Europe is the second largest refrigerator and freezer market in the world and its share is only lower than Asia. After nearly ten years of hard struggle, the European economy has gradually emerged from the crisis and ushered in the dawn of sustained growth. ChinaIOL statistics show that in 2017, a total of 3294 million refrigerators were sold in Europe, an increase of 1.7% year-on-year.
Benefiting from the cyclical recovery of the global economy, the retreat of populism, and the strong domestic demand, in 2017 European countries stepped out of the crisis and entered a stage of comprehensive economic recovery, and the economic growth exceeded expectations. Mainly due to the effect of economic stimulus policies, domestic demand has become the main force driving economic growth. In addition, the reduction in the number of unemployed people and the rate of decline in the unemployment rate has all increased. The property sector is in a period of warming, which has led to the continued increase in the size of the European refrigerator freezer market.
In addition to its huge consumer market, Europe is also the third largest producer of refrigerators in the world. According to ChinaIOL statistics, in 2017, European has produced 28.75 million units of refrigerator, a year-on-year increase of 1.5%. Nearly 80% of production was concentrated in Eastern Europe. Among them, Turkey’s production share was the highest, exceeding 30%. Except for Turkey, other European countries are relatively more dispersed, the current large-scale production of 2 million units below.
In 2017, although China exported a total of 14.397 million refrigerators and freezers to Europe, a year-on-year increase of 15.8%, more than 90% of the products were small and medium-sized products with a capacity of 300L or less, and most of them were for European buyers, and the profit is low, subject to greater fluctuations in costs and exchange rates. It is more difficult for Chinese brands to enter the mainstream product sequence in Europe. Currently, most of them are acquiring internationally-renowned or locally matured brands to enter the mainstream market, such as Haier, Midea, and Hisense Kelon.