Electric Dryer Market Share Evolution and Market Growth Trends 2024 - 2031
Executive Summary
Electric dryer market research reports indicate a significant growth in the market due to various factors such as increasing urbanization, changing lifestyle preferences, and rising disposable incomes. The market is expected to grow at a CAGR of % during the forecasted period.
Market trends in the electric dryer industry include the introduction of energy-efficient models to meet stringent regulations, smart features like Wi-Fi connectivity and smartphone controls, and advanced drying technologies for better performance. The demand for electric dryers is also being driven by the increasing awareness about energy conservation and sustainability.
Geographically, the electric dryer market is spread across North America, Asia Pacific (APAC), Europe, the United States, and China. North America holds a significant market share due to the high adoption rate of advanced appliances and technological innovations. APAC is expected to witness substantial growth due to the increasing urbanization and rising disposable incomes in countries like China and India. Europe is also a key market for electric dryers with the growing trend of smart homes and energy-efficient appliances.
In conclusion, the electric dryer market is poised for steady growth in the coming years, driven by technological advancements, changing consumer preferences, and increasing awareness about energy conservation. With a forecasted CAGR of 7.7%, manufacturers and key players in the industry have ample opportunities to capitalize on the market trends and expand their presence in different regions.
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Market Segmentation:
This Electric Dryer Market is further classified into Overview, Deployment, Application, and Region.
In terms of Components, Electric Dryer Market is segmented into:
- GE
- LG
- Samsung
- Whirlpool
- Bosch
- Maytag
- Bosch
- Insignia
- Haier
- Media
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The Electric Dryer Market Analysis by types is segmented into:
- Heat pump dryers
- Condenser dryers
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The Electric Dryer Market Industry Research by Application is segmented into:
- Household
- Commercial
In terms of Region, the Electric Dryer Market Players available by Region are:
North America:
- United States
- Canada
Europe:
- Germany
- France
- U.K.
- Italy
- Russia
Asia-Pacific:
- China
- Japan
- South Korea
- India
- Australia
- China Taiwan
- Indonesia
- Thailand
- Malaysia
Latin America:
- Mexico
- Brazil
- Argentina Korea
- Colombia
Middle East & Africa:
- Turkey
- Saudi
- Arabia
- UAE
- Korea
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Key Drivers and Barriers in the Electric Dryer Market
Key drivers in the Electric Dryer market include technological advancements, increasing awareness about energy efficiency, and rising disposable income leading to higher expenditure on home appliances. However, barriers such as the high initial cost of electric dryers, lack of widespread infrastructure for electric appliances, and consumer preference for traditional gas dryers still exist.
Challenges faced in the market include the slow adoption rate of electric dryers due to higher cost compared to gas dryers, limited availability of electric dryer models in the market, and concerns about energy consumption and environmental impact. Additionally, the reliance on electricity for operation can be a constraint in regions with unreliable power supply.
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Competitive Landscape
LG, Samsung, and Whirlpool are three major players in the competitive electric dryer market.
LG, a South Korean multinational company, has been a key player in the global consumer electronics industry for many years. LG's home appliances division, including electric dryers, has seen significant market growth in recent years, particularly in North America and Europe. LG's electric dryers are known for their innovative features, energy efficiency, and sleek design.
Samsung, another South Korean giant, has also made a mark in the electric dryer market with its range of high-quality products. Samsung dryers are popular for their advanced technology, smart features, and durability. The company has experienced steady market growth, especially in the United States and Asia.
Whirlpool, a well-established American company, has a long history of producing home appliances, including electric dryers. Whirlpool's dryers are known for their reliability, performance, and energy efficiency. The company has a strong presence in the US market and has been expanding its reach in other regions as well.
According to market research reports, the global electric dryer market size was valued at over $15 billion in 2020 and is expected to grow at a CAGR of around 5% from 2021 to 2027.
In terms of sales revenue, LG reported approximately $56 billion in revenue for the fiscal year 2020. Samsung recorded around $200 billion in revenue for the same period. Whirlpool reported sales of over $20 billion in 2020.
Overall, these companies continue to be major players in the electric dryer market, constantly innovating and investing in research and development to meet the changing consumer demands and preferences.
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