overall projections for the Washing Machine Parts Market is Component, which is expected to progress hefty with USD 44.1 billion in value by 2032. The Drum segment, which accumulates the laundry for washing purposes in the washing machines, holds a major chunk of market share in terms of revenue generated by the component. The loading Laundry folding machine feature of the washing machine is expected to bolster owing and expand the Drum component market. Motor, which helps rotate the drum installed in the washing machine, drum technology advancements produce energy efficient and noise-free, accordingly amassing significant revenue share.
The Pump, which circulates water during the course of washing, accumulates a substantial market share. Another take on the market is Hose due to its necessity and functioning through water supply and drainage. The vital segment in the market is electronic components such as control boards, user interfaces, and sensors, which help washing machine’s function. The sub-segment closely followed the smart feature and added the IOT feature incorporated in modern washing machines, coming into the picture with huge growth.
Another form of other components in the segment, such as belts, bearings, and seals, also contribute to revenue accruing. High-efficiency washing machines and demand for smart homes for the respective appliances make this segment more aggressive in the market. Strategy partner and market consolidation will push the market for added innovation in the market landscape.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Washing Machine Parts Market End-Use Application Insights
The End-Use Application segments of the Washing Machine Parts Market are Residential, Commercial, and Industrial. The Residential segment has the largest share as the washing machines assembled are predominantly used by households. Further, due to the increasing demand for energy-efficient and feature-rich washing machines, the Residential segment is growing at a faster pace. With respect to the Commercial segment, the growth is also high as there is an increase in the number of laundromats, hotels, and hospitals.
However, the share of the Industrial segment is less as compared to the other two, but this segment is growing at a faster pace as industries such as manufacturing, mining, etc, are in need of heavy-duty washing machines. Thus, it can be inferred that overall the Washing Machine Parts Market is poised to grow at a steady rate and the Residential segment is leading the market in terms of revenue.
Washing Machine Parts Market Sales Channel Insights
The Washing Machine Parts Market is expected to witness significant growth in the coming years, driven by increasing demand for washing machines and the need for regular maintenance and repairs. The market is segmented into various channels based on distribution, including online and offline channels. Online Channels: The online channel is gaining popularity for the distribution of washing machine parts due to the convenience and wide selection of products offered. Online retailers such as Amazon, eBay, and Alibaba provide a vast inventory of parts from various manufacturers, allowing customers to compare prices and find the best deals.
The growth of e-commerce and the increasing penetration of smartphones and internet connectivity are contributing to the expansion of the online channel. Offline Channels (Supermarkets/Hypermarkets, Specialty Stores, Authorized Dealers, Independent Retailers): Offline channels continue to hold a significant share of the Washing Machine Parts Market, particularly in regions with limited internet access or where customers prefer in-person purchases. Supermarkets and hypermarkets offer a wide range of parts, while specialty stores focus on specific brands or types of parts. Authorized dealers and independent retailers provide expert advice and support, which is valued by some customers. However, the convenience and competitive pricing of online channels pose challenges to offline retailers.
Washing Machine Parts Market Capacity Insights
The Capacity segment is a key factor in determining the Washing Machine Parts Market revenue. In 2023, the 5-8 kg capacity segment held the largest market share, accounting for over 40% of the Washing Machine Parts Market segmentation. This is due to the high demand for washing machines with this capacity range in both developed and developing countries. The 8-12 kg capacity segment is expected to witness the highest growth rate during the forecast period, owing to the increasing popularity of large-capacity washing machines in households with larger families.
The Below 5 kg capacity segment is expected to remain stable during the forecast period, as it caters to a niche market of consumers with space constraints or specific washing needs. The 12 kg and Above capacity segment is expected to grow at a steady pace, driven by the demand for high-performance washing machines in commercial and industrial settings. Overall, the Washing Machine Parts Market is expected to continue to grow in the coming years, driven by factors such as rising disposable incomes, increasing urbanization, and growing awareness of hygiene and cleanliness.
Washing Machine Parts Market Type Insights
The Washing Machine Parts Market is segmented by Type into Front-Loading, Top-Loading, Semi-Automatic, and fully automatic. The Front-Loading segment is expected to hold the largest market share in 2023 and is projected to continue to grow at a steady pace over the forecast period. Front-loading washing machines are more efficient than top-loading washing machines, and they also offer a number of other advantages, such as a larger capacity, a more gentle wash cycle, and a more energy-efficient operation.
