Home laundry appliances is expected to turn to retail volume and current value decline in 2023, as the looming risk of recession is likely to hamper consumer confidence and constrain spending on expensive appliances such as automatic washing machines and dryers. However, in the longer term, beyond 2023, sales are expected to rebound to growth, as the global economy gradually recovers from the current heavy downturn through governments’ efforts to control the surge in inflation.
With different consumer needs, players are likely to try and launch products at both ends of the spectrum to attract the maximum number of customers. For instance, there is potential for larger-capacity dryers to be developed and launched in the coming years.
Manufacturers are expected to highlight their smart control platforms and their connectivity to home laundry appliances, to enable consumers to personalise the management of their devices. LG and Samsung are leaders in the competition, with their LG ThinQ and Samsung SmartThings platforms respectively.
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Understand the latest market trends and future growth opportunities for the Home Laundry Appliances industry in South Korea with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
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Home Laundry Appliances
Home laundry appliances includes the following categories: automatic dryers, automatic washing machines, automatic washer dryers and semi-automatic washing machines.See All of Our Definitions
This report originates from Passport, our Home Laundry Appliances research and analysis database.
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