Revenue of China's home appliance sector up 7.1%
Revenue of China's home appliance sector reached 606.5 billion yuan ($95.2 billion) in the first 10 months of 2021, up 7.1 percent compared with same period of last year, said a report released by All View Cloud (AVC), a Beijing-based consultancy specializing in home appliances.
The figure is expected to hit 752.8 billion yuan by the end of 2021, an increase of 3.8 percent on a yearly basis, the report said.
It noted China has become the world's largest manufacturing base for home appliance products, accounting for 60 to 70 percent of global production capacity. Air conditioners make up 80 percent of that capacity, and refrigerators and small home appliances account for about 60 percent and 50 percent, respectively.
Chinese home appliance makers have seen steady growth in exports in the first three quarters of the year, the report said.
Accumulative exports of air conditioners rose by 11 percent year-on-year to 46.11 million units during this period, refrigerators increased by 7.2 percent to 60.02 million units, and washing machines climbed by 4.5 percent to 18.37 million units.
The appliance companies have accelerated efforts to expand their global footprint, increased the power of discourse and expanded brand influence in overseas markets, it added.
