3 6 Ke·2025-05-11 01:07Core Viewpoint - The home appliance industry in China is experiencing intense competition, driven by significant market changes and consumer interest, particularly highlighted by the activities of major players like Haier, Midea, Gree, and Xiaomi [1][3][5]. Industry Overview - The retail scale of China's home appliance market reached 907.1 billion yuan in 2024, marking a new record following 891 billion yuan in 2019 [5][11]. - The national subsidy policy has led to a concentrated market demand explosion, but it also risks preemptively exhausting future demand [7][11]. - The home appliance sector is characterized by severe internal competition, with historical examples dating back to the 1990s [7][9]. Major Players - Midea, Haier, and Gree are recognized as the "Big Three" in the white goods sector, with Midea currently leading in market share across various categories [9][12]. - Midea holds the top position in both online and offline markets for air conditioners, with market shares of 35.9% and 33.2% respectively [10]. - Gree's revenue for the first three quarters of 2024 was 146.7 billion yuan, a decrease of 5.34% year-on-year, with air conditioning accounting for nearly 80% of its total revenue [16][18]. Competitive Dynamics - Xiaomi's rapid growth in the home appliance sector is notable, with significant increases in the shipment of air conditioners, refrigerators, and washing machines [18][20]. - In 2023, the growth rates for Xiaomi's major appliances were 49%, 100%, and 24% respectively, with projections for 2024 showing continued strong growth [20][22]. - The competition is particularly fierce in the air conditioning segment, which represents 22.3% of the total home appliance sales [22][23]. Strategic Responses - Gree is shifting its marketing focus towards health-oriented appliances, moving away from its traditional emphasis on core technology [26][30]. - Midea employs sub-brands like Hualing to engage in price competition against Xiaomi, while also maintaining a presence in the high-end market with brands like COLMO [45][50]. - The integration of AI and smart home technology is becoming increasingly important, with companies like Xiaomi leading in consumer perception of smart home solutions [47][48]. Market Trends - The home appliance industry is witnessing a transformation driven by national policies, technological advancements, and evolving consumer preferences, leading to a competitive landscape described as a "battle of the gods" [52][53].