Depending on the parameters, there are a few appliance manufacturers that might appear to be the largest. After all, there are a number of different metrics to consider, such as units sold, annual revenue, number of employees and stock market capitalization.
Our article today will take a look at several of the largest companies and why Mexico is one of the largest appliance manufacturing hubs in the world. Read on to learn more about the appliance manufacturing industry.
Largest Appliance Manufacturing Companies
Our list covers several household names. In addition, it might surprise you to hear about some less-familiar brands that have made their way into the U.S. and other global markets due to the significant power of Chinese manufacturers. Given its population of 1.4 billion people, it's easy to see how becoming a market leader in China can quickly propel a company onto the list of the top 10 global manufacturers in any sector.
This list is not exhaustive. And because different resources use different metrics to come up with their list of top manufacturers, the companies below are not in any particular order.
Midea is a name you may not have heard of before. They hit the scene in 1968 in Guangdong, China. Midea manufactures appliances for several big overseas appliance companies—and then adds the client branding to the item before shipping it out. However, they also produce appliances domestically under their own name for sale in China and several Asian countries.
While many people associate Bosch with tools, they are also a major manufacturer of home appliances. Founded in Germany in 1886, they have consistently remained a top-quality name for over a century.
Another Chinese appliance manufacturer that people in the West may not be familiar with is Haier. Founded in 1984 in Shandong, China, Haier is a major producer of home appliances and, in June 2016, Haier purchased the appliance division of General Electric (GE). Today, appliances are still produced under the GE name on behalf of Haier.
This Korean megastar in the world of consumer manufacturing was formed in 1947. Today, it has over 220,000 employees worldwide—and its name is synonymous with high-quality and affordable electronic devices and home appliances.
Founded in 1919 in Sweden, Electrolux is a giant in appliances. What started as a vacuum cleaner manufacturer is now a leading manufacturer of every imaginable appliance.
Starting in 1911 as a washing machine company, Whirlpool grew to be a household name in the world of appliances. Sears was the first major retailer to carry their products, and the growth snowball never stopped after that. Today, you can find a Whirlpool appliance just about everywhere you look.
So Who Is The Biggest Manufacturer In The World?
Once again, because different resources use various metrics to figure out who is the largest brand in the appliance manufacturing industry, you may find several answers if you try to look up this question. However, as far as we can tell, Haier is the largest manufacturer, with Whirlpool coming in second. After that, many companies on the list swap places in any given year.
Where Does Mexico Come Into This?
Starting in the mid to late 1960s, many corporations in the United States and Europe recognized the potential gains that could be made by relocating their manufacturing hubs to Mexico. With its low cost of labor, construction and land, Mexico’s manufacturing sector grew by leaps and bounds. Today, it is home to many of the world's largest manufacturers.
Lower costs were not the only motivating factor in this industry shift. Mexico is also highly desirable due to it being on the southern border of the United States. This location provides easy access to the large American market through the North American Free Trade Agreement (NAFTA).
In an effort to become a world leader in the manufacturing industry, many manufacturers continue to look at beginning or expanding their operations in Mexico.
Hopefully, we’ve satisfied your curiosity about the world's largest appliance manufacturers today. As you can see, Haier and Whirlpool are sector leaders, but Haier’s massive presence in the Chinese and Asian markets puts them on top. With many of the world's leading manufacturers flocking to Mexico, it's easy to see why board rooms worldwide are also talking about making a move there.
All in all, appliances are a necessary component of daily life. With so many brands battling for your business, you should be able to find the perfect appliance for you and your family.
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