The import of domestic appliances incorporating electric motors to China has shown a steady upward trend from 2013 to 2023, with the value standing at USD 965.74 million in 2023. Analyzing the year-on-year variations, there have been fluctuations, with significant growth rates in the early years, reaching a high of 40.61% in 2013. However, recent years show a deceleration in growth, with the last CAGR over the past five years averaging 4.36%.
The forecasted data from 2024 to 2028 indicates a continuous growth, albeit at a slower rate, with a forecasted 5-year CAGR of 3.12% and a cumulative growth rate of 16.6% over this period.
Future trends to watch for include:
- Changes in consumer preferences towards smart home appliances.
- Impact of trade policies on import tariffs.
- Technological advancements in domestic appliances increasing efficiency.
- Potential for market saturation affecting growth rates.
