China home appliances dominate world market
Chinese home appliance makers have become the most dominant players across the globe in the last decade, through acquisitions, brand promotion and innovation, a study said.business Updated: Oct 03, 2012 13:15 IST
Chinese home appliance makers have become the most dominant players across the globe in the last decade, through acquisitions, brand promotion and innovation, a study said.
A report published by the China Economic Weekly, using data from the China Household Electrical Appliances Association, said the country's production capacity of colour televisions accounted for 80% of the world's total, Xinhua reported.
Production of air-conditioners, refrigerators and washing machines accounted for 70%, 50% and 40% of the world total respectively.
Last year, the total industrial output of the sector in China was worth 1.07 trillion yuan ($169 billion) -- 4.7 times the amount in 2001 when the country became a member of the World Trade Organisation, the report said.
Though Chinese brands faced fierce rivalry from overseas competitors, the report said the Chinese firms withstood the intense competition by making cost-effective products, seeking overseas acquisitions and promoting home-grown brands through creating overseas operations.
The efforts paid off as Chinese exports of home appliances exceeded $46 billion last year. In 2002, such exports were worth $8.75 billion.