[SMM Hot Topic] Home Appliance Sales Hit a Record High in 2024, Policy Boosts Continue to Lead Growth

[SMM Hot Topic] 2024 Home Appliance Sales Hit Record High, Policies Continue to Boost Growth

In 2024, the value-added growth of the home appliance industry reached 7.9%. Among them, the production of home freezers, air conditioners, washing machines, and refrigerators grew rapidly, with growth rates of 13.3%, 9.7%, 8.8%, and 8.3%, respectively. 

In 2024

, the domestic home appliance market reached a record high in all categories. According to data estimated by AVC (AVC Revo), the total retail sales of all categories of home appliances (excluding 3C) in China in 2024 amounted to 907.1 billion yuan, up 6.4% YoY, setting a new record since 2019's 891 billion yuan. Among them, the scale of color TVs, air conditioners, refrigeration appliances, laundry appliances, large kitchen appliances, small kitchen appliances, cleaning appliances, and environmental appliances reached 127.1 billion, 207.1 billion, 158.7 billion, 116.6 billion, 176.4 billion, 60.9 billion, 42.3 billion, and 18 billion yuan, respectively, with YoY changes of +15.7%, -2.1%, +9.7%, +9.8%, +5.7%, -0.8%, +24.4%, and +2.7%. 

The year 2024

was a fruitful year for China's home appliance industry, benefiting from national policy support and the positive impact of the continued recovery of the international market. Both the domestic and export markets maintained growth, especially since Q4, when the "trade-in" policy for consumer goods significantly boosted domestic demand for home appliances. According to AVC, from January to August 2024, retail sales of large home appliances showed negative YoY growth, but after the implementation of national subsidies, the combined retail sales of large home appliances from September to December increased by 24.8% YoY. 

Ultimately, the industry achieved two "new highs" in 2024

—according to the National Bureau of Statistics, the retail sales of household appliances and audio-visual equipment in units above the designated size exceeded 1 trillion yuan, setting a historical record; and according to customs data, China's home appliance export value reached $112.4 billion in 2024, up 14.0% YoY, marking another historical high. Statistics from the National Bureau of Statistics show that in 2024, the cumulative main business revenue of China's home appliance industry reached 1.95 trillion yuan, approaching the 2 trillion yuan mark, up 5.6% YoY, with total profits reaching 173.7 billion yuan, up 11.4% YoY.