Posted On: 2022-03-02
Single tub fully automatic washing machine acquired the largest market revenue share in the Mexico Washing Machine market – 6Wresearch
Mexico washing machine witnessed a significant growth in the period of 2018-2021 on account of growth in hotel industry and rapid expansion of residential market coupled with rising urban population. The washing machine market of Mexico is currently near the maturity stage as the washing machines with advanced technologies and advanced features have already made their penetration in the market. The growth of washing machines in the country would be on account of replacement purposes as washing machines are subjected to timely wear and tear.
However, the Covid-19 pandemic affected the market sales during the year 2020 the as movement restrictions imposed during the pandemic period disrupted the supply chain and halted the manufacturing operations thereby limiting production and leading to fall in market demand and hence the market revenues.
According to 6Wresearch, Mexico Washing Machine Market size is projected to grow at CAGR of 7.7% during 2022-2028. Mexico washing machine market is expected to register spurring growth in future owing to new housing development projects in Tulum city Palaya del Carmen and Riviera Mayan and ongoing construction of new hotels in Los Cabos, Baja California, Cancun and others.
According to Eshita Goel, Assistant Manager, 6Wresearch, “By types, Single tub fully automatic washing machine acquired the highest revenue share and is anticipated to witness growth in the coming years also due to rising purchasing power in the country and busier lifestyle of people.”
According to Rakshita Joshi, Research Associate, 6Wresearch, “By applications, residential vertical garnered the highest revenue in 2021 in Mexico washing machine market as majority of Mexican population is concentrated in urban cities along with booming real estate sector. Furthermore, increasing disposable income and young people with dual income family members having a busier lifestyle are contributing towards growth of washing machines in residential sector. The country has a strong residential market with rising middle-class population which would drive the market in this vertical in the coming years.”
Some major companies of the market include- Mabe, Whirlpool Corporation, Samsung Electronics Co., Ltd. and LG.
“Mexico Washing Machine market (2022-2028)” report provides an in-depth analysis with 38 figures and 18 tables, covered in 109 pages. The report estimates and forecast the overall Mexico washing machine market by types, distribution channels, applications, and regions. The report provides an unbiased and detailed analysis of the on-going trends, opportunities/high growth areas and market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.