[Inventory 2014] Smoke stove market: 2014 smoke stove market review: growth rate declines

In 2014, the growth rate of the range hood market significantly declined compared to 2013. The first and second quarters showed a strong upward trend, but by the second quarter, a turning point emerged. By June, the market began to show a clear downward trend that persisted until the end of the year. While the overall market grew by 14.6% in 2013, the growth rate in 2014 dropped below 9%. Despite this, the industry’s internal factors—such as operational efficiency, product quality, and competitive level—showed noticeable improvements. Although the initial momentum of the market did not continue, the overall development of the industry still offered many positive developments in 2014. The industry's performance started with rapid growth at the beginning of the year, but this momentum was short-lived. By the second and third quarters, the market began to decline. For example, listed companies like Boss Electric, Vantage, Wanhe, and Wanjiale saw their growth rates drop from 43.22%, 21.33%, 29.29%, and 51.73% in Q1 to 38.74%, 9.6%, 13.15%, and 54.73% in the half-year report. In the third quarter, the growth further slowed down. It is important to note that listed companies are typically leading players in the industry and have stronger resilience against market pressures. However, smaller brands faced more challenges. In areas like Shunde and Zhongshan in Guangdong Province, where many small brands are concentrated, the impact of the home appliance exhibitions in March led to a temporary surge in sales. But by July and August, due to poor market performance, these brands struggled to participate in future events and quickly went dormant. The total sales of the range hood industry in 2014 were approximately 19.5 billion yuan, an increase of about 8.3% compared to 2013. Sales of range hoods exceeded 11.9 billion yuan, growing by nearly 7.3%, while stove sales reached over 7.5 billion yuan, up by about 7.1% compared to 2013. The average price of range hoods increased by 7% in 2013, and by 8.7% in 2014, while stove prices rose by around 6.8%. Retail data also supports this, with the average retail price of range hoods reaching 2,556 yuan from January to November, up 10.76% year-on-year. From January to November, the sales area of commercial housing decreased by 8.2% year-on-year, with residential sales down 10.0% and office sales down 9.2%. Commercial business sales, however, increased by 7.1%. Although there is a time lag between the smoke stove industry and real estate, the trends align closely. Interestingly, the disinfection cabinet market, which had been expected to perform well, saw limited success in 2014. Annual sales were less than 6 million units, with revenue reaching only 4 billion yuan, showing relative stability. Overall, after steady growth in 2013, the industry experienced a slower growth rate in 2014. However, internal improvements continued. High-end products played a significant role in driving sales, with price increases contributing more to growth than volume. After a slight decline in 2012, the industry began a path of stable growth. According to National Bureau of Statistics data, from January to October 2014, the output of range hoods reached 2,342.8 million units, up 12.35% year-on-year. However, the growth rate dropped sharply in November. In terms of brand structure, although no major changes occurred, the industry remained competitive. Stronger brands achieved good growth, while others fell behind. Rumei, supported by its strong group background, climbed into the top tier and became one of the four leading brands alongside Boss, Fang Tai, and Vantage. Market dynamics shifted as urbanization accelerated, creating new opportunities in cities and towns. The demand for replacements and first-time purchases drove the market forward. The rural market, especially, showed great potential, with third- and fourth-tier markets seeing a 60% increase in range hood sales in 2013 and 2014. Product innovation focused on high-end features such as large suction power, quiet operation, frequency conversion, and smart technology. Companies like Boss, Shuaikang, and Wanhe led in large suction, while Fang Tai focused on quiet models. Smart kitchen appliances, integrated with IoT technology, became a key trend. E-commerce intensified competition, with most brands establishing online operations. Offline dealers remained dominant but faced challenges from digital platforms. The integration of online and offline channels became essential for future growth. Looking ahead, the industry entered a "new normal" shaped by macroeconomic shifts, policy regulations, and technological advancements. Companies needed to adapt with new strategies, focusing on consumer-centric approaches, flexible production, and fan engagement. As policies like energy efficiency standards tightened, small brands found it harder to compete. The future of the industry required innovation, brand value, and cultural transformation to meet evolving consumer demands. Those who failed to adapt would struggle in the new era.

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