Market Size of China Major Home Appliances Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 1.20 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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China Major Home Appliances Market Analysis
China major home appliance market has been growing for the past several years. Major home appliances are large appliances used for regular housekeeping tasks such as cleaning, laundry, food preservation. Due to the constant increase in living standards and purchasing power in China, the home appliance market has a strong potential that encourages the development of strong brands.
Major home appliances are refrigerators, washing machines, freezers, dishwashers, and air conditioners. The construction of new houses is one of the main drivers for the purchase of major home appliances in China. The technological developments undertaken by brands in the major home appliance market in China will significantly increase margins on products and this will boost the sector to remain competitive.
Major home appliances such as automatic hand-washing machines and dishwashers have seen a surge in demand. China home appliance market is experiencing a profitable growth due to improving disposable income, urbanization, and increasing consumption of major home appliances in rural areas.
The Major Home appliances was negatively impacted by the dampened housing market and delays to consumers' plans for redecorating their homes in 2020 as a result of the COVID-19 pandemic. The economic impact of lockdown measures discouraged consumers from investing in upgrading large consumer appliances such as refrigeration appliances. Strict lockdown measures introduced to limit the spread of COVID-19 resulted in consumers being confined to their homes for long periods, with many people working or learning from home, while foodservice establishments were closed. This led to a significant increase in home cooking and at-home food consumption, which served to boost consumer awareness of their food storage requirements in terms of capacity and differentiated compartments.
