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China's Home Appliance Market Hits New Milestone in 2024
According to the latest data, China's home appliance market achieved another milestone in 2024. Statistics released by AVC (All View Cloud) show that the retail sales of all home appliance categories (excluding 3C products) in China reached 907.1 billion yuan, a year-on-year increase of 6.4%. This figure not only surpassed the previous record of 891 billion yuan set in 2019 but also broke the 900 billion yuan mark for the first time, highlighting the strong growth momentum of China's home appliance market.
Key Driver: Government Subsidy Policy
Among the factors driving this significant growth, the "National Subsidy" policy undoubtedly played a crucial role. Analysis suggests that without the boost from the subsidy policy implemented between September and December 2024, many home appliance categories might have faced a decline in sales. The effective implementation of this policy not only stabilized the market but also injected strong momentum into the sustained growth of the home appliance industry.
Premium Product Demand on the Rise
Notably, with the support of the subsidy policy, the market share of high-end products in categories such as TVs, air conditioners, refrigerators, washing machines, range hoods, stoves, dishwashers, water heaters, gas heaters, water purifiers, and rice cookers saw significant improvement in offline markets. This shift reflects both the growing consumer demand for high-quality home appliances and the continuous efforts of manufacturers in technological innovation and product upgrades.
Emerging Categories Gain Traction
Additionally, data shows that the market penetration of seven major quality-demand products—dryers, dishwashers, built-in microwave ovens, water purifiers, cleaning appliances, air purifiers, and coffee machines—increased rapidly in 2024. Their annual retail sales grew by 25.7%, 17.2%, 16.2%, 17.2%, 24.4%, 31.8%, and 28.6%, respectively. This highlights consumers' pursuit of improved quality of life and the vast potential in niche segments of the home appliance market.
Outlook for 2025: Cautious Optimism
Looking ahead, AVC remains optimistic about China's home appliance market in 2025. The agency predicts that retail sales will remain at the 900 billion yuan level, with a slight year-on-year increase. However, it also cautions that the national consumer confidence index remains low, and relying solely on subsidy-driven growth is not a sustainable strategy. Therefore, home appliance companies must continue to focus on technological innovation, product upgrades, and market expansion to navigate potential market fluctuations and challenges.
Conclusion
Overall, the impressive performance of China's home appliance market in 2024 not only reflects the efforts of the past year but also signals confidence and expectations for future growth. With the support of the subsidy policy, the market is poised to maintain steady growth, offering consumers more high-quality and intelligent home appliance products.
According to the latest data, China's home appliance market achieved another milestone in 2024. Statistics released by AVC (All View Cloud) show that the retail sales of all home appliance categories (excluding 3C products) in China reached 907.1 billion yuan, a year-on-year increase of 6.4%. This figure not only surpassed the previous record of 891 billion yuan set in 2019 but also broke the 900 billion yuan mark for the first time, highlighting the strong growth momentum of China's home appliance market.
Key Driver: Government Subsidy Policy
Among the factors driving this significant growth, the "National Subsidy" policy undoubtedly played a crucial role. Analysis suggests that without the boost from the subsidy policy implemented between September and December 2024, many home appliance categories might have faced a decline in sales. The effective implementation of this policy not only stabilized the market but also injected strong momentum into the sustained growth of the home appliance industry.
Premium Product Demand on the Rise
Notably, with the support of the subsidy policy, the market share of high-end products in categories such as TVs, air conditioners, refrigerators, washing machines, range hoods, stoves, dishwashers, water heaters, gas heaters, water purifiers, and rice cookers saw significant improvement in offline markets. This shift reflects both the growing consumer demand for high-quality home appliances and the continuous efforts of manufacturers in technological innovation and product upgrades.
Emerging Categories Gain Traction
Additionally, data shows that the market penetration of seven major quality-demand products—dryers, dishwashers, built-in microwave ovens, water purifiers, cleaning appliances, air purifiers, and coffee machines—increased rapidly in 2024. Their annual retail sales grew by 25.7%, 17.2%, 16.2%, 17.2%, 24.4%, 31.8%, and 28.6%, respectively. This highlights consumers' pursuit of improved quality of life and the vast potential in niche segments of the home appliance market.
Outlook for 2025: Cautious Optimism
Looking ahead, AVC remains optimistic about China's home appliance market in 2025. The agency predicts that retail sales will remain at the 900 billion yuan level, with a slight year-on-year increase. However, it also cautions that the national consumer confidence index remains low, and relying solely on subsidy-driven growth is not a sustainable strategy. Therefore, home appliance companies must continue to focus on technological innovation, product upgrades, and market expansion to navigate potential market fluctuations and challenges.
Conclusion
Overall, the impressive performance of China's home appliance market in 2024 not only reflects the efforts of the past year but also signals confidence and expectations for future growth. With the support of the subsidy policy, the market is poised to maintain steady growth, offering consumers more high-quality and intelligent home appliance products.
