First, the development background and trend of refrigeration electrical appliance industry

The development of refrigeration appliance industry is affected by many factors, the most important of which are national policies, economic environment, technological innovation and consumption upgrading.

In terms of national policies, in recent years, the state has introduced a series of policy measures to promote the development of the refrigeration electrical appliances industry, such as the "Notice on further doing a good job of household air conditioning energy saving subsidies", "Notice on carrying out household air conditioning energy efficiency labeling management", "Notice on carrying out household air conditioning energy efficiency labeling management", aimed at improving the level of energy saving and environmental protection of refrigeration electrical appliances. Guide consumers to buy energy-efficient products, and promote the transformation and upgrading of the refrigeration electrical appliance industry. In addition, the state has also increased research and development support for new refrigeration technology and new materials, and encouraged enterprises to strengthen technological innovation and brand building.

In terms of economic environment, with the rapid development of China's economy and society, people's living standards continue to improve, the demand for refrigeration electrical products is also growing. Especially in the context of new urbanization, housing improvement, and consumption upgrading, refrigeration electrical products have become indispensable necessities in the lives of urban and rural residents. According to Shangpu Consulting Group data show that in 2022, China's home air conditioning market size reached 376.5 billion yuan, an increase of 9.8%; In 2022, China's household refrigerator market reached 147 billion yuan, an increase of 6.5%. It is expected that by the end of 2023, the scale of China's home air conditioning market will reach 412 billion yuan, an increase of 9.4%; China's household refrigerator market will reach 156 billion yuan, an increase of 6.1% year-on-year.

In terms of technological innovation, with the continuous improvement of the level of science and technology, refrigeration electrical products also show intelligent, multi-functional, personalized and other characteristics. Intelligent refers to the use of the Internet of Things, cloud computing, artificial intelligence and other technologies to achieve remote control, automatic regulation, fault diagnosis and other functions of refrigeration electrical products to improve the user's ease of use and comfort. Multi-functional means that on the basis of meeting the needs of refrigeration, it increases the functions of dehumidification, purification, sterilization, odor removal and so on, and improves the health level and quality of life of users. Personalization refers to providing customized refrigeration electrical products according to the different needs and preferences of users to meet the personalized expression and differentiated consumption of users. According to Shangpu Consulting Group data show that in 2022, the global smart home appliance market size reached 104 billion US dollars, an increase of 16.4%; It is expected that by the end of 2023, the global smart home appliance market will reach 122 billion US dollars, an increase of 17.3%.

In terms of consumption upgrading, with the change of consumption concept and consumption power of Chinese consumers, the demand for refrigeration electrical products has also changed. On the one hand, consumers pay more and more attention to the quality, performance, design and service of refrigeration electrical products, no longer only the pursuit of low prices and large capacity, but pay more attention to the characteristics of energy saving, environmental protection, intelligence, humanization and so on. On the other hand, consumers are more and more diversified and differentiated, the demand for refrigeration electrical products is more diversified and personalized, no longer only to meet the traditional single function and standard models, but more inclined to choose customized products that meet their needs and preferences. According to the data of Shangpu Consulting Group, in China's household air conditioning market in 2022, the proportion of variable frequency air conditioners reached 82.6%, an increase of 5.6 percentage points. In China's household refrigerator market in 2022, the proportion of open-door refrigerators reached 23.5%, an increase of 4.1 percentage points.

In summary, the refrigeration electrical appliance industry, encouraged by national policies, promoted by the economic environment, led by technological innovation, and influenced by consumption upgrading, has shown a good development trend and broad prospects for development.

Second, the market size and structure of the refrigeration appliance industry

According to the data of Shangpu Consulting Group, in 2022, the market size of China's refrigeration appliance industry reached 523.5 billion yuan, an increase of 8.4%; It is expected that by the end of 2023, the market size of China's refrigeration appliance industry will reach 567 billion yuan, an increase of 8.3%. Among them:

Home air conditioning market size was 376.5 billion yuan, accounting for 71.9%, an increase of 9.8%;

The market size of household refrigerators was 147 billion yuan, accounting for 28.1%, up 6.5% year-on-year;

Other refrigeration appliances (such as freezers) market size of about 1 billion yuan, accounting for 0.2%, an increase of 5%.

From the perspective of product structure, the home air conditioning market:

Wall-mounted air conditioners accounted for 69.4%, down 1.6 percentage points year-on-year;

The proportion of vertical cabinet air conditioners was 16.7%, up 1.2 percentage points year-on-year;

Central air conditioning accounted for 13.9%, up 0.4 percentage points year-on-year.

In the household refrigerator market:

Single-door refrigerators accounted for 11.7%, down 1.3 percentage points year-on-year;

The main enterprises in the refrigeration electrical appliance industry are as follows:

In short, the refrigeration appliance industry is a dynamic and potential industry, but also an industry facing opportunities and challenges. In the future development, the refrigeration electrical appliance industry needs to keep up with changes in market demand, constantly innovate technology and products, enhance brands and services, and expand market space; At the same time, the refrigeration appliance industry needs to actively respond to competitive pressure, improve standards and regulations, fulfill environmental and social responsibilities, and achieve sustainable development.