On January 9, local time, during the 2024 Consumer Electronics Show (CES) in Las Vegas, EY and the China Chamber of Commerce for Import and Export of Machinery and Electronic Products jointly released the "China Consumer Electronics and Home Appliances Industry Trend Report (2024)". According to the report, smart technology, personalization and green, low-carbon, and sustainability will be the key words of future trends.
China is an important manufacturing base for consumer electronics and household appliances in the world, as well as a major exporter and consumer. In recent years, the market has undergone a significant transformation, with the following trends:Smart home devices are becoming increasingly popular to meet the needs of personalized consumer experiences, and the demand for 5G-enabled devices is increasing, and consumer interest in high-end and high-performance consumer electronics is growing.
Innovation is always a key factor. According to the report, Chinese manufacturers continue to improve product attributes, including integrating AI and 5G into devices, improving mobile phones with foldable features and advanced camera systems, increasing 3D technology in displays, launching 5G-enabled computers, and developing native operating systems for smartphones and computers, among others.
According to the report, China's consumer electronics industry is going through a stage of transformation, showing several significant trends. Trends in 5G, the Internet of Things (IoT), smart devices, artificial intelligence (AI), personalization, and sustainability are transforming the industry. For example, the integration of 5G into IoT-enabled smart home devices, wearables, and industrial sensors has improved the responsiveness and reliability of these devices, making them more popular. With the improvement of consumer awareness, wealth and technological understanding, China's smart home market will grow rapidly.
AI technology will further enhance the user experience. According to the report, Chinese companies are at the forefront of transformation in understanding local market needs and developing advanced AI applications for home appliances. As AI technology continues to advance, leading home appliance manufacturers are innovating their products to personalize the consumer experience with AI-enabled features to make home appliances smarter and more efficient.
In addition, the demand for personalized consumer electronics in China is growing rapidly, as consumers are increasingly willing to pay a premium for products that meet their individual needs and preferences. Growing disposable income and growing personality preferences will further drive the personalization trend in China's consumer electronics market.
The green transition will also be a more significant trend. Sustainability is becoming increasingly important to Chinese consumers and companies in the consumer electronics industry due to increased awareness of environmental issues, policies, and the focus of global investors. Chinese companies are increasingly using sustainable materials in their products, such as plastics and renewable energy. In addition,As Chinese consumers shift to longer product replacement cycles, Chinese electronics manufacturers are designing more durable products.