Summary

The Latin America Washing Machine Market is projected to register a CAGR less than 5% during the forecast period (2021-2026).

The lockdown has made the economy handicapped with the shutters closed and is also affecting the livelihood of many. The manufacturing units have already suffered a huge loss. With it, the livelihood of those associated with the industry is at stake. COVID-19 has disrupted the global supply chain of the major brands of washing machine market. China is the one of the largest consumers and producers of washing machine products but also caters to a wide range of countries by exporting several input supplies that are essentially used to produce finished goods. Shut down of the production in China has forced other washing machine manufacturers based in the South America to temporarily hold the production of the finished goods. This is leading to the increase in the supply and demand gap and the product market.

Despite being dominated by large countries such as Brazil, the Latin American region has countries with significant differences. Growth in the washing machine market is driven by the increased disposable income of households, with demand clustered on washing machines. The growth in Latin America’s middle-class population will further drive growth and bring opportunities for the home appliances market. However, the low saving ratio in the country may bring in some challenges for the growth of the market. Consumption of home appliances in Argentina has been affected by economic situations. In April 2018, the peso was devalued which increased prices in the country. To overcome this effect, the government has launched a program for its citizens to purchase goods on credit cards with drop-in interest rates by 20 basis points.

Key Market Trends

Rapidly growing Online Selling Trend in Latin America

Departmental Stores dominates large appliance sales in the market. E-commerce channels are leading market sales. Consumers are growing preference for online channels. Consumers are interestingly using credit cards, debit cards, and internet banking to shop for laundry appliances. Players are coming up with virtual wallets so that consumers can pay put the amount in the safe and secure environment of the company's wallet. Smartphones are becoming increasingly choice for consumers. The 58% of consumers are choosing online sales due to security in the purchase process, 54% because of diversity in payment methods, and 35% due to the speed of logistics. Online Channels of sales for laundry appliance sales due to reduced costs are also getting consumers buying through the channel. Mercado Libre is one of the most preferred online shopping channels for buying appliances in Latin America as the channel offers more security to consumers for buying.

Brazil Signifying the Strongest Washing Machine Market in Latin America Region

Growth in Brazil's economy in the second half of 2019 spurred the demand in the market, cutting off credit rates led to higher sales of appliances in the market including laundry appliances. Automatic Washing Machines are gaining traction in Brazil laundry appliances, market. Space constraints in major cities and hectic lifestyles consumers in the market are seeking products that are more convenient saves time and are convenient. Smaller sized automatic washing machines are preferred choices for consumers in the market. Large capacity washing machines are also preferred by the consumers in the market owing to the dense population in the market.

Competitive Landscape

The report covers major international players operating in the Latin America Washing Machine Market. In terms of market share, few of the major players currently dominate the market. However, with technological advancements and product innovations, mid-size to smaller companies is increasing their market presence by securing new contracts and tapping into new markets. The leading brands are opening exclusive stores for special products. The companies are also promoting, differentiating and selling limited editions to increase their visibility and brand awareness in the market.

Additional Benefits:

The market estimate (ME) sheet in Excel format
3 months of analyst support

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