Boston, MA -- (ReleaseWire) -- 06/05/2014 -- Remodelling rates actually experienced a significant rise in 2013, as homeowners are enjoying increased disposable incomes and are more keen to remodel and repair their homes. According to Harvard University?sJoint Center for Housing Studies, housing remodelling rates underwent double-digit growth rates in 2013, compared to low-to-mid single-digit rates in previous years. This upward movement within the remodelling market is helping jumpstart the growth of home laundry appliances after years of decline. Furthermore, Americans are choosing to replace their old machines with higherend machines with more features and greater eco-friendliness.
Whirlpool Corp remained the leading player within home laundry appliances in 2013 with a 43% market volume share; however, the company has been steadily losing share since 2009. The loss can be attributed to the power in innovation ofother companies, like LG, and their taking consumers away from Whirlpool Corp. Sears Holdings Corp remained steady in second place, with 21% of market volume in 2013.
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Using less energy and water is going to be the future of home laundry appliances. The industry has recently begun seeing closet managers that were developed in Asia as a means of maintaining the longevity of clothing?s freshness without having to take the time and effort to launder them again. These closet managers use steam technology to freshen up clothing while removing some of the grime. LG announced its newest product in January 2013, called the Styler. The Styler uses a moving rack that lightly shakes the hanging clothes and releases steam to gently remove wrinkles, odours and dirt. The machine is not meant to replace traditional washing and drying machines, but ratherto offer another means of cleaning clothes that might not necessarily be soiled enough for a complete washing and drying. This machine uses neither water nor detergent, so it is marketed as a cost and energy efficient means of extending clothing?s lifetime and wearability. Thissort of innovation will drive the home laundry appliance industry in the US.
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