1. kitchen appliances industry overview

1. Kitchen appliance industry definition and classification

Kitchen appliances refer to household appliances used for kitchen cooking, cleaning, disinfection and other functions, and are one of the indispensable facilities in residents' lives. According to the different functions and forms, kitchen appliances can be divided into the following categories:

Food cooking: including gas stoves, microwave ovens, rice cookers, ovens, induction cookers and other products, mainly used for food heating, cooking, cooking and so on;

Fume treatment category: including range hood, integrated stove and other products, mainly used to absorb and purify the smoke and odor generated during the cooking process of open fire;

Disinfection category: including disinfection cabinet and other products, mainly used for disinfection of tableware, food materials, etc;

Food processing category: including dishwashers, garbage disposers, water purifiers and other products, mainly used for cleaning and processing of food materials and tableware;

Integrated category: including integrated stoves, integrated sinks and other products, mainly to integrate multiple functions in one device, saving space and cost, improving efficiency and beauty.

2. Kitchen appliances industry development process

The development of the kitchen appliance industry began in the late 1970 s and has gone through the following stages:

The first stage (1979-1997): In the early stage of reform and opening up, the market economy rose, the commodity economy developed rapidly, and the form of kitchen electrical appliances continued to innovate. Benefiting from the expansion of China's gas development area, gas stoves have gradually replaced old stoves such as coal stoves with their superior performance, safe and convenient product experience, and the market penetration rate has increased rapidly. At the same time, the product form of range hoods has gradually begun to mature. Products such as direct suction range hoods have gradually replaced old exhaust fans. Many manufacturers have actively introduced range hood technology from abroad to gradually solve the problem of high noise and poor purification effect of range hoods. And other issues.

The second stage (1998-2008): during the period of housing commercialization, the area of residents' kitchen increased significantly, the degree of kitchen matching and electrification increased greatly, and the concept of overall kitchen began to spread. At this stage, the requirements of Chinese residents for kitchen appliances have gradually increased, and the design concept, product quality and user experience of kitchen appliances have been continuously improved. On the one hand, emerging kitchen appliances such as disinfection cabinets, induction cookers, and ovens have begun to emerge in the market. On the other hand, the thermal efficiency of gas stoves has continued to improve. European-style range hoods have been generally recognized, and safety, environmental protection and cost-effectiveness have increasingly become consumers. The focus of choosing kitchen appliances.

The third stage (since 2008): the development of kitchen electricity industry in the new period, in this stage, the design and production technology of traditional kitchen electricity products such as gas stoves and range hoods are becoming more and more mature, the per capita ownership of kitchen electricity products in economically developed areas is gradually saturated, the dominant enterprises in the industry begin to sink their sales channels to 3. fourth-tier cities to obtain incremental customers, and the traditional product design also improves the level of intelligence and human-computer interaction through the introduction of Internet technology. At the same time, new product forms began to appear, side suction range hoods were rapidly promoted, and products such as integrated stoves and integrated sinks brought consumers a better user experience through the combination of different product functions and simple and integrated product design., Quickly become a highly competitive product variety in the kitchen appliance industry.

2. Kitchen Appliances Industry Market Status

1. Kitchen appliances industry overall market size

Since the reform and opening up, the level of urbanization in China has been continuously improved, the income level of residents has been rising year by year, the consumption concept has been continuously upgraded, and the health awareness has been gradually enhanced. China's kitchen appliance manufacturing industry, especially the field of large-scale kitchen appliances, has developed rapidly, and the market scale has expanded rapidly. According to Shangpu Consulting Group, the retail size of the kitchen appliance market (excluding integrated stoves) in 2020 is 101.9 billion yuan, an increase of 9.45 over 2019, and the retail size of the kitchen appliance market (excluding integrated stoves) in 2021 is 1110 yuan.billion yuan,2022year1210Billion yuan, year-on-year growth9.5%。The main reasons are:① Affected by the new coronary pneumonia epidemic, residents spend more time at home and demand for kitchen environment and equipment increases;础设施建设的推进，农村地区厨房电器的普及率提高；③厨房电器产品的技术创新和品类丰富，吸引了更多的消费者。

2. Market size of integrated stove products

Although my country's first integrated stove product was launched on the market as early as 2003, due to factors such as low technical maturity and high price of early integrated stove products, consumer acceptance is low and the market scale is small. After more than ten years of technology accumulation and improvement, the integrated stove industry has made great progress, and the market scale has shown a rapid development trend in recent years. According to the data of Shangpu Consulting Group, from 2020 to 2022, the retail sales scale of China's integrated stove market increased from 25.6 billion yuan to 35 billion yuan, and the retail volume of integrated stoves increased from 3.9 million to 4.2 million units, with a compound annual growth rate of 32.4, and the growth rate of retail sales and retail volume was faster.

