中金：星辰大海之千岛潮起——印尼一线实录

Core Insights - The article emphasizes that for Chinese home appliance companies, expanding overseas is no longer optional but essential for survival and growth, highlighting the importance of embracing global markets for future growth certainty [3][9]. Southeast Asia Home Appliance Market - The Southeast Asian home appliance market is projected to reach approximately $52 billion in retail sales by 2024, accounting for 10% of global sales and 25% of the Asia-Pacific market [3]. - The air conditioning market shows strong momentum, with significant potential for structural upgrades, as the average ownership rates in Southeast Asia are lower than in China [3]. - Chinese brands are increasingly gaining market share in Southeast Asia, particularly in air conditioning and color television, while Japanese and Korean brands continue to dominate in washing machines [3][4]. Indonesia Market Overview - Indonesia, as the largest economy in Southeast Asia, has a population of 283 million in 2024, contributing 35% to the region's GDP [4][11]. - The retail sales of consumer appliances in Indonesia are expected to reach $4.4 billion in 2024, with significant growth potential due to low ownership rates of major appliances [4][14]. - Chinese brands are projected to capture over 40% of the market share in various appliance categories by 2024, showing a notable increase from 2016 [4][20]. Consumer Insights - There is a strong demand for localized product customization in Indonesia, with specific requirements for air conditioning and washing machines based on local conditions [5][34]. - The overall product structure in Indonesia remains low-end, with a predominance of basic models in air conditioning and washing machines [34][36]. - Traditional distribution channels dominate the market, with over 50% of sales coming from traditional wholesale and retail outlets, while e-commerce accounts for less than 20% [28][48]. Competitive Landscape - Chinese companies are enhancing their influence in Indonesia, particularly in refrigerators, air conditioners, and color televisions, while Japanese and Korean brands maintain a stronghold in washing machines [20][26]. - The competitive dynamics are shifting, with Chinese brands leveraging price-performance advantages and faster product iterations to increase market share [20][27]. Channel Structure - The sales of home appliances in Indonesia are primarily through offline channels, with traditional retail stores and family-run shops accounting for a significant portion of sales [28][39]. - The KA (Key Account) channel, targeting young and affluent consumers, represents 20-30% of the market but is less prevalent compared to other Southeast Asian countries [39][41]. - Installation services for air conditioning are a critical part of the sales process, with specialized channels accounting for 20-25% of air conditioning sales [45][47].