Washing Machine Market Size to Increase by 2025
According to Grand View Research Inc. and prnewswire.com, the global washing machine market is expected to reach $42.16 billion by 2025. The estimated growth is attributed to increased demand for washing large volume of load, which is providing traction to the growth of washing machines having large load capacity.
Continual advancements such as coin laundry, crowdsourced supply, and on-demand services are attracting investors to the laundry industry who are seeking minimal on-site management responsibilities. Investors that are looking to capitalize on this opportunity and industry growth can rely on Washco’s experience and expertise to be the premier commercial laundry equipment provider in Florida.
Furthermore, emphasis on Research & Development is a major strategy being adopted by key industry players, as they are being urged to generate financial profits and address environmental and social issues through their products.
The introduction of smart connected washing machines is attracting consumers, and recent advances in technology are transforming the washing machine industry. The implemented technology is enticing a portion of the customer base to replace their old machines with “smart connected” counterparts. These recent technological advancements and focus on modernization include: ability to remotely monitor machine status (similar to Washco’s WaveVision), automatic detergent dispensing, power wash system, auto optimal wash technology and steam care functions.
Energy Efficiency and Water Conservation
Today’s energy efficient standards on products have made manufacturers put more time into the making of energy –efficient products. A steady demand for commercial washing machines has allowed manufacturers, such as Speed Queen, Maytag and Whirlpool, to focus on developing heat-pump-powered dryers rather than the conventional electricity and gas dryers. It is estimated that heat-pump dryers are 30% more energy efficient than traditional dryers, but due to higher pricing, consumers are less likely to adopt. Luckily, prices of these machines are expected to decline over the next few years as more manufacturers get on board and implement heat-pump dryers.
Recently, there has been an increased demand for commercial laundry equipment in the hospitality and tourism industry. To help reduce carbon footprints and use of energy resources, manufacturers are re-examining the technological process to implement green initiatives, resulting in a solution that delivers cleaner laundry at a lower cost compared.
Along with the increase of Research & Development, a rise in dual-income households with only a small amount of time to do laundry has led to a growing need for increased commercial laundry machines; whether it be in condominiums, apartment complexes, or even laundromats. Additionally, the growth in the hospitality business in upcoming countries and the arrivals of on-demand services are expected to increase the commercial washing machine business.
Market trends, product innovation and research & development all attribute to the increased industry projections for 2025. If you are not currently taking part in the laundry industry, or have been thinking about owning and operating a mutli-housing laundry facility, now may be the time to invest. You can count on Washco for being up to date on the latest technology features geared towards your community’s resident, ranging from traditional coin-operated laundry machines to card-operated laundry machines. Contact a Washco representative today!