Looking back on 2023, the decline in raw material and shipping prices has eased the cost pressure on enterprises to a certain extent, in addition, the mainland's economic operation has shown a continuous recovery trend, the introduction of national and local governments to promote consumption, coupled with the alleviation of high inventory in overseas markets and other factors, have promoted the increase in the production and sales scale of refrigerators and freezers.
According to the "2023 China Refrigerator and Freezer Industry Annual Research Report" released by Industry Online a few days ago, the total sales scale of China's refrigerators and freezers in 2023 will be 124.53 million units, second only to 2021, and on the basis of a low base in 2022, a year-on-year increase of 12.2%.
2015-2023 refrigerator freezer sales volume and year-on-year change
In terms of the proportion of domestic and foreign sales, from 2015 to 2023, more than half of the annual domestic sales accounted for more than 50%. In 2023, with the implementation of national and local policies to promote consumption, enterprises will accelerate the fragmentation and diversification of sales channels, and the domestic sales of refrigerators and freezers will increase slightly year-on-year.
In 2023, China's refrigerator and freezer exports will increase by more than 20% year-on-year, outperforming domestic sales, and the proportion of exports will also rebound to 52%. Changes in the structure of domestic and foreign sales of refrigerators and freezers in China from 2015 to 2023 (by sales volume)
In terms of product structure, the market sales of refrigerators and freezers are mainly based on refrigerator products, and refrigerator sales will account for 70% of the total sales scale in 2023, much higher than that of freezer products. From the perspective of growth changes, the sales of refrigerators and freezers will achieve positive growth in 2023, on the one hand, due to the low base in the same period of the previous year, and on the other hand, the recovery of export demand is the main driving force for sales growth.
Specifically, in 2023, the domestic and foreign sales of refrigerators will grow, driving the sales scale of refrigerators to achieve a growth rate of 15.4%, while although the export of refrigerator products also shows a growth trend, the overall growth rate is lower than that of refrigerator products due to the impact of domestic sales less than expected. 2018-2023 China refrigerator freezer sales scale trend by product
In terms of the application scenarios of refrigerators and freezers, household products have always occupied a dominant position for many years, with a market share of 90% all year round, while commercial products are smaller. Compared with the low base in 22 years, household and commercial products will turn from negative to positive year-on-year in 2023.
Specifically, driven by consumption upgrading, technological innovation, the expansion of online sales channels and policy support, the sales scale of household products will exceed 100 million units in 2023, a year-on-year increase of 13.1%, and driven by the recovery of the tourism and catering industry, commercial products will also increase slightly by 4.5% year-on-year. 2018-2023 China refrigerator freezer sales trend comparison by application scenario
From the perspective of the structure of fixed frequency conversion products, the current market sales are still dominated by fixed frequency products, mostly used for export, while frequency conversion products are mainly in the domestic market, and the overall scale is small, but it has maintained steady growth in recent years. At present, inverter products are mainly used in refrigerators, especially household refrigerators, and there are relatively few applications of freezer products, and only a few commercial freezer products are used.
According to industry online data, in 2023, affected by various factors such as the growth of demand for refined storage in multi-temperature zones, the acceleration of product upgrades by enterprises, and the release of upstream inverter compressor production capacity, the sales scale of inverter products will hit a record high of 34.26 million units, a year-on-year increase higher than that of the industry as a whole, and the proportion of inverter products in the total scale of the industry will also increase slightly to 27.5%. Comparison of the sales scale trend of inverter and fixed-frequency refrigerators and freezers from 2018 to 2023
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Note: The 2023 Annual Research Report on China's Refrigerator and Freezer Industry has been released, for more details, please scan the code to contact the person in charge of the report: