According to the latest report by Renub Research, titled "China Home Appliances Market by Products (Refrigerators, Freezers, Dishwashing & Washing Machine, Cookers & Ovens, Vacuum Cleaners) by Distribution Channels, and Companies" Home Appliance Market in China is growing rapidly and is the fastest-growing market in the world. This growth is due to rising disposable incomes, urbanization, product mix rebalancing, and increased white goods consumption in rural areas. China has a competitive advantage in the industry because it has more modern technology and is comparatively cheaper, adding value to its exports. More advanced innovation and easy access to crude material at fair prices are driving the home appliance market in China. The demand for domestic machines in China is rising for the last few years, and it will continue to perform well in the upcoming years. According to Renub Research Analysis, China Home Appliance Market is forecasted to be more than US$ 130 Billion by the year 2026.
The impact of E-commerce on the Chinese Home Appliances Market
The contribution of e-commerce to China's domestic appliance consumption has reached new heights. The convenience of product comparison and at-home delivery and diverse product offerings, competitive pricing, and the ability to reach other consumers who do not have easy access to other channels drive the growth of e-commerce channels and the home appliance market in China.
Initiatives of the Chinese Government
The Chinese government is subsidizing up to 13% of the product price, with a cap of RMB 800 per product, to boost the home appliance market. This program began in April 2019 and is for home appliances that meet the environmental and energy use requirements. Some provincial governments, such as the Beijing municipal government, began this intuitive in January 2019, offering subsidies ranging from 8% to 20% for 15 different goods.
The Market is expected to grow due to an increase in the Purchase of Smart Home Appliances
Smart appliances have been developed as a result of technological advancements, and they are expected to drive the growth of the Chinese household appliance market. Most home appliances now push their intelligence as a selling point. Smart appliances are evolving from individual products to established situations with interconnected products as IoT and Wi-Fi-capable products become more common. Refrigerators washing machines, dishwashers and are among the most popular appliances in the Chinese household.
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Market Summary:
By-Products: This research report covers the market and volume analysis of the following household items such as Washing Machine, Vacuum Cleaners, Freezers, Coffee Machines, Electric Kettles, Refrigerators, Dishwashing Machines, Cookers & Ovens, Small Kitchens Appliances, and Microwave Ovens.
By Distribution Channels: The market and volume analysis of Online and Offline distribution channels is covered in this research report.
By Company Analysis: Company Overview, Products/Initiatives and Financial Insight of (Haier Group Corporation, LG Corp, Phillips, Midea Group, and Electrolux) are given in this research report.
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