Development background and trend of 1. refrigeration appliance industry

The development of the refrigeration appliance industry is affected by many factors, the most important of which are national policies, economic environment, technological innovation and consumption upgrading.

In terms of national policies, in recent years, the state has issued a series of policies and measures to promote the development of the refrigeration and electrical appliance industry, such as the "Notice on Further Doing a Good Job in Energy Saving Subsidies for Household Air Conditioners", "Notice on Carrying out the Management of Energy Efficiency Labels for Household Air Conditioners", etc., aiming to improve the energy saving and environmental protection level of refrigeration appliances and guide consumers to purchase high-efficiency and energy-saving products, promote the transformation and upgrading of the refrigeration and electrical appliances industry. In addition, the state has also increased research and development support for new refrigeration technologies and new materials, and encouraged enterprises to strengthen technological innovation and brand building.

In terms of economic environment, with the rapid development of China's economy and society, people's living standards continue to improve, and the demand for refrigeration electrical products is also growing. Especially in the context of new urbanization, housing improvement, and consumption upgrades, refrigeration electrical products have become an indispensable necessity in the lives of urban and rural residents. According to data from the Champ Consulting Group,2022The size of China's home air conditioning market reached3765Billion yuan, year-on-year growth9.8%；2022The size of China's household refrigerator market reached1470Billion yuan, year-on-year growth6.5%. expected2023By the end of the year, China's household air conditioning market will reach4120Billion yuan, year-on-year growth9.4%; China's household refrigerator market size will reach1560Billion yuan, year-on-year growth6.1%。

In terms of technological innovation, with the continuous improvement of the level of science and technology, refrigeration electrical products also show the characteristics of intelligence, multi-function, and personalization. Intelligence refers to the use of Internet of Things, cloud computing, artificial intelligence and other technologies to realize the remote control, automatic adjustment, fault diagnosis and other functions of refrigeration electrical products, and improve the convenience and comfort of users. Multifunctional refers to the increase of dehumidification, purification, sterilization, deodorization and other functions on the basis of meeting the demand for refrigeration, so as to improve the health level and quality of life of users. Personalization refers to the provision of customized refrigeration electrical products according to the different needs and preferences of users to meet the personalized expression and differentiated consumption of users. According to data from the Champ Consulting Group,2022The size of the global smart home appliance market in1040Billion US dollars, year-on-year growth16.4%; expected2023By the end of the year, the global smart home appliance market will reach1220Billion US dollars, year-on-year growth17.3%。

In terms of consumption upgrading, with the change of consumption concept and consumption ability of Chinese consumers, the demand for refrigeration electrical products has also changed. On the one hand, consumers pay more and more attention to the quality, performance, design and service of refrigeration electrical products. They no longer only pursue low prices and large capacity, but pay more attention to the characteristics of energy saving, environmental protection, intelligence, and humanization of products. On the other hand, consumers are becoming more and more diversified and segmented, and their demand for refrigeration electrical products is also more diversified and personalized. They are no longer satisfied with the traditional single function and standard models, but are more inclined to choose customized products that meet their needs and preferences. According to data from the Champ Consulting Group,2022In China's domestic air conditioning market, the proportion of inverter air conditioners reached82.6%, year-on-year growth5.6percentage points;2022In the Chinese household refrigerator market, the proportion of open-door refrigerators reached23.5%, year-on-year growth4.1percentage point.

To sum up, under the encouragement of national policies, under the impetus of the economic environment, under the guidance of technological innovation, and under the influence of consumption upgrades, the refrigeration appliance industry has shown a good development trend and broad development prospects.

