Smart home appliance industry analysis: China's market size is expected to be about 161.1 billion yuan in 2027

Published Date: 2022-09-21
Data shows that my country's smart small household appliances show a continuous development trend. The market size in 2021 is 155.7 billion yuan, and it is expected to reach 192.4 billion yuan in 2023. According to the survey, smart home appliances are the most popular in the market, with 41.6% of consumers tending to buy them, followed by kitchen and bathroom appliances, accounting for 37.2%. Midea, Joyoung, and Supor are in the forefront of the industry's competitiveness and are the smart small home appliance brands with the highest purchase rate among Chinese consumers, accounting for 51.7%, 50.0% and 45.1% respectively, much higher than the subsequent Philips, Mijia, Bear, Galanz and other brands.

In the first half of 2022, the small household appliance industry has undertaken the trend of 2021, but failed to improve significantly. According to data from Aowei Cloud, in the first half of 2022, the retail sales of small kitchen appliances decreased by 4.9% year-on-year, and the retail volume decreased by 13.2% year-on-year.

Small household appliances refer to household appliances that are small in size, low in power and easy to carry, except for color TVs, air conditioners, refrigerators, and washing machines, mainly including small kitchen appliances, small personal care appliances, and small household appliances. In recent years, many emerging brands have emerged in the field of small household appliances, and the competition has become increasingly fierce. The agency predicts that in the future, the market segment of small household appliances and personal care small household appliances is expected to further develop rapidly, leading the small household appliance industry to achieve breakthrough growth. According to the agency's calculations, the market size of China's small household appliance industry in 2027 will be about 161.1 billion yuan.
In my country's smart home appliance industry, there are still many companies that produce products that are homogeneous and lack independent innovation capabilities, and the number of companies with differentiated, high-end product design, R&D, and production capabilities is relatively small. Especially in the field of personal care and small household appliances, the overall technical gap between domestic brands and internationally renowned companies such as Philips and Dyson is still relatively obvious, and the overall level of the industry still needs to be improved.

In recent years, the State Council, the Ministry of Industry and Information Technology, the National Development and Reform Commission and other departments have successively issued policies to support the development of the smart home appliance industry, promote the integration of smart home appliances with other related industries, and enrich the usage scenarios of smart home appliances. As an important supporting part of the smart home appliance industry, smart small appliances are also affected by policy dividends.

The market size of my country's smart small household appliances shows a continuous development trend. The market size in 2021 is 155.7 billion yuan, and it is expected to reach 192.4 billion yuan in 2023. In this regard, analysts said that in recent years, small household appliances such as smart speakers have risen, and the trend of using smart small household appliances as the entrance to smart homes has begun to emerge. In the future, smart homes will be more connected to small household appliances to form a smart life ecology and drive the expansion of the smart small household appliance industry.

In the context of the global epidemic, the simultaneous deployment of domestic and overseas markets has become a powerful tool for small household appliance companies to grow steadily in terms of revenue. On August 31, AliExpress, China’s cross-border export B2C platform, released the “Six Trends of Domestic Products Going Overseas” in the second half of 2022, including domestic tablet computers, smart small appliances, creative pet raising, outdoor sports, garage economy, and new household energy. Among them, the platform data shows that in the past three months, the overseas shipments of domestic smart home appliances have increased by 150%.

In the era of the Internet of Everything, with the improvement of people's material level, the demand for smart small appliances will no longer be limited to functionality, but will develop more towards convenience and aesthetics, and products will tend to be refined. At the same time, although the energy consumption of small household appliances is generally not high, under the background of the country's "carbon peak" and "carbon neutrality", greening will be the main theme of future industry product development.
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