Retail sales of household appliances and consumer electronics China 2020-2024
The retail sales value of household appliances and consumer electronics in China in April 2024 amounted to more than 64 billion yuan.
Electrical appliances in China
The household appliance industry in China has grown into a multi-billion dollar industry. In 2022 alone, market volume of the Chinese electrical household appliances sector had amounted to about 1.75 billion yuan. As the Chinese home appliance industry flourishes, Chinese household electronics companies play an increasingly important role in the global market. Since 2014, Chinese company Midea Group had been the world’s largest household appliance company with a total sales value of approximately 53 billion U.S. dollars in 2023. Another Chinese company, Gree Electric Appliances, ranked second with a total sales value of about 20 billion U.S. dollars.
Per capita expenditure of private households on household appliances and consumer electronics in China had skyrocketed from approximately 110 yuan in 1990 to 1,800 yuan in 2022, and continues to grow. Market growth of the Chinese household appliances market was mainly driven by rising individual income levels and growing urbanization.