On the evening of January 9, local time, Ernst & Young and the China Chamber of Commerce for Import and Export of Machinery and Electronic Products jointly released the "China Consumer Electronics and Home Appliance Industry Trend Report" at the "China Night and Consumer Electronics Development Forum" held during the 2024 International Consumer Electronics Exhibition (CES 2024), showing that 5G, Internet of Things, AI and other technologies promote the development of the consumer electronics and household appliances industry.
China is an important manufacturing base for consumer electronics and household appliances in the world, as well as a major exporter and consumer. China is becoming a global hub for consumer electronics and home appliances, accounting for more than 22% of global sales. China also dominates the consumer electronics and home appliances market in the Asia-Pacific region, with a latest sales share of about 48% in 2023.
According to data from the General Administration of Customs of China, from January to November 2023, China's home appliance exports reached 804$700 million, an increase of 28%；In terms of export volume, a total of 338717 00,000 home appliances were exported, a year-on-year increase of 96%。Since August, the import and export of traditional advantageous products of consumer electronics have begun to recover and stabilize for the better.
The report reviews the growth history of China's consumer electronics and home appliances market and analyzes six key drivers of growth, including: the continuous development of e-commerce channels, the growth of Chinese consumers' disposable income, product category and function innovation, the rapid adoption and adoption of emerging technologies, digital solutions, and reasonable increase in consumer credit.
In addition, the report highlights the key trends in the development of the consumer electronics and home appliances industry, which involve smart technology, user experience, personalized needs, and green, low-carbon, and sustainability.
Among them, 5G and Internet of Things devices are emerging, and smart devices are becoming increasingly popular; AI technology improves user experience, and the demand for personalized products continues to grow. Sustainability is becoming increasingly important, and the trend of green transformation in the industry is significant.
In terms of market challenges, due to the fierce and diverse competition in the consumer electronics and home appliances markets, healthy competition led by both domestic and foreign companies has kept the market dynamic, but it has also put pressure on manufacturers to continue to invest resources. The Internet of Things, digital intelligence, user experience, personalized needs, and green and low-carbon will lead the new trend of the future development of the industry.
Mingju Cheng, EY Greater China Retail & Consumer Goods Industry Leader, said: "China's consumer electronics and home appliances companies have experienced several rounds of development trends and have grown resiliently amid volatility, and now the changes in the macro environment and the intensification of external uncertainty have brought new variables and challenges to their business development. The consumer electronics and household appliances industry contains infinite vitality and innovation momentum, the development of the industry has entered a new cycle, diverse user needs and full of potential global market is the inexhaustible driving force for enterprise innovation. ”
Edited by Xu Chao.
Proofread by Lucy.