Market Size and Structure of 2. Refrigeration Appliance Industry

According to data from the Champ Consulting Group,2022The market size of China's refrigeration and electrical appliances industry reached5235Billion yuan, year-on-year growth8.4%; expected2023By the end of the year, the market size of China's refrigeration and electrical appliances industry will reach5670Billion yuan, year-on-year growth8.3%. Among them:

Household air conditioning market size is3765Billion yuan, accounting71.9%, year-on-year growth9.8%；

Household refrigerator market size1470Billion yuan, accounting28.1%, year-on-year growth6.5%；

The market size of other refrigeration appliances (such as freezers) is approximately10Billion yuan, accounting0.2%, year-on-year growth5%。

From the product structure, the home air conditioning market:

The proportion of wall-mounted air conditioners is69.4%, year-on-year decline1.6percentage points;

The proportion of vertical cabinet air conditioners is16.7%, up year-on-year1.2percentage points;

Central air conditioning accounted13.9%, up year-on-year0.4percentage point.

household refrigerator in the market:

The proportion of single-door refrigerators is11.7%, year-on-year decline1.3percentage points;

The main enterprises in the refrigeration electrical industry have the following:

Haier Zhijia: Haier Zhijia is the world's leading smart family ecological brand platform, with Haier, Casarte, Commander, Haier Brothers and other brands, covering air conditioners, refrigerators, washing machines, kitchen and bathroom and other categories. Haier Zhijia takes the user as the center, the scene as the starting point, and the Internet of things as the core, to create the world's leading smart home ecosystem, providing users with intelligent, customized and healthy life solutions. According to data from the Champ Consulting Group,2022Haier Zhijia's refrigeration appliance-related business revenue reached.1420Billion yuan, year-on-year growth9.2%; Among them, the income of air conditioning business is1010Billion yuan, year-on-year growth10.4%; refrigerator business revenue was410Billion yuan, year-on-year growth6.8%。

Gree Electric: Gree Electric is the world's leading professional manufacturer of air conditioners, with Gree,TOSOTAnd other brands, covering air conditioners, refrigerators, washing machines, air energy and other categories. Gree Electric Appliances takes technological innovation as its core competitiveness, quality as its lifeline, and customer satisfaction as its purpose, and is committed to providing efficient, energy-saving, comfortable and healthy refrigeration electrical products and services. According to data from the Champ Consulting Group,2022In the first half of the year, Gree's refrigeration appliance-related business revenue reached535Billion yuan, year-on-year growth14.4%; Among them, the income of air conditioning business is505Billion yuan, year-on-year growth15.1%; refrigerator business revenue was30Billion yuan, year-on-year growth7.1%。

Midea Group: Midea Group is the world's leading consumer appliances and HVAC enterprise group, with Midea, Little Swan, Cobos and other brands, covering air conditioners, refrigerators, washing machines, kitchens and bathrooms and other categories. Midea Group is user-oriented, technological innovation as the driving force, brand building as the core strategy, and is committed to providing intelligent, high quality and diversified refrigeration electrical products and services. According to data from the Champ Consulting Group,2022In the first half of the year, Midea's refrigeration appliance-related business revenue reached580Billion yuan, year-on-year growth8.4%; Among them, the income of air conditioning business is480Billion yuan, year-on-year growth7.9%; refrigerator business revenue was100Billion yuan, year-on-year growth10.1%。

Hisense Home Appliances: Hisense Home Appliances is the world's leading comprehensive household appliances enterprise group, with Hisense, Rongsheng and other brands, covering air conditioners, refrigerators, washing machines, color TVs and other categories. Hisense Home Appliances takes user experience as its core value, technological innovation as its development power, and brand building as its strategic focus. It is committed to providing intelligent, energy-efficient, comfortable and healthy refrigeration electrical products and services. According to data from the Champ Consulting Group,2022Revenue from the refrigeration appliance-related business of Hisense Appliances reached360Billion yuan, year-on-year growth6.7%; Among them, the income of air conditioning business is240Billion yuan, year-on-year growth6.2%; refrigerator business revenue was120Billion yuan, year-on-year growth7.6%。

Development Opportunities and Challenges of 5. Refrigeration Electrical Appliance Industry

In the future development of the refrigeration industry, there are some opportunities and challenges, mainly in the following aspects:

Opportunities:

The potential of the sinking market is huge. With the acceleration of the urbanization process and the implementation of the new urbanization strategy, the consumption capacity and consumption demand of the sinking market continue to increase, providing a broad market space for the refrigeration appliance industry. Especially in third-and fourth-tier cities and rural areas, the penetration rate and update rate of refrigeration electrical products still have a lot of room for improvement, and it is expected to become a growth point in the refrigeration electrical industry in the future.

