China Major Home Appliances Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

China Major Home Appliances Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

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.

Key Market TrendsIncreasing 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.

Competitive Landscape

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.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

Companies Mentioned
 
Haier
Midea Group
Gree Electric Appliances Inc
Changhong
Hisense
Joyoung
TCL Corporation
Galanz
Skyworth
Aux Group*

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