Third smallest market in the Asia Pacific (APAC) region. Per capita spending is one of the lowest in the world. Market will record double-digit growth over the next five years in local currency terms. Other medical devices and consumables have the largest market shares. The market is heavily reliant on imports. Domestic manufacturing is concentrated in Sialkot and centres mainly around steel surgical instruments and other hand held medical devices. Production is of a high quality but mostly destined for export.

The heating equipment market was valued at USD 28,850 million in 2015 and is expected to reach USD 48,583.2 million by 2025, growing at a CAGR of 5.4% from 2016 to 2025. Heating equipment such as heat pumps, boilers, furnaces, and unitary heaters are expected to grow at a high CAGR in the Asia Pacific region. Rapid industrialization coupled with growing demand for upgraded equipment is one of the primary factors contributing to the growth of this market. Increasing demand for energy efficient heating solutions in the residential sector is also projected to drive market demand over the coming years.

The thermoelectric materials market is associated with the major companies providing thermoelectric materials to various end users such as automotive, healthcare, industrial, and electrical and electronics, among others. The varied range of market participants provides opportunities to other players willing to bear the high risks involved in the industry. This chapter details the latest strategies and technological developments adopted by the key market players in the thermoelectric materials market. In order to lead the market as well as engage in the process of market growth, a company needs to work in collaboration with the top market leaders, acquire the relatively weaker companies, bring new products and services to the market, and improve the existing products. Some of the key strategies adopted by the key market players are listed in the following figure

There are two types of batteries including primary and secondary. Primary batteries are the one that can be used only once whereas secondary batteries can be charged and reused. Various batteries include lead acid, nickel cadmium, lithium ion, nickel metal hydride, and alkaline.

One of the largest markets in the Middle East & Africa (MEA) region, similar in size to Iran. Market size is supported by a large population and Africa's most industrialised economy. Owing to the size of the population, per capita spending is low. Spending on medical devices as a proportion of wealth is below average for the MEA region. Other medical devices accounts for nearly 40% of the total market. Underdeveloped market offers considerable potential for growth but currently constrained by funding issues, poor infrastructure and staff shortages. National Health Insurance programme in the early stages of implementation, but question marks remain on funding and delivery of key targets. Limited medical device production, therefore market largely dependent on imports.

2018年行业出现的重要变量：小米凭借生态链公司的系列产品打入传统制造业，伴随小米上市，引发了小米模式对家电行业利弊影响的诸多探讨。从线上平台统计数据来看，小米在传统小家电及大家电中获得的市场份额有限，主要是在新兴家电品类及黑电中产生了较大冲击。 

历史上来看，按照近十年营收增速可划分为三部分，2011 年之前行业整体增速保持在20%以上，家电下乡政策性因素驱动以及大地产周期的促进作用下，家电全品类保有量迅速提升；2012-2015 年基本保持个位数增长，由于家电刺激政策退出以及前期需求提前释放等作用因素下，家电行业进入低增速时代；2016 年开始由于保有率的不断提高存量市场博弈加剧，消费升级背景下产品结构升级带动下部分行业均价上升明显，行业增速进入新阶段。 

我们认为， 补贴调整的节奏不会停止，2019年仍将对现有政策进行调整，a 鉴于乘用车单车补贴额度已经处于较低水平，预计未来的补贴调整仍将遵循2018年的大致框架，以提高参数为主，考虑到双积分政策的正面影响，预计19年全年销量仍保持快速增长。

传统模式下，产品卖给消费者乊后，除非是质量问题的维修，否则就和家电厂家乊间丌再有亏劢；在大数据的应用下，卖给消费者后仁仁是开始和消费者亏劢的开始。

门锁是日常生活中最常见的产品。智能门锁有别于以钥匙开启的传统机械门锁，可以实现无钥匙开锁、联网实时远程监控等功能，提升了居住的安全性与开锁的便捷性。从物理结构上，智能门锁分为三部分：前面板、锁体、后面板，主要零部件包括锁体、指纹头、主电路板、通信模块等；核心技术涉及：锁体类型、生物识别、通讯服务，目前机械锁体、指纹识别与 Wifi、Zigbee 连接是主流，但全自动锁体与 NB-IoT 连接有望成为发展趋势。 

面对宏观经济波动、地产调控缩紧、贸易摩擦加剧、人民币汇率贬值等多重不利因素，2018 年前三季度家电各子板块表现出现分化，白电表现出了稳定的穿越周期特性，黑电增速继续垫底行业。

28 个申万一级行业全部收阴，其中综合、电器设备和农林牧渔涨幅居前，家电板块 11 月上涨 3.1%，排第 16 位，较上月上升 1 位。各子行业全部收涨，涨幅依次为洗衣机（+7.2%），家电零部件（+6.45%），小家电（+6.35%）；空调表现偏弱。 

步进电机差异化竞争助力公司突破日企垄断，同时有望依托技术、渠道及品牌优势保持龙头地位。公司LED控制及驱动业务增长动力主要来源于智能LED照明市场规模扩张及公司市占率水平的持续提升。

从宏观层面来看：(1) GDP与社零同比增速近年来逐步放缓，对家电产品的消费造成一定压力。(2) PPI在2016年年中之后维持在高位，向CPI传导相对不畅，对企业盈利能力造成压力，但2017年底以来PPI、CPI剪刀差已开始有所收窄。

依据Euromonitor 数据及预计，美国市场家电下游各类型渠道相对较为分散，2018 年美国市场大家电销量在电器专营渠道占比达22.6%，而以HomeDepot 以及Lowe’s 为主的家居园艺渠道占比达31.6%。

12 月16 日，奥维云网公布2018 年11 月家电行业线下及全渠道推总数据，11 月份家电品类销售额前3 名为空调、冰箱、洗衣机，分别实现零售额152、109、106 亿元；增速前3 名为吸尘器、洗碗机及小家电，分别实现增速38.8%、16.0%及14.9%。值得注意的是白电板块环比有所改善，空调、冰箱同比分别增长2.1%/8.0%，环比提升4.0/6.0 个百分点，洗衣机同比增长3.7%，环比下滑4.0 个百分点。同时吸尘器品类单月同比增长38.8%，增速亮眼。

2008-2017 年，油烟机内销量从 1172 万台上升至 2463 万台，复合增速 8.6%；内销量增速低于同时期其他耐用消费品。2008-2017 年油烟机均价复合增速 7.9%、燃气灶均价复合增速 5.2%，均价提升增速超过同时期其他耐用消费品。

18年11月，锂电池板块指数上涨8.79%，新能源汽车指数上涨5.40%，而同期沪深300指数下跌0.14%，二者均显著跑赢沪深300指数，其上涨主要逻辑包括：锂电池和新能源汽车指数前期跌幅较大已具备一定估值优势、碳酸锂等部分上游原材料价格呈现企稳迹象、10月新能源汽车销售持续高增长，以及部分个股业绩持续增长。