STRONG GROWTH FORECAST FOR DISHWASHER MARKET
In terms of revenue, the global dishwasher market is estimated to expand at a CAGR of 7.2% through 2031, according to a new report by Transparency Market Research.
In its latest market report, TMR predicts the changing lifestyles due to rapid urbanisation and surge in the purchasing power of developing countries will have a noteworthy impact on the overall dishwasher market. Increasing working population, nuclear families, and shortage of household help during the COVID-19 pandemic are escalating the demand for dishwashers, and the market has been witnessing robust growth over the past few years.
Key manufacturers of dishwashers are continuing to focus on investment in research & development to introduce innovative products. Prominent players in the dishwasher market are engaging with clients by offering them customised solutions. Key players promoting several innovative designs with attractive features and energy saving technology are likely to drive the growth of the dishwasher market.
Rapid urbanisation and more awareness regarding kitchen hygiene & cleanliness are generating demand for reliable kitchen appliances. This is likely to promote the sales of dishwashers during the forecast period. In addition, easy availability of dishwashers, continuous growth in the number of residential units, and consumers opting for smart appliances is likely to generate demand for dishwashers.
In terms of type, the dishwasher market has been segmented into free-standing, integrated, and semi-integrated. In recent years, the high adoption of free-standing dishwashers by consumers due to its feasibility, minimal space requirement, and ease of installation is likely to drive the market. Free-standing dishwashers majorly opted by end users with small homes or apartments is encouraging the growth of the dishwasher market.
However, increasing disposable income of consumers, and rising demand for kitchen appliances that match the interior of households and commercial spaces is likely to drive demand for built-in and semi-integrated dishwashers in the coming years. The market, on the basis of, distribution channel is likely to be driven by the online channel as most end users find it to be a convenient channel for shopping, as it provides huge discounts and several options while choosing a dishwasher during the purchasing process.
Regionally, Asia Pacific led the dishwasher market in 2020, and the region is expected to retain its dominance during the forecast period. Rising preference for dishwashers in countries such as Japan, India, China, Australia, and in Southeast Asia, is encouraging the growth of the market. Apart from Asia Pacific, Europe also significantly contributes to the growth of the global dishwasher market. The UK, Germany, Italy, and France are considered the major markets for dishwashers in Europe. In addition, increasing popularity of smart dishwashers, along with rising dependency of users on kitchen appliances for cleaning dishes is promoting the growth of the dishwasher market.
Dishwasher Market: Key Players
The landscape of the dishwasher market is moderately fragmented with leading players accounting for a majority of the revenue share. Key players operating in the global dishwasher market include Bosch Appliances, LG Corporation, Siemens AG, Whirlpool Corporation, and Midea Group.