Trade-in Policy Fuels Rapid Growth in Consumer Electronics Industry

Trade-in Policy Fuels Rapid Growth in Consumer Electronics IndustryOfficials from the Ministry of Industry and Information Technology stated that in the first three quarters of the year, the consumer electronics industry in China experienced rapid growth with the support of the trade-in policy, becoming one of the key sectors for stabilizing industrial economic growth. Data reveals that from January to September this year, the added value of electronic information manufacturing enterprises above designated size increased by 12

Trade-in Policy Fuels Rapid Growth in Consumer Electronics Industry

Officials from the Ministry of Industry and Information Technology stated that in the first three quarters of the year, the consumer electronics industry in China experienced rapid growth with the support of the trade-in policy, becoming one of the key sectors for stabilizing industrial economic growth. Data reveals that from January to September this year, the added value of electronic information manufacturing enterprises above designated size increased by 12.8% year-on-year, 7 percentage points higher than the national industrial average.

Exports have continued to rebound. In the first nine months, China exported 580 million mobile phones, 110 million laptops, and 81.29 million TVs, registering year-on-year growth of 3.5%, 0.7%, and 8.0%, respectively. Domestic brands have achieved increased shipments in most global markets, further strengthening their brand influence.

The domestic market has also continued to recover and improve. By the end of September 2024, China shipped 206 million smartphones, representing a year-on-year growth of 7.5%. The demand for 75-100-inch large-screen TVs in the domestic market remains strong. With the support of the trade-in policy, TV sales revenue from late August to mid-October witnessed significant growth.

The implementation of the trade-in policy has effectively stimulated consumer demand for replacements, driving rapid development in the consumer electronics industry. The policy's encouragement and guidance have promoted the upgrading and improvement of the industry chain, creating greater space for domestic brands to grow.

Simultaneously, as technology continues to innovate, consumer electronics products are constantly improving in functionality and performance, leading to significant enhancements in user experience. This trend provides new momentum for industry development. It is foreseeable that the consumer electronics industry will continue to maintain positive growth momentum in the future, contributing more to the national economy.