China Refrigeration Appliances Market 2022-2028

China Refrigeration Appliances Market 2022-2028

MARKET OUTLOOK

The refrigeration appliances market in China is anticipated to grow at a CAGR of 5.87% (by revenue) over the forecast period 2022-2028. Also, the market (in terms of category) is anticipated to develop at a CAGR of 1.90% (by volume), during this period.

The COVID-19 sparked the introduction of new products with more advanced fresh-keeping technologies, in order to keep up with the varied food preservation demand from consumers. Midea’s compartment utilizing magnetism to extend fruits’ shelf life and Hisense’s vacuum compartment for frozen food are key examples of such products.

This is expected to positively influence the growth of the refrigeration appliances market in China over the forecast period. On the other hand, the premiumization trend in technology, storage, and aesthetics, coupled with the “smartization” trend post 2021, drove up the per unit price of refrigeration equipment. This, in turn, is likely to hamper the market’s growth prospects in the country over the considered period

COMPETITIVE OUTLOOK

Some of the key companies operating in the Chinese refrigeration appliances market are Xingxing Group, Hefei Meiling, Hisense, Midea Group, and Haier Group Corporation.