China Major Home Appliances Market Size
| 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 |
Need a report that reflects how COVID-19 has impacted this market and its growth?
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.
China Major Home Appliances Market Trends
This section covers the major market trends shaping the China Major Home Appliances Market according to our research experts:
Increasing Usage of Smart Appliances is Driving the Market
Smart appliances are connected to smartphones or tablets for better controlling of appliances remotely, which can bring new levels of convenience, efficiency, safety, and peace of mind to life. With the ongoing consumption upgrade in China, consumers are showing a preference for intelligent, and personalized products.
Major home appliance manufacturers are launching smart home appliances, such as air conditioners, refrigerators, and washing machines, by applying the most sophisticated artificial intelligence and internet of things technologies to innovate products. Smart appliances are energy efficient, easily accessible, safe, and secure.
Growth in Disposable Income is Driving the Major Home Appliance Market
Disposable income is the total earnings a household makes that are available to save or spend after taxes have been paid. Increased disposable incomes are forecast to continue driving demand for major home appliances. Improved lifestyle and rise in buying power of consumers are the major impacts of high disposable income.
Consumers use disposable income to make their living conditions better and simpler. Growth in disposable income is projected to boost the penetration of major home appliances, thereby driving China's major home appliance market growth.
China Major Home Appliances Industry Overview
The report covers major international players operating in the China Major Home Appliances Market. In terms of market share, some of the major players currently dominate the market. However, with technological advancement and product innovation, mid-size to smaller companies are increasing their market presence by securing new contracts and by tapping new markets.
China Major Home Appliances Market Leaders
-
1. Haier
-
2. Midea Group
-
3. Gree Electric Appliances Inc.
-
4. Changhong
-
5. Hisense
*Disclaimer: Major Players sorted in no particular order
China Major Home Appliances Market News
- Though Haier Group - the largest player in refrigeration appliances, saw weaker performance in 2020 than in the previous year, it managed to maintain a trend of share growth and extend its lead over its immediate competitor Midea Group Co Ltd. In these challenging conditions resulting from COVID-19 and measures aimed at containing the disease, Haier benefited from its strong supply chain, its agility in launching and marketing products, and its rapid adaptation to shifts in distribution and campaign channels.
- Midea had launched its Guo Run fridge freezer model in May 2020 as it aimed at rising consumer interest in healthy diets, which was bolstered by the experience of COVID-19. The model is powered by magnet technology to keep food such as fruit and vegetables fresh for longer by improving the anti-bacterial effectiveness and oxidation resistance.
China Major Home Appliances Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Study Assumptions and Market Definition
- 1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
- 4.1 Market Overview
- 4.2 Market Drivers
- 4.3 Market Restraints
- 4.4 Value Chain / Supply Chain Analysis
- 4.5 Porters 5 Force Analysis
- 4.6 Impact of COVID on the Market
5. MARKET SEGMENTATION
-
5.1 Product
- 5.1.1 Refrigerators
- 5.1.2 Freezers
- 5.1.3 Dishwashing Machines
- 5.1.4 Washing Machines
- 5.1.5 Cookers and Ovens
- 5.1.6 Others
-
5.2 Distribution Channel
- 5.2.1 Supermarkets and Hypremarkets
- 5.2.2 Specialty Stores
- 5.2.3 Online
- 5.2.4 Other Distribution Channels
6. COMPETITIVE LANDSCAPE
- 6.1 Market Concentration Overview
-
6.2 Company Profiles
- 6.2.1 Haier
- 6.2.2 Midea Group
- 6.2.3 Gree Electric Appliances Inc
- 6.2.4 Changhong
- 6.2.5 Hisense
- 6.2.6 Joyoung
- 6.2.7 TCL Corporation
- 6.2.8 Galanz
- 6.2.9 Skyworth
- 6.2.10 Aux Group*
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
8. DISCLAIMER
** Subject To AvailablityChina Major Home Appliances Industry Segmentation
A complete background analysis of the China Major Home Appliances Market, which includes an assessment of the National accounts, economy, and the emerging market trends by segments, significant changes in the market dynamics, and the market overview is covered in the report. The market is segmented by Major Appliances (Refrigerators, Freezers, Dishwashing Machines, Washing Machines, Cookers and Ovens, and Other Products), and Distribution Channels (Supermarkets and Hypermarkets, Specialty Stores, Online, and Other Distribution Channels). The report offers market size and forecasts for dishwashers in value (USD Million) for all the above segments.
| Product | Refrigerators |
| Freezers | |
| Dishwashing Machines | |
| Washing Machines | |
| Cookers and Ovens | |
| Others | |
| Distribution Channel | Supermarkets and Hypremarkets |
| Specialty Stores | |
| Online | |
| Other Distribution Channels |
China Major Home Appliances Market Research FAQs
What is the current China Major Home Appliances Market size?
The China Major Home Appliances Market is projected to register a CAGR of greater than 1.20% during the forecast period (2024-2029)
Who are the key players in China Major Home Appliances Market?
1. Haier, 2. Midea Group , 3. Gree Electric Appliances Inc. , 4. Changhong and 5. Hisense are the major companies operating in the China Major Home Appliances Market.
What years does this China Major Home Appliances Market cover?
The report covers the China Major Home Appliances Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the China Major Home Appliances Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
China Major Home Appliances Industry Report
Statistics for the 2024 China Major Home Appliances market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. China Major Home Appliances analysis includes a market forecast outlook 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
