Core Insights - The Chinese refrigerator industry is projected to reach a market size of approximately 160 billion yuan in 2024, with a compound annual growth rate (CAGR) of 4.37% over the past five years [1] - China leads the world in both refrigerator production and export volume, with Haier maintaining the top global sales position for 17 consecutive years [1] Market Trends - The average retail price of refrigerators in China is expected to exceed 3,670 yuan per unit in 2024, driven by rising prices of raw materials, increased adoption of high-end products, and the integration of smart technologies [2] - The market is witnessing a growing share of high-end and built-in refrigerators, contributing to the overall price increase [2] Competitive Landscape - The domestic refrigerator market features numerous leading manufacturers, including Haier, Midea, and Rongsheng, with specific strategic initiatives outlined as follows [3]: - **Haier**: Continues to lead in global retail volume, plans to launch an AI-powered refrigerator in 2025, and has received design awards for its innovative preservation technology [5] - **Midea**: Reports a 45% year-on-year increase in retail sales for its high-end brand COLMO, with a focus on smart and energy-efficient technologies [5] - **Rongsheng**: A core brand under Hisense, plans to introduce a new series of preservation refrigerators in 2025, emphasizing energy-saving and advanced preservation features [5] - **Other Brands**: Companies like Meiling and Eason Ping are also expanding their market presence with innovative products and significant growth in overseas sales [5]

Core Viewpoint - The refrigerator market in China has shown a dual increase in both sales volume and revenue in 2023, driven by government subsidies and technological innovations by companies [1] Group 1: Market Performance - In Q1 2023, the domestic refrigerator market sold 9.96 million units, a year-on-year increase of 2.7%, with retail revenue exceeding 32 billion yuan, up 3.8% [1] - The market's resilience is highlighted by a growth rate of over 20% in Q4 2022, with Q1 2023 showing a slight positive growth, indicating strong consumer demand [1] - The average price of refrigerators in both online and offline markets has steadily increased, with significant growth in mid-to-high-end segments [1] Group 2: Technological Innovations - Companies are focusing on innovations in preservation technology, AI food management, and embedded designs to meet evolving consumer needs [1][2] - Haier launched a new AI refrigerator that integrates with DeepSeek, offering personalized preservation and dietary plans based on user habits [2] - The application of AI technology is becoming a key area for innovation, with potential developments in smart ingredient management and health data integration [3] Group 3: Consumer Trends - The shift towards high-end and innovative products is evident, with a significant portion of retail volume driven by replacement consumption [2] - There is a growing demand for both large-capacity and compact refrigerators, with opportunities for small refrigerators to incorporate high-end features [2] - Understanding the needs of younger consumers and continuous differentiated innovation are crucial for achieving stable growth in the market [2] Group 4: Industry Outlook - The refrigerator industry is at a critical juncture of technological transformation and scenario innovation, emphasizing the importance of aligning innovations with real user needs for high-quality development [4]

Core Insights - The refrigerator market in China experienced growth in both volume and revenue in Q1 2025, with retail volume reaching 9.96 million units, a year-on-year increase of 2.7%, and retail revenue at 32 billion yuan, up 3.8% [1] - The growth is attributed to strong support from central government subsidy policies and companies' efforts in technology innovation and service optimization [1] - The market shows resilience despite concerns of demand depletion after a significant growth rate of over 20% in Q4 2024, indicating a stable overall development [1] Market Trends - Online retail sales of refrigerators priced between 6,000 to 8,000 yuan and 8,000 to 10,000 yuan saw increases of 37.4% and 89.6% respectively, while offline sales in the 8,000 to 10,000 yuan and 10,000 to 15,000 yuan segments grew by 16% and 21% [2] - The high-end market is driving industry growth, with consumer preferences shifting towards innovative products, particularly embedded refrigerators [2] Innovation and Technology - The China Household Electrical Appliances Association released a report on differentiated innovation strategies for refrigerators, emphasizing the importance of understanding young consumer needs and continuous innovation for sustainable growth [3] - AI technology is becoming a key area for innovation in the refrigerator industry, with companies focusing on enhancing user experience through smart features and personalized food management solutions [4][5] - The future of the refrigerator industry is seen as a combination of technological revolution and user value enhancement, with companies needing to root innovation in real consumer demands to achieve sustainable high-quality development [5]