The presence of various multinational companies has increased the growth potential for the market, as these players are focusing on building capabilities in the Indian market. Players are now focusing on enhancing their product offering at various price points to provide consumers with affordable varieties. Leading brands are presenting a massive variety of models like normal large sized look to portable and stylish look such as top loading, front loading, fully automatic and semi automatic washing machine. New innovative washing machines include Bluetooth technology and a messaging feature through which it can receive recommendations and control settings even when the user is away from home.
According to recently published report of Bonafide Research “India Washing Machine Market Overview”, Total washing machine market size is anticipated to grow in coming years and it is expected to touch INR 27600 Crore by 2021. Opportunities that can change the dynamics of this industry are government favorable initiatives, rise in disposable income, energy efficient and upcoming new innovative models. Technology and innovations are likely to play a key role in increasing the share of market players.
Semi automatic washing machine is the most popular type of washing machine in India due to low price range, water saving and electricity saving and it market size is growing with the CAGR of 14.58% from 2009 to 2014. In India the market size of fully automatic washing machine are increasing at a normal pace due to high price range.
Fully automatic machines have more features and more advantages then semi automatic washing machines. So it is anticipated to rise in coming year with the CAGR of 18.36% till year 2021. Fully automatic washing machine has many opportunities which can change the scenario of washing machine industry.
Fully automatic washing machines are classified as top loading and front loading as well. The front loading washing machines are more efficient in performing their job, as well as at saving water and electricity. Top load machines have generally low price range then front load machine due to advanced technology. The sales of top load washing machine are expected to be stagnant in coming years due to low prices. But due to coming of new latest technologies many big companies are entering into front load washing machine. Considering the growth forecast we expect the Samsung and Lg will maintain their growth rate in coming years while some other small players could boost their domestic production as government are supporting in investments and technology.
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