The Latin America laundry appliances market size is projected to register a significant CAGR during the forecast period, 2021–2028. The growth of the market is attributed to rising incomes and growing trend for a comforting lifestyle.
The first step toward strong health is to practice excellent cleanliness and maintaining personal cleanliness is one of the most effective ways to protect ourselves and others from disease. Maintaining hygiene in the clothing one wears is an important component of personal hygiene, hence it is suggested to change clothes every day for cleaning, which drives the laundry care market during the forecast period.
Improving technologies and digitization of consumer living spaces has revolutionized people's lifestyles by offering interactive gadgets that make life easier. Consumers all around the world are seeking smart home appliances that may help them save time and money while also improving their quality of life. Growth and development in-home appliance warranty coverage plans for many homes appliances are driving the market.
Companies are concentrating on providing their clients with creative and safe packaging. For example, Procter & Gamble began a product packaging method that included a kid safety container to minimize problems or mishaps with liquid detergents. The firm launched a kid protective zipper bag for liquid laundry care goods.
Due to increased import levies and logistical expenses, the majority of laundry equipment is made in Latin America because of the low cost of labor and robust manufacturing sector, the area is also seeing an increase in exports to other nations.
The Covid-19 pandemic affected the demand and supply of Latin America laundry appliances market. Lockdown across the globe, supply chain disorders, and oscillating supply of raw materials forced manufacturers to shut down production leading to unfortunate decline in market growth. Launch of vaccines to combat the Covid-19 pandemic is expected to contribute to the market growth over the forecast period.
Market Trends, Drivers, Restraints, and Opportunities
- Increasing demand for convenience appliances is anticipated to drive the market during the forecast period.
- Rising per capita income is projected to fuel the market in the coming years.
- Growing stressful work environments and decreasing work-life balance are expected to boost the market.
- Rapid growth of the consumer goods industry is a major factor boosting market in the coming years.
- High price of the smart washing machine is expected to hinder the market growth.
- Improved efficacy of liquid detergent on cleaning, as well as its innovation & technological advancement in fabric cleaning is expected to create an immense opportunity for the market players.
Scope of the Report
The report on the Latin America laundry appliances market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Latin America Appliances Laundry Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2020
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Historic Data
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2018–2019
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Forecast Period
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2021–2028
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Segmentation
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Products (Washing Machine, Dryers, Electric Smoothing Irons, and Others), Types (Freestanding Laundry Appliances and Built-in Laundry Appliances), Technologies (Automatic, Semi-automatic/ manual, and Others) Distribution Channels (Supermarkets and Hypermarkets, Specialty Stores, Online, and Others)
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Regional Scope
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Latin America
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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Panasonic Corporation; Samsung; Whirlpool Corporation.; AB Electrolux; LG Electronics
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Market Segment Insights
The washing machine segment is projected to account for a major market share
Based on products, the Latin America laundry appliances market is divided into washing machine, dryers, electric smoothing irons, and others. The washing machine segment is expected to represent a key share of the market during the forecast period owing to busy lifestyle as well growing working women population in the region.
The freestanding laundry appliances segment is expected to grow at a robust pace
On the basis types, the Latin America laundry appliances market is bifurcated into freestanding laundry appliances and built-in laundry appliances. The freestanding laundry appliances segment is expected to hold a key share of the market in the coming years owing to rising demand for small size, portable, and compact washing machines.
The semi-automatic/ manual segment is anticipated to expand at a high CAGR
In terms of technologies, the Latin America laundry appliances market is divided into automatic, semi-automatic/ manual, and others. The semi-automatic/ manual segment is expected to hold a key share of the market during the forecast period owing to high demand for low-cost technologies.
The online segment is expected to register at a significant pace
In terms of distribution channels, the Latin America laundry appliances market is segmented into supermarkets & hypermarkets, specialty stores, online, and others. The online segment is expected to represent a key share of the market due to the increased penetration of e-commerce services and rising number of mobile users.
Segments
The Latin America laundry appliances market has been segmented on the basis of
Products
- Washing Machine
- Dryers
- Electric Smoothing Irons
- Others
Types
- Freestanding Laundry Appliances
- Built-in Laundry Appliances
Technologies
- Automatic
- Semi-automatic/ manual
- Others
Distribution Channels
- Supermarkets & Hypermarkets,
- Specialty Stores
- Online
- Others
Regions
Key Players
- Panasonic Corporation
- Samsung
- Whirlpool Corporation.
- AB Electrolux
- LG Electronics
Competitive Landscape
Key players competing in the Latin America laundry appliances market include Panasonic Corporation; Samsung; Whirlpool Corporation.; AB Electrolux; LG Electronics.
Some of these players are focusing on business strategies including partnerships, collaborations, capacity expansion, and product launches to increase their market shares.
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