Hisense Achieves Growth in H1 2024 Amid Declining Air Conditioner Market in China
China: In the first half of 2024, Hisense demonstrated resilience in a challenging market environment, achieving growth in household air conditioner sales amid significant declines across the broader sector. The central air-conditioner market experienced a 5% year-on-year drop in capacity, while the household segment faced sharper decreases in retail volume and sales. Nevertheless, Hisense outperformed the industry, achieving a 0.3% growth in retail sales, further solidifying its leadership with a 45.3% share in the fresh air conditioner market.
Hisense’s overseas business saw significant growth, with white goods revenue rising 36.91% year-on-year to RMB 14.78 billion (USD 2.07 billion). The European household air-conditioner market posted a 26.8% revenue increase, with the central air conditioner business in Spain growing over 65%. In the Americas, the shift to 454B and R32 refrigerants and a focus on commercial appliances led to a 161% rise in revenue. Meanwhile, in the Middle East, Africa, and Asia-Pacific, household air-conditioner revenue grew by up to 27%, with standout performance in the ASEAN region, where air-conditioner revenue surged 60.28%, and central air conditioner revenue jumped 194%.
Source: Hisense