The Chinese home appliance industry is expected to grow substantially through 2014, owing to the growing demand of such products particularly amongst the young consumers of China. Lured in by the latest, luxurious and eco-friendly products this consumer base is prone to make regular purchases which are seen to further spike during certain Chinese festivities. Moreover, with online retail having recently caught up with most consumers, many brands are launching online stores to sell their merchandise. Therefore, consumers have a wide range of choices at their disposal, which is further driving the market.
This report: Chinese Home Appliance Industry and Market, April 2014 highlights the key market drivers, popular trends and leading market players dominating the market. It also provides useful insights into the current market scenario and presents an overall market overview.
Key market drivers
As suggested by studies on the Chinese home appliance market, the industry is mainly driven by an increased demand from young consumers who ensure their homes are equipped with sophisticated and environment-friendly products which are easily replaceable. This, combined with the arrival of online retail has ensured that the market is flooded with diverse products. Therefore, consumers are presented with a large variation of choices which is adding to the sales volume of home appliances. Moreover, festivals like May Day also hike the sales of such products, as the Chinese follow a custom of renovating their homes every spring further boosting sales volumes.
With a market that looks promising in the coming years, industry experts aim to maximize their profits by creating new marketing strategies that concentrating on altering consumer inclinations, luring them to purchase new appliances that are eco-friendly and provide convenience of use. The Chinese Household Electrical Appliances Association (CHEAA) is planning to implement new initiatives to raise awareness about various products of this industry through several new marketing and advertising strategies hoping to lure in the young consumers with considerable disposable incomes.
Key market players
There have been several dominant players in the Chinese market, who have been utilizing various marketing tactics to gain a large market share. For instance, in 2013, Haier and GD Midea Group launched new products with advanced technology, to attract more technology oriented consumers. During the same year Mitsubishi Electric Corp. entered into a joint venture with Hefei Kinghome Electrical Co. Limited for developing high-end refrigerators targeted towards the wealthy consumers. Another organization, Changhong also launched China’s first triple-play CH-iQ TV in 2014, which is doing brisk business in the nation. Other successful players include Bosch, Aux, Electrolux, Changhong, Mitsubishi, Galanz, Haier, Daikin, MeiLing, Midea among others.
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