Profits of China's home appliance sector surge 19.9% in 2022

BEIJING -- China's home appliance sector logged robust growth in 2022, with its profits soaring 19.9 percent year-on-year, industry data shows.

During the period, the sector's combined operating revenue rose 1.1 percent year on year to 1.75 trillion yuan ($255.95 billion), and the total profits reached 141.8 billion yuan, according to the China Household Electrical Appliances Association.

The rapid profit growth was powered by the acceleration of mid- and high-end transformation of the sector and multiple measures to reduce costs.

Emerging products have become new growth points in the sector. The market scale of dishwashers, clothes dryers, integrated stoves, and floor washers, among others, continued to expand, which largely drove the growth of the home appliance sector.