China's electronics market rebounds with steady growth, fueled by innovation
China's consumer electronics market is expected to return with positive growth, seeing an increasing demand for the market and innovation while boosting retail spending, found the latest white paper by market research firm GfK.
It was released at the Shanghai International Consumer Electronics Show.
The total retail sales of China's consumer electronics market is expected to rise 4 percent to 2.2 trillion yuan (US$305 billion) this year, while the growth pace will further increase to 5 percent in 2024.
The technical consumer goods market has already returned with a positive trajectory in the second quarter this year, according to GfK data, with a 6 percent annual increase compared with the 8 percent drop in the first quarter.
The picking up of overall consumption sentiment and government incentive measures have bode well for the consumer electronics market.
Smart home appliances, new functionality and high-end product scenarios are the main driving force for the industry, it noted.
Photographic tech represent the fastest-growing segment with an estimated 23 percent annual increase this year, thanks to new offerings from camera devices and demand for high-quality video and photo shooting.
For the home appliances category, smart functionality and integrated solutions will become the mainstream trend for product development.
High-end smartphones are also expected to push consumer spending for new mobile phone replacements, such as new models with folding screens, with domestic mobile phone manufacturers making considerable efforts to improve screen quality, battery life and thickness, to appeal to customers.
Chinese brands have shown the potential to lead the industry not only in mature categories, such as smartphones, but also in emerging categories such as robotic cleaning machines and artificial intelligence/virtual intelligence devices, it points out.
