Chinese home appliance market value reached about 527.8 billion yuan ($84.4 billion), up 10.3 per cent year-on-year, in the fourth quarter of 2013.

In the same quarter, however, market value, dropped 3.2 per cent, a second consecutive decline in 2013. That’s largely due to the termination of China’s subsidy policy for energy-saving appliances and higher calculation base in 2012.

Product ASP (Average Selling Price) is considered a key factor for higher profitability.

Profits of Chinese home appliances – comprising refrigerators, washing machines, air conditioners, and TVs – totalled about 21.6 billion yuan ($3.5 billion) in the fourth quarter of 2013, up 43.5 per cent year-on-year.