The kitchen appliance industry will stabilize and recover in 2024, and the market size is expected to reach 822.2 billion yuan, showing strong growth momentum. This growth is due to the improvement of consumers' living standards and the pursuit of high-quality life. In particular, the market performance of demand-oriented appliances such as dishwashers and built-in microwave ovens is particularly outstanding, with retail sales increasing by 4.3% and 3.8% year-on-year respectively12. The global home appliance industry is expected to continue to grow in the next few years, with the Asia-Pacific region, North America and Europe as the main sales areas.
The upgrading of consumer demand is another important dynamic in the home appliance industry. As consumers' living standards improve, the demand for home appliances is no longer limited to basic functions, but more focused on product quality, design and intelligence. For example, smart home appliances can be remotely controlled through mobile phone APP to achieve intelligent scene linkage, green and environmentally friendly home appliances are more energy-saving and environmentally friendly, which is in line with consumers' sustainable consumption concept. In addition, the improvement of health and environmental awareness has also promoted the growth of demand for personal care small home appliances, such as paraffin hand care machines, electric toothbrushes, and tooth washers.
In terms of industry dynamics, the kitchen appliance market has completed the transformation from "incremental development" to "stock quality improvement". In 2024, the market ushered in a new round of overall changes. The gradual recovery of the macro economy, policy support, and the generational changes in consumer groups, application scenarios and product technologies have jointly promoted the development of the industry to a higher level. In particular, the rise of young consumer groups has promoted the emergence of quality, intelligent and system-based demands.
Technological innovation plays a key role in the home appliance industry. Home appliance companies continue to increase their R&D investment and launch new products with intelligent, green, and healthy features. For example, smart home appliances can be remotely controlled through mobile phone apps to achieve intelligent scene linkage, green and environmentally friendly home appliances are more energy-saving and environmentally friendly, which is in line with consumers' sustainable consumption concept 34. These innovations not only meet the new needs of consumers, but also promote the upgrading and development of the industry. In addition, the design also incorporates innovative concepts such as light national style and integrated biology, which enhances the use value and social significance of the product.
Technological innovation and product upgrades have become industry trends. The small kitchen appliance industry is at the peak of technological innovation. Major brands have increased their investment in research and development and launched healthy, intelligent and efficient products. For example, a multifunctional appliance that integrates frying pans, stew pots and air fryers meets consumers' demand for efficient and diversified cooking.
Market competition intensifies, and companies seek breakthroughs. Faced with industry challenges, companies can only seek breakthroughs by enhancing product power and strengthening multi-channel layout.