China home appliances market is growing at the highest growth rate around the world. With more, advance technology and easy availability of raw material in affordable prices in the nation is propelling home appliance market in China. Rapid urbanization, rise in disposable income and high demand for the home appliance in rural areas of China are the other factors for this growth. According to Renub Research analysis, China Home Appliance Market is forecasted to be more than US$ 130 Billion by the end of the year 2026.
The use of advance technologies such as WI-FI and Bluetooth in the Chinese home appliance that can be accessed through smartphones and tablets are attracting tech-savvy consumers. Home appliances in China are becoming environmentally friendly and energy-efficient with new designs and advance features, the market of products like washing machines and refrigerators are growing due to premiumization trends in the country.
The contribution of eCommerce websites for the growth of home appliances in China is an added advantage with the comparison of products, competitive pricing, lucrative discount, and offers doorstep delivery. Moreover, Chinese manufacturing companies are producing quality products to fulfill local demand as they are ahead in technological innovation, have extensive distribution networks, and sell home appliance products in affordable pricing.
Subsidy by the Chinese Government
To boost the home appliances market, the Chinese government is providing subvention up to 13 per cent of product price with a limit up to RMB 800 per product. This initiative was started in April 2019, for home appliances which meet the criterion for environmental and energy consumption. Some provincial government started this intuitive in January 2019, such as the Beijing municipal government provides subsidy from 8 percent to 20 percent for 15 different products.
Initiatives of Chinese Companies
Over that period, several local companies have risen, delivering accessible products to price-sensitive Chinese consumers, while also infusing the latest epoch of home appliances with intelligent connectivity to construct Internet of Things (IoT) ecosystems within the home. With the growing household market in China, Midea generated more than $ 40 billion revenue in the year 2019 with leading products, including residential and commercial air conditioners, along with dishwashers, washing machines, and refrigerators.
Midea’s smart home division focuses on linking entire sections of the home, with an intelligent health procedure to monitor air temperature and humidity, formaldehyde concentration, and other environmental factors. Another home appliance company Haier launched U+ App in June 2019. Through this mobile app, users can get information on water temperature and quality in a locality. The washing machine can provide customized washing solution by recognizing the brand and material of garments as well as brand and density of the washing liquid.
COVID-19 affecting China Home Appliances Market
Home appliances market in China has been affected due to the outbreak of the coronavirus epidemic; it has brought unprecedented defiance to China’s in lying demand and export orders. Home appliance companies have been resuming operation and then taking a break since March 2020. Pandemic COVID-19 has affected home appliances sales in China. The comprehensive analysis of COVID-19 effect on the China Home Appliances Market is provided in our research report.
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