Summary Of The Washing Machine Market in 2023

Looking back at the washing machine market in 2023, the market did not achieve a rapid rebound as expected. The market recovery in the first and second quarters was relatively slow, and the washing machine market only achieved high growth in the fourth quarter, which is also due to the low base during the same period. Overall, according to data from AVC, the total retail sales of washing machines across all channels in 2023 were 40.05 million units, a year-on-year increase of 3.4%, and the retail sales were 93.4 billion yuan, a year-on-year increase of 5.8%. In addition to a steady recovery in scale, the continuous increase in the proportion of package structures has also driven the stable upgrading of industrial price structures. In 2023, the average price of washing machines was 2278 yuan, an increase of 2.4% compared to the same period last year. Overall, the demand for washing machines has been released relatively slowly, and the market has entered a period of steady growth through intensive cultivation.
Note: Omni channel retail here includes emerging channels (Tiktok and Pinduoduo) and home decoration and building materials channels
The supporting product structure of the package is steadily upgrading towards the drum, and the 10kg drum remains the market core
According to online monitoring data from AVC, the retail sales of washing and drying sets reached 959000 units in 2023, a year-on-year increase of 91.1%. The gradual establishment of consumer awareness of washing and drying sets has driven the continuous increase in the proportion of drum products. According to monitoring data from AVC, the online market's drum retail volume accounted for 29.4%, an increase of 3.8% compared to the same period last year, while the offline market's drum retail volume accounted for 66.9%, an increase of 1.6% compared to the same period last year. From the perspective of internal structure, the washing and drying integrated machine is significantly squeezed by the package, and its market share has begun to rapidly decline. The proportion of online washing and drying integrated machines is 14.1%, a decrease of 1.6%, and the proportion of offline washing and drying integrated machines is 26.9%, a year-on-year decrease of 3.6%.
From a capacity perspective, the current 10Kg drum is still the most core product. The previously highly anticipated 12Kg drum, due to its small value space, has not formed a joint push from the supply side, and the overall capacity upgrade pace is relatively slow. The basic market situation has not wavered. According to monitoring data from AVC, the retail sales of 10kg products in the online drum washing market accounted for 86.8%, an increase of 3.4% compared to the same period last year. The retail sales of 10kg products in the offline drum washing market accounted for 90.2%, an increase of 5.2% compared to the same period.
Subtracting around space, mini washing and ultra-thin rollers grow rapidly
In response to consumer demand, the mini washing machine and ultra-thin drum markets have seen significant growth this year. According to online monitoring data from AVC, the retail sales of washing machines weighing 3kg and below accounted for 6.0%, a year-on-year increase of 0.9%, and the retail sales accounted for 3.5%, a year-on-year increase of 0.3%. The average price of mini washing is 1018 yuan, a year-on-year decrease of 6.3%. Mini washing machines are rapidly becoming popular on the user end through accelerated price declines.
On the other hand, the market size of ultra-thin drum washing machines has achieved steady growth. According to offline monitoring data from AVC, the proportion of retail sales of 10kg drum products has increased to 26.5%, a year-on-year increase of 2.4%. From the perspective of segmented price ranges, the market growth in the price range of 4000-4999 was significant this year, with these products accounting for 26.3%, a year-on-year increase of 7.0%.
It is predicted that washing machines will still be in a growth channel next year, and both volume and amount will show a steady recovery trend
Looking ahead to the washing machine market in 2024, it is expected that there is still room for overall growth in the industry. According to AVC's forecast data, the omnichannel retail sales of washing machines are expected to reach 40.15 million units in 2024, a year-on-year increase of 0.3%, and the retail sales are expected to reach 95.8 billion yuan, a year-on-year increase of 2.6%. Considering that there is still a lot of room for penetration in the future package market, it is expected that washing machines will continue to maintain a stable recovery trend, and there are still growth opportunities in the future market.