The global sales volume of 3.46m units during the second half of 2021 exhibits a 4% decrease in the figures from the second half of 2020. While the sector is not yet back on a growth trajectory overall, the global headline figures mask contrasting underlying trends.
PAYGo sales grew 1% compared to the previous reported time period and are now at their highest level ever. But, cash sales decreased by 7% compared to the same time period in 2020, and are 30% lower than the same time period in 2019. And, while 57% of reporting companies said sales were lower in the second half of 2021 than in 2019, 41% reported stable or high sales figures.
Overall, there has been a decrease in sales of all appliances compared to 2020 and figures remain lower than pre-COVID-19 levels. Fans represent 51% of key appliance sales, refrigeration unit sales remain stable with only a 2% drop compared to 2020 figures, but TVs have experienced the largest absolute decrease.
Solar water pump (SWP) sales decreased 20%, but the 2021 figures are still double what they were in the first half of 2019. PAYGo is driving 85% of the SWP sales, again signifying the high-upfront barrier to mass adoption and the importance of consumer financing.
Strong SWP sales in East Africa represent 74% of global sales. In contrast, sales in India, historically a strong market, now represent 14% of the market.