The Top-Loading segment is expected to hold the second-largest market share in 2023 and is projected to grow at a steady pace over the forecast period. Top-loading washing machines are less expensive than front-loading washing machines, and they are also easier to use. The Semi-Automatic segment is expected to hold a smaller market share in 2023 and is projected to grow at a slower pace over the forecast period. Semi-automatic washing machines are less efficient than fully automatic washing machines, and they also require more manual labor to operate. The fully automatic segment is expected to hold a smaller market share in 2023 and is projected to grow at a slower pace over the forecast period. Fully automatic washing machines are the most expensive type of washing machine, but they are also the most convenient to use.
Washing Machine Parts Market Regional Insights
The regional segmentation of the Washing Machine Parts Market presents diverse market dynamics across key geographic regions. North America holds a significant market share, driven by factors such as high consumer disposable income and a growing demand for energy-efficient appliances. Europe is another prominent regional market characterized by stringent regulations and a mature consumer base. The APAC region, particularly China and India, exhibits strong growth potential due to rising urbanization, increasing disposable income, and government initiatives promoting smart home appliances. South America and MEA are emerging markets with untapped growth opportunities as consumer demand for washing machines continues to rise.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Washing Machine Parts Market Key Players And Competitive Insights:
The washing Machine Parts Market industry's major players are largely involved in developing new and innovative products in order to cater to consumer requirements across the globe. The prominent players in the washing machine parts market industry are making huge investments in research and development. Moreover, the players operating in the market are significantly involved in recent developments, such as mergers and acquisitions, in order to expand their global share. The competition in the washing machine parts market is expected to rise over the years to come, with the entry of new players in the market and expansion in the production capacity of existing players operating in the market.
The prominent players in the washing machine parts market industry are LG Electronics, Inc., Whirlpool Corporation and others.LG Electronics, Inc., is one of the major players providing washing machine parts and is known for its home appliances products. The company is a conglomerate based in South Korea and has a significant presence in the global market. The company provides a wide range of washing machine parts. It is known for its innovative products and advanced technology products. The company is keenly extensive towards the new product development and has made a huge investment for same. Moreover, the company is also focusing over acquisition and partnership to develop its worldwide presence.
Whirlpool Corporation is another prominent player operating in the washing machine market, providing a broad range of washing machine parts and products. The company has got a significant presence in North America, Europe and Asia. It offers a wide range of washing machine parts, including motors, pumps, filters and others. The company is known for its products and customer service. It has also got a significant distribution networking. The company has made a significant investment in the expansion of its new product and worldwide expansion.
Key Companies in the Washing Machine Parts Market Include:
- Samsung Electronics
- LG Electronics
- Skyworth Group
- Toshiba
- Hisense
- Midea Group
- Whirlpool
- Haier
- GE Appliances
- Gree Electric Appliances
- Haier Smart Home
- Panasonic
- Electrolux
- Sharp
- BSH Hausgeräte
Washing Machine Parts Market Industry Developments
The Washing Machine Parts Market is expected to reach a valuation of USD 44.1 billion by 2032, exhibiting a CAGR of 4.06% from 2024 to 2032. Increasing demand for energy-efficient and smart washing machines, coupled with rising disposable income, is driving market growth. Additionally, the growing adoption of advanced technologies like IoT and AI in washing machines is creating new opportunities for market players.
Recent developments in the market include the launch of innovative washing machine parts by leading manufacturers. For instance, LG Electronics introduced its new AI Direct Drive motor in 2023, which optimizes washing performance and reduces noise levels. Moreover, the increasing focus on sustainability is on manufacturers to develop eco-friendly washing machine parts, such as biodegradable detergents and water-saving devices.