The new refrigeration technology has broad application prospects. With the continuous improvement of the level of science and technology and the continuous enhancement of environmental protection awareness, new refrigeration technologies such as magnetic refrigeration, air energy, solar energy, etc. have gradually received attention and attention, bringing new development opportunities to the refrigeration electrical industry. These new refrigeration technologies have the advantages of energy saving, environmental protection, safety and reliability, and stable operation, and are expected to be more widely used in the refrigeration appliance industry in the future.

The development of smart home helps intelligence. With the development and popularization of Internet of things, cloud computing, artificial intelligence and other technologies, smart home has become a hot topic and development trend, which has brought new development impetus to the refrigeration appliance industry. Smart home refers to the use of various intelligent devices and platforms to realize the intelligent management and control of various scenes and functions in family life, and improve the convenience and comfort of family life. It is expected that in the future, refrigeration electrical products will be more integrated into the smart home ecosystem, realizing interconnection and collaborative work with other smart devices, and providing users with more intelligent, personalized and healthy life solutions.

Challenges:

Industry competition is becoming increasingly fierce. With the growth of market demand and changes in consumer demand, the competition in the refrigeration appliance industry is becoming increasingly fierce. On the one hand, the competition among the head enterprises has become more intense, constantly increasing investment in technological innovation, brand building, channel expansion and other aspects to compete for market share and user recognition. On the other hand, the competition among emerging enterprises is also more intense, constantly seeking breakthroughs in differentiation, segmentation, customization and other aspects, competing for market gaps and user needs. Therefore, if the refrigeration appliance industry wants to stand out in the competition, it needs to continuously improve its core competitiveness and market adaptability.

Industry standards and regulation need to be improved. With the rapid development of the refrigeration appliance industry and the continuous advancement of technological innovation, industry standards and regulations are also facing new challenges and needs. On the one hand, the current standard system of the refrigeration electrical appliance industry is not perfect and unified, and there are some problems such as lack of standards, standard conflicts, and backward standards, which affect the standardization and healthy development of the industry. On the other hand, the current supervision of the refrigeration and electrical appliance industry is not strong enough, and there are some regulatory loopholes, regulatory lag, unfair supervision and other issues, which affect the fair and sustainable development of the industry. Therefore, the refrigeration and electrical industry needs to speed up the improvement and updating of industry standards, strengthen industry supervision and law enforcement, and ensure the quality and safety of the industry and market order.

Industry environmental and social responsibility cannot be ignored. With the rapid development and wide application of the refrigeration appliance industry, the environmental and social responsibility of the industry has been paid more and more attention. On the one hand, refrigeration electrical products will produce certain energy consumption and emissions during use, which will have a certain impact and burden on the environment. On the other hand, some harmful substances and waste materials will be involved in the production and processing of refrigeration electrical products, which also poses certain risks and challenges to human health and resource utilization. Therefore, the refrigeration appliance industry needs to strengthen the awareness of energy conservation and environmental protection, promote green refrigeration technology, reduce energy consumption and emissions; at the same time, the refrigeration appliance industry needs to strengthen safety and health awareness, standardize the management of harmful substances, and implement the recycling of waste materials.

Conclusion

In short, the refrigeration industry is a dynamic and potential industry, but also an industry facing opportunities and challenges. In the future development, the refrigeration and electrical appliance industry needs to keep up with changes in market demand, continuously innovate technologies and products, enhance brands and services, and expand market space; at the same time, the refrigeration and electrical appliance industry needs to actively respond to competitive pressures, improve standards and supervision, and fulfill environmental and Social responsibility to achieve sustainable development.