Integrated stove products have direct substitution for traditional range hood products, and the market scale growth rate in recent years is much larger than that of the traditional range hood industry. In the future, with the improvement of national income, the improvement of national requirements for the kitchen environment, and the gradual improvement of the market recognition of integrated stoves, the replacement speed of traditional range hoods by integrated stoves will be accelerated, and the market space will be broader.

3. Integrated sink and dishwasher market size

The advent of the integrated sink after the integrated stove, its product design concept mainly draws on the idea of integrated stove, through the integration of water purifier, garbage disposal, dishwasher and other functions in the traditional sink to meet the diverse product needs of consumers. At present, many kitchen appliance manufacturers have entered the integrated sink industry one after another, and have developed different series of integrated sink products through design improvement and functional integration of traditional sink products. Some kitchen appliance manufacturers sell integrated sinks as auxiliary products for kitchen appliances such as integrated stoves and gas stoves. But overall, the current market penetration of integrated sinks is low, the market size is small, and the industry is still in its infancy.

In recent years, the dishwasher industry has developed into one of the fastest growing categories in China's home appliance industry. Thanks to the improvement of the level of urbanization, the change of residents' living habits, the increase of per capita disposable income and other positive factors, the dishwasher market has a good momentum of development in China. From the perspective of the overall market, in 2022, the dishwasher market will expand rapidly, with retail volume and retail sales increasing by 40% and 51% respectively, reaching 6.5 million units and 12.4 billion yuan. Expected full year 2023The demand for the dishwasher market will continue to grow, and retail volume and retail sales are expected to break through.10 million and 20 billion yuan. In terms of product types, embedded and desktop dishwashers still dominate, accounting for more than 90% of the total.

Market Demand Analysis of 3. Kitchen Appliances Industry

1. Analysis of market demand sources in the kitchen electricity industry

According to the analysis of the source of demand, the demand for kitchen and electric products mainly comes from two aspects. On the one hand, the demand for kitchen and electric products is increased by the decoration of residents' kitchens during the construction of new houses, and on the other hand, the demand for renewal of kitchen and electric products generated during the renovation of old kitchens.

(1) The demand for new real estate is an important source of demand in the current kitchen electricity market.

The kitchen is an indispensable facility in the lives of residents, and it is also an indispensable link in the decoration of new houses. Therefore, the demand for new real estate is an important source of demand in the current kitchen electricity market. Considering that the appearance of kitchen appliances will directly affect the overall visual effect of the kitchen and the daily experience of users, it has become a common practice for consumers to include the purchase of kitchen appliances in the consideration of home decoration, so its sales volume has a certain correlation with the real estate cycle. In the case of range hoods and gas stoves, for example, the growth rate of the market size of these products is highly correlated with the growth rate of residential sales area. According to data from Shangpu Consulting Group, the national commercial housing sales area in 2022 was 1358.37 million square meters, a year-on-year decrease of 24.3 percent; from January to April 2023, the commercial housing sales area was 376.36 million square meters, a year-on-year decrease of 0.4 percent. In the context of the downturn in the real estate market, the kitchen appliance industry is also facing the challenge of reduced demand and intensified competition.

(2) Old kitchen renovation and product renewal will affect the long-term market demand of the kitchen electricity market.

From the perspective of product attributes, kitchen appliances such as range hoods, gas stoves, and integrated stoves have certain similarities with refrigerators and washing machines, and they are all essential household items after the improvement of residents' living standards. At present, the number of range hoods installed in the eastern part of China's more economically developed areas is considerable, and has gradually entered the renewal period. At the same time, the maturity of kitchen appliance products and technological breakthroughs have made the quality, smoke absorption effect and overall appearance of new range hoods and integrated stoves and other products launched by major kitchen appliance enterprises in recent years have been greatly improved and improved compared with previous products. With the continuous investment in advertising by kitchen appliance enterprises and the promotion of brand awareness, it is expected that the demand for renovation of old kitchens will further ferment in the future, the demand for the renewal of kitchen electric products will further increase. Therefore, in the long run, old kitchen renovation and product renewal will significantly affect the future market demand of large kitchen electric market.

2. Future demand prospect analysis of kitchen electricity industry

(1) Increased health awareness and per capita disposable income, and gradually increase the rate of household kitchen appliances.

