Home appliance market sees surge early in the year

Brands shifting strategies, aggressively pushing sales ahead of rivals

The home-appliance market, valued at 220 billion to 240 billion baht, is heating up early in the year, signalling intense competition. Brands are shifting strategies, aggressively pushing sales ahead of rivals, particularly in the air-conditioner segment. Despite the cooler-than-usual weather expected to last until mid-February, the competition is already intensifying, without waiting for summer.

Several factors are driving this early surge, including the race to capture sales before competitors, the government's Easy E-Receipt 2.0 programme encouraging purchases for tax deductions, and the impact of PM2.5 (fine-particulate) air pollution, prompting Thais to buy appliances earlier than usual.

TCL, a top Chinese brand, has made waves in Thailand's home air-conditioner market, securing the top spot in 2024 with sales reaching 8 billion baht. This success is driven by heavy investment in production and marketing. For this year, TCL aims for total sales of 10 billion baht, with the Easy E-Receipts 2.0 programme expected to boost first-quarter sales by 20-30% compared with the same period last year.Gary Zhao, managing director of TCL Electronics (Thailand) Co Ltd, said TCL is aggressively expanding in Thailand’s home-appliance market with premium products, exclusive innovations, and enhanced after-sales service as key strategies. The company has also increased its marketing budget by 40% year over year, prioritising the air-conditioner market with a goal of selling 500,000 units this year.

A major highlight is the FreshIN 3.0 model, projected to sell 10,000 units in 2025 after achieving 380,000 air-conditioner sales in 2024. In the TV segment, TCL targets 400,000 units this year, up from 300,000 in 2024. By 2027, the company expects sales to reach 17 billion baht and aims for a 20% market share, with air-conditioners and TVs leading the market, while refrigerators and washing machines rank among the top three – positioning TCL as the No 1 brand in Thailand.



Dong Jianping, chairman of Haier Electrical Appliances (Thailand) Co Ltd, said Thailand’s home-appliance and export industry is expected to recover in 2025, with overall electrical-appliance exports projected to grow 1.2% YoY (according to SCB Economic Intelligence Centre). Haier has set a sales target of 14 billion baht this year, a 28% increase, with a marketing budget exceeding 1.2 billion baht.

In 2024, the company achieved sales of 11 billion baht, marking 22% growth from 9.07 billion baht in 2023. Haier’s market share has continued to expand, with air-conditioners leading in offline sales, generating 5.1 billion baht in revenue, 26% growth.Haier is also investing 10 billion baht in a new manufacturing facility in Chonburi, set to begin operations in October. The plant will have an initial production capacity of 3 million air-conditioners per year, with plans to expand to 6 million units in 2026. The facility will support both the domestic and ASEAN markets, with long-term plans to export to Europe and the US. Production will be allocated 30% for Thailand and 70% for export.



Alex Ma, vice-president of Toshiba Thailand Co Ltd, provided insights into Thailand’s home-appliance market for 2024, covering refrigerators, washing machines, air-conditioners, and small home appliances (excluding TVs). The market is valued at 83 billion baht, growing by 9%, with total sales expected to reach 21 million units.

The market is divided into two segments:

Major Appliances (refrigerators, washing machines and air-conditioners) valued at 65 billion baht, growing 11%, with 5.6 million units sold (+8%).

Small Appliances (rice cookers, microwaves, water heaters, fans) valued at 18 billion baht, maintaining stable growth, with 15.4 million units sold (+3%).

"This year, Toshiba is increasing its marketing budget to 14% of revenue, up from 10-12%, to implement a comprehensive 360-degree marketing strategy across online and offline channels. The brand aims for 25% sales growth and targets becoming Thailand’s No 1 home-appliance brand," Ma said.

Additionally, Toshiba has allocated 5 billion baht to build a new air-conditioner factory in Pinthong Industrial Estate in Chonburi province, supporting market expansion and production growth in ASEAN. The company aims for 25% sales growth in 2025 and plans to launch more than 53 new models, focusing on mid-to-premium customers who value design and product features.



Toshiyuki Izuka, managing director of Mitsubishi Electric Kang Yong Watana Co Ltd, said 2023 was a challenging year due to sluggish economic recovery and high household debt, leading to more cautious consumer spending. The overall air-conditioner market in 2024 was valued at 31.2 billion baht, with fierce competition, particularly in pricing strategies. The market is expected to grow to 33.5 billion baht this year.

Despite these challenges, Mitsubishi Electric has maintained its No 1 market share in residential air-conditioners at 30%, as well as in ventilation fans and water pumps. For fiscal year 2024 (ending March 31, 2025), the company expects sales to remain stable compared with 2023, with a 10% growth target for FY2025.

"The air-conditioner market is projected to grow 5% this year, driven by the recovery in tourism, increasing demand from hotels and accommodations, and the expansion of data centres, which boosts the B2B [business-to-business] segment," Izuka explained.

As air-conditioners account for more than 50% of Mitsubishi Electric’s revenue, the company aims for 10% sales growth in this category, allocating a 1.2 billion baht marketing budget focused on digital channels to engage modern consumers.

(2025/02/02-00:00)