By | Old Fish
Edit | Yang Xuran
As the 2024 annual reports of China's home appliance giants are released, a grand picture of Chinese home appliances thriving overseas is gradually unfolding before the world:
Meiling Group's overseas revenue reached RMB 169.034 billion in 2024, growing by 12.01%. This growth rate was significantly higher than the domestic market's revenue growth rate of 7.68%. Its overseas revenue accounted for 51.52% of total revenue;
Hai'er Smart Home's overseas market revenue reached RMB 143.814 billion, up 5.43% year-on-year. Not only did the growth rate exceed that of the domestic market by 2.2 percentage points, but its overseas revenue also exceeded domestic revenue by 1.3 billion, accounting for more than 50%;
Hisense Home Appliances' overseas income broke through RMB 35.6 billion, growing by 28%. The proportion of overseas revenue to total revenue approached 40%. Hisense Vision's overseas revenue was RMB 27.952 billion, up by RMB 1.295 billion year-on-year. It also achieved double-digit growth both in speed and volume compared to the domestic market;
TCL Smart Home's overseas business revenue reached RMB 13.495 billion, accounting for 73.5% of total revenue, up 31.82% year-on-year.
The financial data of these giants basically faithfully reflects the overall changes in China's home appliance industry globally.
China's home appliance enterprises continue to expand their sales scale overseas
The "2024 Annual Report on China's Home Appliance Industry" shows that in 2024, China's home appliance industry export scale reached RMB 712.2 billion, up 15.4%; the domestic sales scale was RMB 846.8 billion, up 9%.
Data from the General Administration of Customs shows that in 2024, China exported 448,144 million household appliances, up 20.8%. Specifically, air conditioners exports reached 61.59 million units, up 28.3%; refrigerator exports were 80.32 million units, up 19.7%; washing machine exports were 32.86 million units, up 14.2%; LCD TV exports were 109.78 million units, up 11.4%.
As the largest home appliance manufacturing base in the world, China's home appliances have made a leap from complete imports, self-sufficiency to global exports. With the continuous progress of overseas expansion, the importance of China's home appliances in the international home appliance market has become increasingly prominent.
In terms of production capacity, in 2023, China's three major "traditional white goods" (air conditioners, refrigerators, and washing machines) had a production capacity of nearly 600 million units, accounting for 65.5% of the global share; China-made core components of the "three major white goods"—compressors and motors—accounted for 95% and 87% of the global market respectively.
Moreover, China's kitchen appliances and small appliances account for more than half of the global production capacity.
In terms of sales, many varieties of China's home appliances have become favorites in the international market.
Data from the research institute RUNTO shows that in 2024, China's TV brand export volume first broke through 53% of the global share, completely replacing South Korea to become the global leader.
Jia Shaoqian, chairman of Hisense Group, stated in media interviews that "Made in China" fridges and washing machines account for more than 50% of the global market, air conditioners over 80%, with the largest export scale in the world.
Data from market research firm Euromonitor shows that Haier's retail volume of large household appliances ranked first globally, with its refrigerators and washing machines leading the retail volume rankings for consecutive years. In the laser display field, Hisense Vision completed the development of the industry's first global ultra-bright laser TV, with its laser TV global shipment share reaching 65.8%, ranking first globally for six consecutive years.
It is worth noting that such leadership is no longer solely dependent on the European and American markets. On the contrary, to avoid the continuous trade restrictions imposed by European and American countries in recent years, China's home appliances have diversified their international market development, driving the global home appliance market into the "Chinese era."
Home appliances are a focal point for foreign businesses purchasing in China
The demand for Chinese home appliances, especially white goods, in emerging markets such as Southeast Asia, Africa, and the Middle East is also rapidly increasing, providing new growth momentum for Chinese home appliance exports.
Data from the China Chamber of Commerce for Import and Export of Machinery and Electronic Products shows that in the first three quarters of 2024, China's home appliance (white goods) products cumulatively exported USD 35.36 billion to the Asian market, up 12.7% year-on-year, an increase of nearly 13 percentage points compared to the same period last year; cumulative exports to the Latin American market totaled USD 9.67 billion, with a year-on-year growth rate of 33.5%; cumulative exports to the African market totaled USD 4.23 billion, up 14.0%. All these growth rates were higher than those for exports to Europe and America.
In this process, China's home appliances have completely shed the outdated label of being "low quality and low price." Backed by massive scientific research investment and strong industrial chain manufacturing capabilities, China's home appliances are becoming a global "hard currency" with high cost-effectiveness.
Jia Shaoqian believes that China's home appliances now possess the "high technology content, high added value, and high quality" "three highs" advantage, presenting a new trend of intelligent, high-end, and branded home appliance exports.
Therefore, after the U.S. proposed the so-called "reciprocal tariff" card, Americans began hoarding Chinese home appliances en masse. This is one of the best footnotes to the core competitiveness of China's home appliance products.
Original article: https://www.toutiao.com/article/7498635437804749331/
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