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China is the world’s largest washing machine market in terms of production, consumption, sales, and exports. In China, the washing machine has become one of the most important household equipment, and its commercial use in the hospitality industry, such as hotels, resorts, and other institutions for huge loads of commercial laundry, is also booming. The growth of the washing machine market in China is believed to be mainly driven by the rapid urbanization and rise in disposable income, improvements in rural electrification. The subsidy program launched to promote the sale of large appliances in rural areas of China has created a significant growth towards the penetration of large appliances. This has also supported the growth in replacement potential for home appliances in China.
Despite the benefits of a growing market for production and distribution, China's manufacturing industry suffers from a lack of innovation and investment in R&D and new product development. Economies of scale in the sector are yet to be realized. Most domestic producers lack the intellectual property and financial means to create their brand names.
The coronavirus epidemic has harmed China's washing machine market. The market sinking first and then floating has brought unparalleled resistance to China's in lying demand and export orders. In 2020, most months from January to July saw a decrease in exports compared to the same time prior year, however, exports from August to October increased dramatically.
Scope of the Report
Washing machines are widely used home appliances for washing clothes, as they save energy and time. The study provides a complete background analysis of the China washing machine market, which includes assessing the National accounts, economy, and emerging market trends by segments, significant changes in the market dynamics, and the market overview covered in the report. The China Washing Machine Market is segmented By Type segmented into Front Load and Top Load) By Technology segmented into Fully-Automatic and Semi-Automatic, and By Distribution Channel segmented into Supermarkets, and Hypermarkets, Specialty Stores, Online and Other Distribution Channels.
|By Distribution Channel|
|Supermarkets and Hypermarkets|
|Other Distribution Channels|
Key Market Trends
Increasing Disposable Income is Driving the Market
With the continuity of the rapid urbanization, the rising household disposable income, and changing consumer preferences towards household electrical appliances in the country, the washing machine market in China is expected to flourish further and the major washing machine brands in China are also expected to achieve greater sales over the near future. The growing population in urban areas and disposable income that has made these appliances affordable; these factors are expected to drive the market growth. The rise in per capita income in the country which has increased disposable income has led to an increase in consumer spending which acts as a major driving force. Appliances like these are making life easier for customers hence increasing the demand for these products.
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China’s Washing Machine Exports are Driving the Market
China is not only the world's largest washer manufacturer but also the world's largest washer exporter. China's society and economy have been altered by rapid advances in manufacturing capacity and expanding consumer consumption. Since the Chinese government has encouraged industry consolidation to control the industry and improve competitiveness in the global market, rapid consolidation between medium and big businesses is expected. Customers' willingness to pay a premium for high-quality goods will encourage local players to focus on manufacturing high-quality goods that can be sold at higher prices, resulting in larger operating margins. Many leading international washing machine manufacturers, such as LG, Samsung, and Panasonic, have also established their plants or manufacturing operations through their local partners in China. Some of the major importers for Chinese-made washing machines include Japan, the USA, the UK, Canada, Iran, Poland, and South Korea.
In China, existing businesses have a competitive edge over new businesses in terms of brand loyalty and market reputation, and they should take advantage of this by undertaking the necessary R&D and producing products that can compete with imported goods and new market entrants. Some of the key players in the China washing machine market are Haier, Siemens, Little Swan, LG Electronics Co Ltd., TCL Corporation, Samsung Electronics, Panasonic Corporation, Bosch, Hisense, Sanyo, and Other prominent players.
- May 2021 - Midea, China's largest home appliance manufacturer, intends to expand production outside of the country to achieve a 10% global market share. The company is looking for suitable manufacturing locations in North America and growing production in numerous countries with a focus on automation.
Table of Contents
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
2.1 Analysis Methodology
2.2 Research Phases
3. EXECUTIVE SUMMARY
4. MARKET INSIGHTS AND DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Market Opportunities
4.5 Value Chain Analysis
4.6 Industry Attractiveness - Porter's Five Forces Analysis
4.7 Technology Innovation in the Industry
4.8 Impact of COVID-19 on the Market
5. MARKET SEGMENTATION
5.1 By Type
5.1.1 Front Load
5.1.2 Top Load
5.2 By Technology
5.3 By Distribution Channel
5.3.1 Supermarkets and Hypermarkets
5.3.2 Specialty Stores
5.3.4 Other Distribution Channels
6. COMPETITIVE LANDSCAPE
*List Not Exhaustive
6.1 Market Concentration Overview
6.2 Company Profiles
6.2.2 LG Electronics India Pvt. Ltd
6.2.3 Samsung India Electronics Ltd
6.2.5 Midea Group
6.2.6 TCL Corporation
6.2.7 Panasonic Corporation
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
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Frequently Asked Questions
What is the study period of this market?
The China Washing Machine Market market is studied from 2017 - 2026.
What is the growth rate of China Washing Machine Market?
The China Washing Machine Market is growing at a CAGR of <2% over the next 5 years.
Who are the key players in China Washing Machine Market?
Haier, LG Electronics, TCL, Siemens, Midea Group are the major companies operating in China Washing Machine Market.