Many mainland China-based consumer brands have expanded their presence around the world in recent years in a concerted effort to diversify and scale their business activities.
From the technology conglomerate Huawei and electric vehicle maker BYD to coffeehouse chain Luckin Coffee, Chinese brands have begun to expand beyond their home turf and are growing in prominence overseas in their respective sectors.
Midea, the Chinese home appliance and electronic devices brand – producer of everything from refrigerators, dishwashers, microwave ovens, vacuum cleaners and tumble dryers, to air conditioners and smart-home systems activated by remote sensors and voice control – is one leading example.
The innovative, user-friendly and energy-efficient products offered by Midea, which was founded in 1968 and is headquartered in Foshan, Guangdong province, have helped it to win an international reputation for quality and reliability.
Today the company serves a total market of more than 640 million customers in over 200 countries and regions. With its 38 global research and development hubs and two dedicated innovation centres, focused on integrating the latest technologies and intelligent solutions, the stage is well set for further gains and development.
For instance, market research company Euromonitor named Midea the world’s No 1 smart home appliances brand last year and the world’s best-selling residential inverter air conditioner brand between 2022 and 2024. In addition, it was ranked 246th in this year’s Fortune Global 500 list of the top international corporations rated on revenue – an impressive jump of 31 places from last year’s position.
