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Chinese vacuum cleaners market dominated by Philips
Companiesandmarkets.comMar 06, 2013 12:10 GMT
The Chinese vacuum cleaners market continued to maintain a sustainable growth of 8% in volume terms and 13% in current value terms through 2012, to reach 4.5 million units with a market value of RMB3.7 billion
Consumers' increasing demand for better lifestyles drove the sales growth of high-end products in vacuum cleaners throughout 2012.
China represents the largest as well as the fastest growing market for household vacuum cleaners in Asia-Pacific, in terms of volume sales.
The vacuum cleaners market witnessed a large number of innovations during recent years such as emergence of lightweight vacuums driven by smaller and efficient motors. Currently, the market is witnessing a shift in consumer preferences for vacuums featuring bagless, HEPA, and multi-surface cleaning functionalities.
Large, high-income households, baby boomer population, and under-35 years population segment are likely to drive the market for vacuum cleaners.
Philips China Co Ltd continued to be the number one player in the China vacuum cleaners market, accounting for 27% of retail volume sales in 2012, owing to the good reputation and strong distribution network across the country, followed by Haier Group and Matsushita Electric Industrial Co Ltd with volume shares of 15% and 13%, respectively.
Philips' key strength lies in its complete product portfolio, including both lower-end standard vacuum cleaners as well as comparatively premium robotic vacuum cleaners.
As the market still has no clear guidelines for industrial standards and the threshold of market entry is still low, it is likely to see a variety of smaller brands available during the coming years, offering low-price products to attract Chinese consumers. This will definitely boost retail volume sales of vacuum cleaners in to the future.
For more information on the Chinese vacuum cleaners market, see the latest research: Chinese Vacuum Cleaners Market
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