Market demand growth of electric household appliances China 2008-2018
in 2013, the market demand of electric household appliances in China increased by 12.4 percent compared to the previous year and was forecasted to keep growing at approximately similar rate until at least 2018.
Electric household appliances market in China
Mainly owing to rising income levels of Chinese consumers and China’s urbanization drive, the electric household appliances market in China has been surging rapidly. As the Chinese income grows, the expanding middle class sets higher demands for household appliances in line with a higher quality of life. How to fulfill users’ needs of more user-friendly, smarter home appliances is one of the biggest challenges that Chinese home appliance companies are facing. Revenues in the electrical appliances sector in China had reached 1,284 billion yuan in 2013, up from about 715 billion yuan in 2009.
In 2019, the leading home appliance manufacturer both in the domestic and global market was the Midea Group with sales amounting to nearly 40 billion U.S. dollars. Second in line that year was Gree Electric, one of Midea’s major competitors, with sales amounting to 28.5 billion U.S. dollars.
Despite the positive momentum of the electric household appliances market in China, traditional offline retailers are struggling. Vipshop and JD.com were among the world’s fastest growing retailers between 2013 and 2018, according to Deloitte. In 2019, JD.com was China's second largest e-commerce retailer with the total net revenues of 577 billion yuan. In comparison, the largest Chinese offline retail chain Suning Commerce Group generated about 269 billion yuan revenue that same year.
Electric household appliances market in China
Mainly owing to rising income levels of Chinese consumers and China’s urbanization drive, the electric household appliances market in China has been surging rapidly. As the Chinese income grows, the expanding middle class sets higher demands for household appliances in line with a higher quality of life. How to fulfill users’ needs of more user-friendly, smarter home appliances is one of the biggest challenges that Chinese home appliance companies are facing. Revenues in the electrical appliances sector in China had reached 1,284 billion yuan in 2013, up from about 715 billion yuan in 2009.
In 2019, the leading home appliance manufacturer both in the domestic and global market was the Midea Group with sales amounting to nearly 40 billion U.S. dollars. Second in line that year was Gree Electric, one of Midea’s major competitors, with sales amounting to 28.5 billion U.S. dollars.
Despite the positive momentum of the electric household appliances market in China, traditional offline retailers are struggling. Vipshop and JD.com were among the world’s fastest growing retailers between 2013 and 2018, according to Deloitte. In 2019, JD.com was China's second largest e-commerce retailer with the total net revenues of 577 billion yuan. In comparison, the largest Chinese offline retail chain Suning Commerce Group generated about 269 billion yuan revenue that same year.
