Home appliances are the most brutally competitive industry in history, with the rise of Chinese brands and technological innovation, the Japanese brands that occupied the high-end market in the past have been completely defeated, replaced by Midea Group, Haier Smart Home and Gree ，They occupy a dominant position in the market, earning most of the industry's profits.
The annual profit of Midea Group reached 33.7 billion yuan, the profit of Gree Electric Appliances reached 29 billion yuan, and the profit of Haier Smart Home was 16.6 billion yuan, and the net profit of the three major appliance giants accumulated 79.3 billion yuan, earning 217 million yuan per day.
However, the revenue gap between the three major appliance manufacturers is gradually widening.
On the whole, Gree Electric is highly dependent on the air conditioning business, accounting for 74.14% of revenue, so the business expansion process is slow. The revenue of the air conditioning sector is not as good as that of Midea, and the high-end air conditioning market is firmly occupied by Casarte. For Midea Group, due to its diversification strategy, its business covers home appliances, robotics and automation and other innovative businesses, so as to promote the balanced development of ToC and ToB businesses, resulting in a steady increase in revenue. Haier Smart Home is deeply engaged in the home appliance market, and has seven major appliance brand clusters around the world, radiating to user families around the world.
The home appliance market has already entered a mature period, and the industry is facing saturation and sluggish growth, and the home appliance industry has entered a new cycle of quantitative game. According to data from Aowei Cloud Network, the scale of the domestic home appliance retail market will reach 849.8 billion yuan in 2023, a year-on-year increase of 3.6%.
At the same time, with the continuous improvement of users' demand for a better life, as well as the development of new technologies such as the Internet of Things, big data, and AI large models, the industry has shown a development trend of intelligence, systematization, scenario-based, high-end, and integration of home appliances and home appliances, making the home appliance industry show a trend of development towards systematization and scenario-based. For home appliance manufacturers, complete sets of home appliances are used as the thrust to increase the premium of a single transaction and open up space for performance growth.