According to a new market report published by Transparency Market Research titled “Wet and Cold Appliance Market, Type – Dishwasher [Built-in Standard Dishwasher (Drying with Ventilation, Drying Without Ventilation), Countertop Dishwasher (Drying with Ventilation, Drying Without Ventilation), Drawer Dishwasher (Drying with Ventilation, Drying Without Ventilation)]; Cloth Dryer (Vented, Condenser); Washing Machine (Front Loading, Top Loading); Domestic Refrigerator [Top Freezer (Static Cooling, Dynamic Cooling), Bottom Freezer (Static Cooling, Dynamic Cooling), Side-by-side (Static Cooling, Dynamic Cooling), Built-in (Static Cooling, Dynamic Cooling), Compact (Static Cooling, Dynamic Cooling)– Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018 – 2026,” the global wet and cold appliance market is expected to reach US$ 200.8 Bn by 2026, expanding at a CAGR of 6.2% from 2018 to 2026. Asia Pacific held the highest share in the wet and cold appliance market in 2017.
The growth of demand is expected to accelerate with rising disposable incomes. Washing machines and refrigerators are garnering an increasing share of the market due to reduction in prices and higher disposable incomes. Increasing disposable income and the need for energy efficient products is expected to lead to significant sales across regions. Rising incomes in urban areas characterized by increasing disposable income and purchasing power have resulted in high product demand. Increasing globalization and automation has made manufacturing economical, enabling companies to reduce the cost of appliances such as refrigerators, washing machines, and dishwasher for consumers. Furthermore, progressively changing lifestyle in rural areas together with the rising disposable income of consumers would build a lucrative roadmap for domestic refrigerators over the forecast period (2018-2026).
Asia Pacific held the major share in the wet and cold appliance market in 2017. Adoption and usage of wet and cold appliances such as domestic refrigerators and washing machines is high in the region; also, demand is projected to be high for smart wet and cold appliances such as smart refrigerators and smart washing machines in this region during the forecast period. Wet and cold appliances in Europe have reached the targeted growth phase due to a strong product pipeline and well-established portfolio management approach.