China's home appliance industry's operating revenue to grow 5.6% year-on-year in 2024: Chinese report

According to the China Household Appliances Association, China's home appliance industry saw very high revenue in 2024, with operating profits maintaining an upward trend.
According to data from the National Bureau of Statistics, the cumulative operating revenue of China's home appliance industry in 2024 will increase by 5% year-on-year.
Revenues increased by 1.6% to 1.95 trillion former (approximately 40 trillion yen), approaching the 2 trillion former mark. Total profits increased by 11.4% to 173.7 billion former (approximately 3.6 trillion yen).
Thanks to national policies and a recovery in international markets, both domestic demand for home appliances and the export market continued to grow.
According to the data, the upper limit (annual sales of 20 million yen for wholesalers and 5 million yen for retailers) is 100%.
Retail sales of home appliances and audiovisual equipment from companies with sales of more than 100 million yen (approximately 100 million yen) exceeded 1 trillion former, up 12.3% from the previous year. The highest figure to date was 945.4 billion former (approximately 19.4 trillion yen) in 2017.
In the same year, overseas markets showed strong growth in demand. The export volume of Chinese home appliance companies has increased significantly, and the total scale has exceeded 100 billion dollars. According to customs data, by 2024,
China's exports of home appliances in 2019 increased 14% from the previous year to $112.4 billion (about 16.8 trillion yen), a new record high.