From 2013 to 2023, the turnover of the household appliances market in China exhibited significant declines with intermittent growth spurts. A marked reduction in market turnover was observed from 2013 (321.52 hundred million yuan) to 2023 (161.5 hundred million yuan), representing a substantial year-on-year decline of 8.93% in 2023. The compound annual growth rate (CAGR) over the last five years stands at -9.87%, reflecting a steady contraction.
Between 2019 and 2021, the market witnessed sharper declines, culminating in a notable year-on-year growth of 51.84% in 2022. However, this recovery was short-lived as the market again shrank in 2023. Looking ahead, forecasted data from 2024 to 2028 predict a continued decrease, with a forecasted 5-year CAGR of -7.52% and an overall forecasted reduction of 32.37% by 2028.
Future trends to watch for include potential market recovery through new technology adoption, the impact of government policies on domestic production, and consumer spending patterns post-economic recovery. Monitoring global supply chain adjustments and the rise of smart home technologies could also offer insights into potential market stabilization and growth.