Market Trends of China Washing Machine Industry
Increasing Disposable Income is Driving the Market
With the continuity of rapid urbanization, the rising household disposable income, and changing consumer preferences towards household electrical appliances in the country, the washing machine market in China is expected to flourish further, and the major washing machine brands in China are also expected to achieve greater sales over the near future. The growing population in urban areas and disposable income that has made these appliances affordable; factors are expected to drive the market growth. The rise in per capita income in the country, which has increased disposable income, has led to an increase in consumer spending, which acts as a major driving force. Appliances like these are making life easier for customers, hence increasing the demand for these products.
China’s Washing Machine Exports are Driving the Market
China is not only the world's largest washer manufacturer but also the world's largest washer exporter. China's society and economy have been altered by rapid advances in manufacturing capacity and expanding consumer consumption. Since the Chinese government has encouraged industry consolidation to control the industry and improve competitiveness in the global market, rapid consolidation between medium and big businesses is expected. Customers' willingness to pay a premium for high-quality goods will encourage local players to focus on manufacturing high-quality goods that can be sold at higher prices, resulting in larger operating margins. Many leading international washing machine manufacturers, such as LG, Samsung, and Panasonic, have also established their plants or manufacturing operations through their local partners in China. Some of the major importers of Chinese-made washing machines include Japan, the USA, the UK, Canada, Iran, Poland, and South Korea.
China is a major player in the drum washing machine industry. The top export destinations for Chinese drum washing machines are France, the UK, and the US, with Italy, Germany, and Spain being the other main destinations. China is a major exporter of drum washing machines, with France being the most prominent destination for Chinese exports. China's exports of these machines are expected to remain on a steady growth trajectory. This is due to the fact that China is one of the leading producers and exporters of home appliances in the world.