Cooking with open fire and cooked food are the most important dietary methods for Chinese residents at present. However, the high-temperature oil fume generated during the cooking process of open fire contains a variety of harmful substances. These substances can induce respiratory diseases and cause damage to the skin. Old kitchen appliances such as coal stoves, exhaust fans and other products are inexpensive, but they are often time-consuming and laborious in terms of food cooking and fume treatment. With the improvement of per capita disposable income of Chinese consumers and the strengthening of health awareness, more and more consumers begin to pursue a healthier and cleaner kitchen life. The use of gas stoves, range hoods, integrated stoves and other kitchen electrical products has been recognized by more and more consumers.

According to Shangpu Consulting Group, in 2022, the per capita disposable income of urban residents in China will be 49283 yuan and that of rural residents will be 20133 yuan, an increase of 15.5 percent and 25.7 percent respectively over 2019. With the increase of residents' income level, the retention rate of kitchen appliances has gradually increased. In 2021, the household ownership rate of China's kitchen and electrical products increased, with the household ownership rates of lampblack machines, gas stoves, disinfection cabinets, microwave ovens and other major categories being 77.3 percent, 79.8 percent, 36.4 percent and 52.1 percent, respectively, up 1.5 percentage points, 1.3 percentage points, 1.7 percentage points and 0.9 percentage points, respectively, compared with 2019. It is expected that with the advancement of urbanization and the improvement of infrastructure construction in rural areas in the future, the retention rate of kitchen electrical products will continue to increase.

(2) Kitchen appliances to high-end, energy saving and environmental protection, intelligent direction

With the upgrading of the consumption concept of Chinese residents, the demand for kitchen appliances is not only limited to the satisfaction of basic functions, but also pays more attention to the quality, appearance and experience of products. Therefore, the development of kitchen appliances to high-end, energy saving and environmental protection, and intelligent has become a generally recognized trend in the industry.

High-end: high-end kitchen appliances have better performance, more refined design and better service, which can meet consumers' pursuit of quality life. At present, my country's high-end kitchen appliance market still has a large space, especially in economically developed areas such as first-tier cities and new first-tier cities. According to the data of Shangpu Consulting Group, the high-end trend of integrated stoves, range hoods and gas stoves in China's kitchen and bathroom appliances in 2022 is obvious. In 2022, the price segment above 8000 yuan in the integrated stove offline market accounted for 53.5, an increase of 1.7 percentage points from 2019; the price segment above 6000 yuan in the range hood offline market accounted for 21.7, compared with 2019 An increase of 1.2 percentage points; the price segment above 3000 yuan in the gas stove offline market accounted for 29.2, an increase of 5.0 percentage points from 2019. It is expected that throughout 2023, as consumers' demand for the quality and function of kitchen appliances continues to increase, the high-end of these three categories will continue to grow.

Energy conservation and environmental protection: energy conservation and environmental protection is an important theme of the current social development, but also an important consideration for consumers of kitchen appliances. Energy-saving and environmentally friendly kitchen appliances can not only reduce the user's use cost, but also reduce environmental pollution, which is in line with the development concept of green and low-carbon. At present, the major kitchen appliance manufacturers are constantly improving the energy-saving and environmental protection performance of their products, such as the use of more efficient motors, more reasonable air duct design, more advanced purification technology, etc., to meet the requirements of consumers and policies.

Intelligent: Intelligent is the current development direction of the home appliance industry, but also the innovation point of the kitchen appliance industry. Intelligent kitchen appliances can realize remote control, automatic adjustment, voice interaction, data analysis and other functions through the Internet, Internet of Things, artificial intelligence and other technologies to improve the convenience and comfort of users. At present, major kitchen appliance manufacturers are actively developing and promoting intelligent products, such as supporting mobile phone APP control, supporting Xiaoai classmate voice control, supporting intelligent menu recommend, etc., to attract more young consumers.

4. kitchen appliances industry competition pattern

1. Overview of competition in the kitchen appliance industry

The kitchen appliance industry is a highly competitive industry with many participants, including well-known domestic and foreign brands, domestic regional brands and unbranded products. According to different product types, the competitive landscape of the kitchen appliance industry is also different.

Gas stove market: The gas stove market is a relatively mature and stable market, with low product technology thresholds, many competitors, and low market concentration.The top five brands in China's gas stove market in terms of retail sales are Wanhe, Fangtai, Boss, Vantage and Midea, with a combined percentage46.4 per cent, with Wanhe ranking first with 12.7 per cent.

