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Government Stipulated Regulations and Changing Consumer Preferences for Large Appliances in China to Influence Market: Ken Research

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Title: Government Stipulated Regulations and Changing Consumer Preferences for Large Appliances in China to Influence Market: Ken Research


1
Government Stipulated Regulations and Changing
Consumer Preferences for Large Appliances in
China to Influence Market Ken Research
2
  • Large appliances market is expected to recover
    after registering a decline in 2015 owing to
    expected improvement in real estate demand,
    implementation of income doubling plan and new
    urbanization program by government.
  • Market share of front loading washing machine,
    multi-door refrigerator, inverter type air
    conditioner and 4K smart television will lead the
    demand for large appliances in China Market .

3
  • Large appliances are basic household electrical
    appliances used in everyday life to have better
    living and working experience. These appliances
    include air conditioner, refrigerator, washing
    machine, and television. Rising urban population,
    increase in disposable income and supportive
    government policies are expected to drive the
    market in future. Large appliances are a very
    dynamic market and continuous innovation is
    required to make the products more economical and
    user friendly. Over the years, ownership of large
    appliances has increased in both urban and rural
    areas. Demand from low tier cities will augment
    the demand in future as well as create demand for
    replacement of existing products. It was reported
    that urban households own 122 televisions sets
    90.7 washing machines, 91.7 refrigerators and
    107.4 air conditioners per 100 households.
  • In September 2013, China introduced GB214552013,
    a new standard for inverter air conditioners
    which is expected to raise requirements on
    energy-saving performance of inverter air
    conditioners and eventually boost their
    popularity among consumers.

4
China has planned to increase the energy
efficiency of inverter air conditioners by 20
over the current planning period which ends in
2015 Subsidies for five categories of
energy-saving household electrical appliances,
including air conditioners, flat-panel television
sets, refrigerators, washing machines and hot
water heaters, ended in June 2013, after being in
place for a period of one year. According to the
program, consumers could be subsidized by RMB 70
to 550. The effects have been notable. Market
shares of energy-efficient air conditioners and
washing machines have increased, with sales of
such appliances rising from 1.6mn units in June
2012 to an average of about 7mn in the first five
months of 2013. The major long-lasting effect is
to be the increased consumer awareness of the
benefits of eco-friendly products. Ministry of
Commerce representatives have stated that no
similar subsidies are planned for the near
future. Another subsidy policy, "Household
appliances go rural", ended in January 2013 after
a five year run.
5
In recent years, China has entered a period of
consumers upgrading their products. Consumers are
increasingly keen to have better quality
products, stylish design, energy saving and
high-end products In addition, as the younger
generation of consumers has become an
increasingly important group using appliances,
their consumption habits and changes in
consumption patterns also contributed to an
evolution in appliance industry sales 2 patterns.
In fact, the sudden emergence of e-commerce over
the last two years has driven important changes
in the way in which sales arise. According to
Research Analyst, in order to keep their consumer
base intact, it is crucial for the existing
companies to offer the best quality products at
competitive prices. Since the consumers in the
residential sector have started preferring
aesthetically pleasing products therefore, the
companies present in this industry should develop
more trendy and innovative designs to reach the
consumers.
6
The report titled China Large Appliances Market
Outlook to 2020- Rising Preference for Smart
Technology Appliances and Replacement Demand to
Drive Market provides brief overview on the
China Large Appliances Market and helps readers
to identify the ongoing trends in the market and
anticipated growth in future depending upon
changing market dynamics in coming years. The
report will help existing distributors,
manufacturers along with end users in large
appliances division to align their market centric
strategies according to ongoing and expected
trends in the future. For more information about
the publication, refer to the below
link https//www.kenresearch.com/consumer-produc
ts-and-retail/consumer-electronics/china-large-app
liances-market/57225-95.html
7
Contact UsKen ResearchAnkur Gupta, Head
Marketing CommunicationsAnkur_at_kenresearch.com
91-9015378249
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