Market Size of China Home Appliances Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 2.00 % |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
China Home Appliance Market Analysis
China is the fastest-growing home appliances market in the world. The Chinese home appliances market is undergoing lucrative growth due to improving disposable incomes, urbanization, product mix rebalancing, and increasing consumption of white goods in rural areas. Since it has more advanced technologies and is relatively cheaper, it has a competitive advantage among others in the market, which adds value to its exports.
- The Chinese market has a high demand for white goods and small appliances. In the kitchen appliances market, consumer brand awareness is increasing with more emphasis on the design and feature functions, while price sensitivity is falling. The demand for energy-efficient and environment-friendly products is also rising as consumers are becoming more environmentally conscious. Meanwhile, premium white goods are also gaining popularity in the market.
- The air conditioner segment dominated China's home appliances market due to its high domestic demand favored by growth in its exports. Washing machines and refrigerators are majorly supported by the trend of premiumization.
Impact of COVID has been observed on both large and small home appliances in China. While few got huge sales revenues others got down in volumes due to logistics and other geographical issues. Thus Covid pandemic has proved to be a mixed basket for Chinese Home Appliances Market. Supply and demand are off kilter this entire pandemic year because of the COVID-19 pandemic, creating an unprecedented demand for both major and small home appliances.
