PUNE, India, Sept. 29, 2022 (GLOBE NEWSWIRE) — According to Fortune Business Insights™, the is global washing machine market The size is projected to reach US$80.24 billion by 2028 and show a CAGR of 5.5% over the forecast period. The increasing pace of globalization will play a crucial role in making this market entitled “Washing Machine Market, 2021-2028“. Globalization is a process of connecting countries economically, politically and culturally. Most importantly, this process has facilitated the accessibility and affordability of a wide variety of technologically advanced products, from supersonic airplanes to simple household appliances like washing machines. According to the World Bank “Globalization has accelerated the pace of technology diffusion. In addition, cross-border exchanges of technology have made life easier and more convenient, and many favored countries are developing into promising markets for advanced technologies. Therefore, the increasing tide of globalization is likely to change the market trends in the to lead the coming decade.

The report states that the value of the market in 2020 was $52.80 billion.

Other highlights of the report include:

• Detailed analysis of market segments on an individual level;
• Comprehensive study of all possible drivers, trends and challenges shaping the market;
• In-depth research of key market players and their main strategies; and
• Comprehensive assessment of regional developments influencing the growth of the market.

Effects of COVID-19

Reduced Home Appliance Demand To Curb Market Amid Coronavirus

The low consumption of electronic products has massively slowed down market growth during the pandemic. According to Economic Times April 2020 data, the home appliance and consumer electronics industry saw sales decline by 50 percent in the first quarter of 2020. In addition, the disruptions caused in the transportation and logistics industry will significantly impact the market growth amid the industry COVID-19…