Household electronics industry in China – additional information
Not only has China been one of the major household appliance manufacturers over the past years, the domestic demand for electrical household appliances is continuously on the rise. The electric household appliance market in China is estimated to display growth rates of above 12.4 percent until 2018. Monthly retail trade revenues of household appliances and consumer electronics in China have constantly ranged between 60.5 and 80.8 billion yuan per month up until August 2015.
In today’s China, most households are equipped with basic appliances such as refrigerators, televisions and washing machines. Other household electronics still lack popularity among Chinese consumers. To name one example, the penetration rate of dishwashers still ranges below one percent in China. Even among the highest income household tenth, the number of dishwashers per 100 households had been at slightly over two in 2012. In 2013, 80 percent of British households with the highest income owned a dishwasher. However, considering the large number of working women in China, especially in urban areas, the time-saving attribute of dishwashers is expected by manufacturers to drive the sales growth of dishwashers. Midea Group, a privately held Chinese company, has been the world’s largest household appliance company in 2014. The company had generated sales revenues amounting to approximately 23 billion U.S. dollars, exceeding its closest competitors Gree Electric Appliances, another Chinese manufacturer, and Whirlpool, the leading player in the U.S. home appliance market.