Why don't the Chinese have dryers
Washing machines: Bosch-Siemens home appliances suffer from China's weakness
For Germany's leading home appliance manufacturer BSH, of all things, things are no longer going smoothly in its two most important sales markets, China and Germany. In both key markets, the manufacturer of the global brands Bosch, Siemens, Gaggenau and Neff not only had to record a drop in sales, but also a slight loss of market share. The bottom line is that BSH group sales in 2018 fell for the first time after eight years of growth - by a good three percent to 13.4 billion euros.
BSH boss Karsten Ottenberg did not want to commit to the forecast for this year. The medium-term goal of 20 billion euros by 2025 could be in jeopardy, he cautiously suggests. “We're sticking to the North Star, but we don't know how the markets will develop,” says Ottenberg. That sounded much more confident in earlier years.
BSH Hausgeräte is wholly owned by Bosch after Siemens sold its 50 percent stake to the Stuttgart-based company in 2014/15. Since then, no exact earnings figures or even brand sales have been presented.
Strong decline in sales in Turkey
In any case, BSH has benefited from the economic development in China in recent years. Within 15 years, sales in China increased tenfold from 200 million euros to a good two billion euros. BSH has massively expanded its Chinese production there with new plants, and now China, with a good 17 percent share of sales, is already about as large as the German business. The USA ranks third. While sales in China increased by 14 percent in 2017, there was a drop in sales of almost six percent in euros and minus 3.4 percent in local currency in 2018.
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