Market Research Report
China Washing Machine Market - Growth, Trends, COVID-19 Impact and Forecasts (2022 - 2027)
|China Washing Machine Market - Growth, Trends, COVID-19 Impact and Forecasts (2022 - 2027)|
Published: January 17, 2022
Mordor Intelligence Pvt Ltd
Content info: 120 Pages
Delivery time: 2-3 business days
China is the world's largest washing machine market in terms of production, consumption, sales, and exports. In China, the washing machine has become one of the most important household equipment, and its commercial use in the hospitality industry, such as hotels, resorts, and other institutions for huge loads of commercial laundry, is also booming. The growth of the washing machine market in China is believed to be mainly driven by the rapid urbanization and rise in disposable income, improvements in rural electrification. The subsidy program launched to promote the sale of large appliances in rural areas of China has created a significant growth towards the penetration of large appliances. This has also supported the growth in replacement potential for home appliances in China.
Despite the benefits of a growing market for production and distribution, China's manufacturing industry suffers from a lack of innovation and investment in R&D and new product development. Economies of scale in the sector are yet to be realized. Most domestic producers lack the intellectual property and financial means to create their brand names.
The coronavirus epidemic has harmed China's washing machine market. The market sinking first and then floating has brought unparalleled resistance to China's in lying demand and export orders. In 2020, most months from January to July saw a decrease in exports compared to the same time prior year, however, exports from August to October increased dramatically.
With the continuity of the rapid urbanization, the rising household disposable income, and changing consumer preferences towards household electrical appliances in the country, the washing machine market in China is expected to flourish further and the major washing machine brands in China are also expected to achieve greater sales over the near future. The growing population in urban areas and disposable income that has made these appliances affordable; these factors are expected to drive the market growth. The rise in per capita income in the country which has increased disposable income has led to an increase in consumer spending which acts as a major driving force. Appliances like these are making life easier for customers hence increasing the demand for these products.
China is not only the world's largest washer manufacturer but also the world's largest washer exporter. China's society and economy have been altered by rapid advances in manufacturing capacity and expanding consumer consumption. Since the Chinese government has encouraged industry consolidation to control the industry and improve competitiveness in the global market, rapid consolidation between medium and big businesses is expected. Customers' willingness to pay a premium for high-quality goods will encourage local players to focus on manufacturing high-quality goods that can be sold at higher prices, resulting in larger operating margins. Many leading international washing machine manufacturers, such as LG, Samsung, and Panasonic, have also established their plants or manufacturing operations through their local partners in China. Some of the major importers for Chinese-made washing machines include Japan, the USA, the UK, Canada, Iran, Poland, and South Korea.
In China, existing businesses have a competitive edge over new businesses in terms of brand loyalty and market reputation, and they should take advantage of this by undertaking the necessary R&D and producing products that can compete with imported goods and new market entrants. Some of the key players in the China washing machine market are Haier, Siemens, Little Swan, LG Electronics Co Ltd., TCL Corporation, Samsung Electronics, Panasonic Corporation, Bosch, Hisense, Sanyo, and Other prominent players.