Midea Group, the world’s largest home appliance supplier, has announced its 2023 annual report, revealing impressive growth and record-breaking profits. The company achieved a total revenue of RMB 373.7 billion, marking an 8.10% increase compared to the previous year. The net profit attributable to shareholders reached RMB 33.7 billion, showing a significant year-on-year increase of 14.10%, the highest growth since 2019.
Midea Group attributes its success to its “Global Impact” strategy, emphasizing the expansion of overseas sales. Overseas sales have consistently accounted for over 40% of the company’s total sales for several years. Midea’s products have been exported to more than 200 countries and regions worldwide, with continuous efforts to expand its overseas manufacturing capabilities. Manufacturing bases have been established in various countries including Indonesia, India, Thailand, Brazil, Mexico, Italy, and Egypt.
The company’s achievements extend to its leadership in the industry. Midea holds a dominant position with a global market share of 45% in the household air conditioning compressor business. It has also secured the top spot globally in household air conditioning and washing machine motors, with market shares of 40% and 22% respectively. Furthermore, Midea’s New Energy automotive parts product lines are experiencing rapid growth, with an expected shipment volume of 750,000 units in 2023, reflecting a year-on-year increase of 400%.
Midea’s subsidiary, KUKA, is also a major contributor to the company’s success. As one of the “Big Four” industrial robot companies worldwide, KUKA Group achieved record-high revenue and order volume in 2023, particularly driven by strong performance in the Chinese market.
With a focus on innovation and sustainability, Midea Group invests heavily in research and development. With over RMB 14.5 billion invested in R&D and a global team of more than 23,000 research personnel, Midea ranks seventh globally in total patent families and is the leading Chinese enterprise in terms of patents in the home appliance industry.
Overall, Midea Group’s impressive growth and record profits demonstrate its commitment to innovation, sustainability, and global expansion.
Midea Group operates in the home appliance industry, which is a sector focused on the manufacturing and selling of household appliances such as refrigerators, air conditioners, washing machines, and kitchen appliances. The industry is highly competitive, with numerous global players vying for market share.
According to market forecasts, the global home appliance market is expected to grow at a steady rate in the coming years. Factors such as urbanization, rising disposable incomes, and changing consumer lifestyles are driving the demand for home appliances. The market is also benefiting from technological advancements, such as the Internet of Things (IoT) integration in appliances, which allows for greater convenience and efficiency.
However, the industry also faces challenges. Fluctuating raw material prices, trade disputes, and changing consumer preferences can impact the profitability and competitiveness of companies in the sector. Additionally, environmental concerns and regulations related to energy efficiency and sustainability are becoming increasingly important factors for consumers when choosing home appliances.
For more information about the home appliance industry and market forecasts, you can visit Statista or Grand View Research.
Midea Group’s focus on global expansion aligns with the industry’s growing international market. By establishing manufacturing bases in various countries and exporting products to over 200 countries and regions, the company has positioned itself as a key player in the global home appliance market.
The company’s dominance in the household air conditioning compressor business, with a global market share of 45%, and its leading positions in household air conditioning and washing machine motors reflect Midea’s strong foothold in key product categories. The rapid growth of its New Energy automotive parts product lines further underscores its diversification and expansion into new markets.
Midea’s subsidiary, KUKA, also contributes significantly to the company’s success. As one of the “Big Four” industrial robot companies worldwide, KUKA’s record-high revenue and order volume highlight its strong performance, particularly in the Chinese market.
Midea Group’s commitment to innovation and sustainability is a key driver of its growth and success. The company’s substantial investment in research and development, amounting to over RMB 14.5 billion, demonstrates its dedication to staying at the forefront of technological advancements and meeting evolving consumer needs. With a strong focus on patents, Midea Group ranks seventh globally in total patent families and leads the Chinese home appliance industry in terms of patents.
To learn more about Midea Group and its impact on the home appliance industry, you can visit their official website at www.midea.com.