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China's kitchen appliance market is recovering

by:Hench Hardware     2021-09-09
Affected by the decline in economic growth, and with the successive withdrawal of policies such as trade-in and home appliances to the countryside, the domestic home appliance industry entered a short-term 'downturn' in 2014. According to data from Zhongyikang, the total size of China's home appliance market in 2014 was 1,159.6 billion yuan, a decrease of 4.8% compared to 2011. Among them, the market decline of major home appliances in the first half of 2014 was particularly affected by policy changes, and energy-saving and benefiting policies were introduced in the second half of the year. After that, it improved significantly.

   Shangpu Consulting industry analyst pointed out: However, under the combined effect of various factors, the domestic kitchen appliance market has recovered significantly. The data shows that the total scale of the domestic kitchen and bathroom market (water heaters, range hoods, gas stoves, disinfection cabinets, microwave ovens and dishwashers) totaled 99.9 billion yuan, a year-on-year increase of 17.4%. From the perspective of product breakdown, the retail scale of water heaters reached 28.35 million units and 44.5 billion yuan, an increase of 11.0% and 18.6% year-on-year respectively; among them, the retail scale of gas water heaters reached 11.76 million units and 20.2 billion yuan, an increase of 11.9% and 23.4% year-on-year respectively; The retail scale of range hoods reached 13.25 million units and 26.3 billion yuan, an increase of 9.4% and 20.3% year-on-year; the retail scale of gas stoves reached 17.95 million units and 16.8 billion yuan, an increase of 8.3% and 18.6% year-on-year; the retail scale of disinfection cabinets reached 455 Ten thousand units and 5.4 billion yuan, up 6.7% and 15.5% year-on-year respectively. The market shares of various domestic kitchen appliances segmented products are as follows:

   The rural market is dominated by popularization. Affected by factors such as income factors and consumption concepts, consumers are more willing to choose cost-effective products, such as electric water heaters less than 1,000 yuan, gas stoves around 100 yuan, and so on. In the urban market, as kitchen and bathroom appliances have become a very important part of home decoration, products with fashionable and avant-garde elements in appearance and good performance in terms of performance will become the main force driving market growth, such as near-breathing cigarettes. Machines, energy-efficient hoods, embedded kitchen appliances, etc.

   Kitchen and bathroom companies are relatively rational, and vicious price competition is relatively small. Data shows that Chinese households’ investment in kitchen and bathroom renovation continues to rise, and the current kitchen and bathroom renovation costs can account for the proportion of the entire family’s renovation. Above 45%, the proportion of high-end products in the market is rapidly increasing.

  The '2014-2017 China Kitchen Appliance Market Dynamic Research and Profit Forecast Report' released by Shangpu Consulting shows that in the next three years, the kitchen and bathroom appliance market will maintain an average annual compound growth rate of about 10%, which is higher than the overall average growth rate of the same period. The growth rate of the home appliance market must be at least 5 percentage points higher. At this stage, the number of household kitchen appliances in China is low. At present, 75% of the current kitchen appliances are new demand, while the replacement demand only accounts for about 25%.
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