A research conducted by the consultancy GfK revealed that European markets have grown to be more accepting of Chinese electronics and home appliance brands. The Chinese names have been expanding into European markets recently.
The report states the overseas presence of Chinese home appliances and electronics market is increasing and now possesses a matured industry chain and rising shares. Their share will increase considerably once Chinese brands improve quality and performance.
Chinese smartphone makers such as Xiaomi, Huawei, and Lenovo are doing positively across the globe, according to Alfred Zhou, the MD of GfK China.
36 percent of the world’s total accountancy for smartphone sales was Chinese in 2013. The sales gathered in local markets will boost the top companies’ sales in the overseas markets. Ultra HD TVs sold for 63 percent of the global total in the second quarter of 2014.
On the domestic market level, Chinese brands are picking up strong victories after an increased level of confidence in consumers regarding Chinese brands. Almost 80 percent of the electronics and home appliance sold in the first half of 2014 in China belonged to Chinese brands, according to the report.
The report also mentions that the combined home sales of home electronics in China might reach $120.6 billion in 2014. GfK’s research also suggested an increase in demand due to the breaking up of families into smaller, nuclear families.
European brands have reportedly strengthened their research methods to target Chinese consumers. This might increase opportunities for domestic brands to upgrade their production and research methodologies.