BEIJING, March 18 (Xinhua) -- According to a report jointly released by the National Household Electric Appliance Industry Information Center and CHEARI, China’s home appliance market formed a size of 810.4 billion yuan in 2018, a slight increase of 1.9 percent year on year, showing a more and more intense competition in home appliance market.
In 2019, although facing the impact of economic pressure and real estate regulation, consumption and industrial upgrades will become the new growth driver for home appliance sector, according to Song Jingxue, head of research department of the National Household Electric Appliance Industry Information Center.
At the beginning of the year, ten ministry-level authorities including the National Development and Reform Commission released new measures on promoting consumption and supported the development of green and intelligent home appliances. Under this policy, it is estimated that an increase of 150 million energy-efficient home appliances will be sold, adding a consumption of about 700 billion yuan from 2019 to 2021.
As China's related policies give more preferences to thedevelopment of green and smart home appliances, the demand for updating home appliances will be greatly released, and only by continued innovation and accelerating product upgrade can home appliance enterprises win opportunities in the fierce market competition, said Ge Fengliang, vice president of CHEARI.
China's home appliance market is expected to increase 2.3 percent year on year to 829.1 billion yuan in 2019, predicted by the National Household Electric Appliance Industry Information Center. (Edited by Tong Wei, tongwei@xinhua.org)
A single purchase