Washing Machine Parts Market Segmentation Insights
-
Washing Machine Parts Market Component Outlook
- Drums
- Motors
- Pumps
- Hoses
- Electronic Components
- Others
-
Washing Machine Parts Market End-Use Application Outlook
- Residential
- Commercial
- Industrial
-
Washing Machine Parts Market Sales Channel Outlook
- Online Channels
- Offline Channels (Supermarkets/Hypermarkets, Specialty Stores, Authorized Dealers, Independent Retailers)
-
Washing Machine Parts Market Capacity Outlook
- Below 5 kg
- 5-8 kg
- 8-12 kg
- 12 kg and Above
-
Washing Machine Parts Market Type Outlook
- Front-Loading
- Top-Loading
- Semi-Automatic
- Fully-Automatic
-
Washing Machine Parts Market Regional Outlook
- North America
- Europe
- South America
- Asia Pacific
- Middle East and Africa
| Report Attribute/Metric |
Details |
| Market Size 2022 |
29.64 (USD Billion) |
| Market Size 2023 |
30.84 (USD Billion) |
| Market Size 2032 |
44.1 (USD Billion) |
| Compound Annual Growth Rate (CAGR) |
4.06% (2024 - 2032) |
| Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Base Year |
2023 |
| Market Forecast Period |
2024 - 2032 |
| Historical Data |
2019 - 2023 |
| Market Forecast Units |
USD Billion |
| Key Companies Profiled |
Samsung Electronics, LG Electronics, Skyworth Group, Toshiba, Hisense, Midea Group, Whirlpool, Haier, GE Appliances, Gree Electric Appliances, Haier Smart Home, Panasonic, Electrolux, Sharp, BSH Hausgeräte |
| Segments Covered |
Component, End-Use Application, Sales Channel, Capacity, Type, Regional |
| Key Market Opportunities |
1 Smart Washer Adoption IoTenabled washing machines drive demand for connectivity components2 Sustainability Focus Ecofriendly parts address consumer preference for energy efficiency and water conservation3 Premiumization Trend Highend machines require advanced parts and accessories to meet consumer expectations4 Ecommerce Penetration Online sales channels offer convenience and expand market reach5 Growing Repair and Replacement Market Aging washing machines increase the need for replacement parts |
| Key Market Dynamics |
Rising demand for energy-efficient appliances Growing popularity of smart washing machines Increasing number of households with multiple washing machines Growing adoption of online retailing Entry of new players and technological advancements |
| Countries Covered |
North America, Europe, APAC, South America, MEA |
Frequently Asked Questions (FAQ) :
The Washing Machine Parts Market is expected to reach a valuation of 30.84 Billion USD in 2023 and is projected to reach 44.1 Billion USD by 2032, exhibiting a CAGR of 4.06% during the forecast period.
The Asia Pacific region is anticipated to dominate the Washing Machine Parts Market owing to the increasing demand for washing machines in developing countries such as China, India, and Indonesia. North America and Europe are also expected to contribute significantly to the market growth due to the presence of a large consumer base and technological advancements.
Washing Machine Parts find applications in various types of washing machines, including fully automatic, semi-automatic, and top-load washing machines. These parts are essential for the proper functioning and maintenance of washing machines, ensuring optimal performance and longevity.
The Washing Machine Parts Market is characterized by the presence of both established and emerging players. Some of the prominent players in the market include Whirlpool, Electrolux, LG Electronics, Samsung Electronics, and Haier. These companies are focusing on product innovation, strategic partnerships, and acquisitions to gain a competitive edge.
The growth of the Washing Machine Parts Market is primarily attributed to the increasing demand for washing machines, rising disposable incomes, and urbanization. Additionally, factors such as the introduction of smart and energy-efficient washing machines, along with the growing preference for home appliances, are contributing to the market expansion.
The Washing Machine Parts Market faces certain challenges, including intense competition, fluctuating raw material prices, and stringent environmental regulations. Moreover, the availability of counterfeit and low-quality parts can hinder the growth of the market.
Key trends shaping the Washing Machine Parts Market include the integration of IoT and smart technologies, advancements in material science leading to the development of durable and eco-friendly parts, and the growing focus on after-sales services and maintenance.
The Washing Machine Parts Market is expected to register a CAGR of 4.06% during the forecast period from 2024 to 2032.
The Asia Pacific region is anticipated to hold the largest market share in the Washing Machine Parts Market throughout the forecast period.
Key strategies adopted by players in the Washing Machine Parts Market include product innovation, strategic partnerships, acquisitions, and geographical expansion. Companies are also focusing on developing eco-friendly and energy-efficient parts to meet consumer demand and comply with environmental regulations.