吸油烟机市场：吸油烟机市场是一个相对成长和变化的市场，产品技术门槛较高，竞争者较少，市场集中度较高。我国吸油烟机市场零售额排名前五的品牌分别为老板、方太、华帝、万和和美的，合计占比为66.6%，其中老板以19.8%的占比位居第一。

集成灶市场：集成灶市场是一个相对新兴和活跃的市场，产品技术门槛较高，竞争者较多，市场集中度较低。我国集成灶市场零售额排名前五的品牌分别为方太、老板、华帝、帅康和万和，合计占比为52.9%，其中方太以16.8%的占比位居第一。

2. 厨房电器行业竞争优势分析

厨房电器行业的竞争优势主要体现在以下几个方面：

品牌优势：品牌是厨房电器行业的核心竞争力之一，品牌知名度和美誉度的高低直接影响消费者的购买意愿和忠诚度。厨房电器行业内有一批具有较高品牌影响力和忠实用户群的企业，如老板、方太、华帝等，这些企业通过多年的市场积累和广告投入，树立了自己的品牌形象和口碑，赢得了消费者的信任和认可，从而在市场竞争中占据了较大的优势。

技术优势：技术是厨房电器行业的核心竞争力之一，技术水平的高低直接影响产品的性能、质量和效果。厨房电器行业内有一批具有较强技术创新能力和研发投入的企业，如美的、博世-西门子、伊莱克斯等，这些企业通过不断的技术研发和创新，推出了一系列具有先进技术和功能的产品，满足了消费者对厨房电器产品的多样化和个性化需求，从而在市场竞争中占据了较大的优势。

渠道优势：渠道是厨房电器行业的核心竞争力之一，渠道覆盖范围和服务水平的高低直接影响产品的销售和售后。厨房电器行业内有一批具有较强渠道建设能力和服务能力的企业，如万和、帅康、老板等，这些企业通过建立广泛而稳定的销售网络，覆盖全国各地区和各层次市场，提供专业而贴心的服务，赢得了消费者的青睐和支持，从而在市场竞争中占据了较大的优势。

五、厨房电器行业发展趋势

1. 厨房电器行业市场规模将继续保持增长态势

Full Year of 2023我国厨房电器市场零售规模（不含集成灶）将达到320亿元，增长率为9.5%；集成灶市场零售规模将达到410亿元，增长率为32.4%。未来随着我国居民收入水平提高、城镇化进程推进、消费者消费理念升级，我国厨房电器制造行业将向高端化、节能环保化、智能化等方向发展，厨房电器产品品类将继续增加，市场前景广阔。

2. 厨房电器行业竞争格局将进一步优化

未来，随着消费者对厨房电器产品的需求不断提高，厨房电器行业的竞争将更加激烈，行业内的优势企业将进一步巩固和扩大自己的市场份额，行业内的弱势企业将面临淘汰和退出的压力。预计未来厨房电器行业的竞争格局将呈现以下特点：

品牌集中度将进一步提高：品牌是厨房电器行业的核心竞争力之一，具有较高品牌影响力和忠实用户群的企业将在市场竞争中占据更大的优势，通过不断的市场开拓和品牌建设，提高自己的市场占有率和利润率。预计未来厨房电器行业的品牌集中度将进一步提高，行业内的头部品牌将占据更大的市场份额，形成较强的品牌壁垒。

产品差异化将进一步加强：产品是厨房电器行业的核心竞争力之一，具有较强技术创新能力和研发投入的企业将在市场竞争中占据更大的优势，通过不断的产品研发和创新，推出更多符合消费者需求和喜好的产品，提高自己的产品竞争力和附加值。预计未来厨房电器行业的产品差异化将进一步加强，行业内的优势企业将通过技术创新、功能集成、外观设计等方面打造自己的产品特色和优势。

渠道多元化将进一步深化：渠道是厨房电器行业的核心竞争力之一，具有较强渠道建设能力和服务能力的企业将在市场竞争中占据更大的优势，通过建立多元化的销售渠道，覆盖更广泛的市场和消费者，提供更专业和贴心的服务。预计未来厨房电器行业的渠道多元化将进一步深化，行业内的优势企业将通过线上线下相结合、自营与代理相结合、专卖与综合相结合等方式拓展自己的销售网络。

尚普咨询认为

根据上述分析，我们认为：

厨房电器行业是一个具有较大发展潜力和市场空间的行业，受益于我国经济社会发展水平和居民生活水平的提高，以及厨房电器产品技术创新和品类丰富，厨房电器市场规模将继续保持增长态势；

厨房电器行业是一个竞争激烈且变化快速的行业，要想在市场竞争中获得优势地位，需要具备强大的品牌优势、技术优势和渠道优势，并不断进行创新和改进；

厨房电器行业是一个向高端化、节能环保化、智能化方向发展的行业，要想满足消费者的多样化和个性化需求，需要不断推出具有先进技术和功能、节能环保和智能化的产品，提高产品的附加值和用户体验。