The production of home refrigerators in China displayed notable fluctuations over the past decade, starting at 92.6 million units in 2013 and reaching 95.6 million units in 2023. Despite some negative growth rates between 2014 and 2019, the sector witnessed recovery post-2020, characterized by a YoY increase and a consistent CAGR. Particularly, from 2022 to 2023, the production surged by 3.04%, signifying sustained growth momentum.
Forecast data estimates further growth in the coming years with a forecasted CAGR of 2.12% from 2024 to 2028, leading to a projected production of 109.3 million units by 2028. These insights indicate a positive growth trajectory driven by strong market dynamics and rising consumer demand.
Future trends to watch for include technological advancements in energy-efficient refrigerators, increased penetration in rural markets, and the impact of evolving consumer preferences towards eco-friendly appliances. Market players should also monitor potential supply chain challenges and regulatory changes affecting production efficiency.
