Fastest Growing Industries in China by Revenue Growth (%) in 2023

1. Cafes, Bars & Other Drinking Establishments in China

2023-2024 Revenue Growth: 23.9%

Revenue for the Cafes, Bars, and Other Drinking Establishments industry in China is expected to increase at a CAGR of 16.4% over the five years through 2023 to $9.0 billion. This trend includes an expected increase of 20.1% in the current year.

In recent years, lifestyle changes, an increasing emphasis on personal happiness, and the development of a range of drinking establishments have contributed to rapid industry growth. In addition, increasing urbanization in China and higher incomes have boosted the demand for industry services. Improvements in chain store and franchise management and the emergence of new brands have also supported the... Learn More

2. Metal Fabrication in China

2023-2024 Revenue Growth: 18.3%

The Metal Fabrication industry in China has performed well over the past five years. The country's developing construction and manufacturing sectors have supported industry demand over the period. Over the five years through 2023, industry revenue for the Metal Fabrication industry in China is expected to rise at an annualized 12.8%, to $428.1 billion. This trend includes expected growth of 16.9% in the current year. Enterprise numbers are expected to rise at an annualized 3.4% over the five years through 2023, to total 11,253. The industry employs approximately 1.8 million workers with a payroll of $18.4 billion.

Most of the metal... Learn More

3. Alternative-Fuel Car & Automobile Manufacturing in China

2023-2024 Revenue Growth: 18.1%

The Alternative-Fuel Car & Automobile Manufacturing industry in China has developed strongly in the past five years due to government favorable policies that have resulted in improving vehicle performances, increasing numbers of charging facilities, and changing attitudes toward environmental protection. Industry revenue is expected to increase at a CAGR of 39.1% over the past five years through 2023, to total $304.8 billion. This includes growth of 16.7% in the current year. Industry profit is relatively high, averaging 9.8% of industry revenue in 2023, lower than 10.6% in 2022, mainly due to intensified market competition.

Industry exports have increased fast over the... Learn More

4. Online Shopping in China

2023-2024 Revenue Growth: 16.5%

The Online Shopping industry in China is expected to grow at a CAGR of 17.0% over the five years through 2023, to total $2.4 trillion. This trend includes anticipated growth of 17.9% in the current year. The industry's rapid growth can be attributed to the rising popularity of ecommerce in China and online businesses continuously developing their services. Additionally, the number of mobile internet users has greatly increased over the past five years, as mobile internet services have continued to develop, boosting the industry's performance.

Most products are sold at lower prices in online shops than in brick-and-mortar stores. As... Learn More

5. Couriers in China

2023-2024 Revenue Growth: 16.3%

The Courier industry is a relatively new business segment in China. In its modern form, it has existed for about 30 years. Industry demand was supported by the increasing income levels and purchasing power of Chinese residents. Industry's performance is also closely related to the development of ecommerce market in China, especially the online shopping market, as it depends heavily on couriers delivering goods purchased online. Industry revenue is expected to increase at an annualized 12.4% over the five years through 2023, to $182.8 billion. This trend includes a 15.0% jump in the current year.

Online shopping market has developed... Learn More

6. Mail-Order & Online Shopping in China

2023-2024 Revenue Growth: 16.2%

The Mail-Order and Online Shopping industry's revenue is expected to grow by a CAGR of 16.9% over the five years through 2023, to total of $2.4 trillion. This includes a revenue increase of 16.2% in the current year. Factors driving industry growth include improved living standards, rising wages, higher internet penetration, increased acceptance of internet shopping, and a growing range of retailers selling a larger range of products online.

Online retailing currently generates over 95.0% of industry revenue. According to the China Internet Network Information Center (CNNIC) and the National Bureau of Statistics, 845.0 million internet users in China had online... Learn More

7. Plastic Surgery Hospitals in China

2023-2024 Revenue Growth: 16.0%

Revenue for China's Plastic Surgery Hospitals industry is expected to rise an annualized 14.6% over the five years through 2023. This trend includes anticipated revenue growth of 15.1% in the current year, to $40.6 billion. Rising plastic and cosmetic surgery demand has been driven by changing attitudes toward self-image, technological advancements in industry procedures, higher disposable incomes and China's ageing population.

Recent industry trends include more men electing to have plastic surgery and increased patient concerns regarding procedural health and safety. Plastic surgery hospitals have introduced new technologies to reduce surgery risks, and the Chinese Government is increasing regulatory burdens. Micro-plastic... Learn More

8. Engine Manufacturing in China

2023-2024 Revenue Growth: 15.7%

China's economic growth has driven demand for the machinery manufacturing industries in recent years. The rapid development of many downstream sectors, including engineering machinery, farming machinery and traffic engineering, contributed to the development of the Engine Manufacturing industry in China. Industry revenue is expected to increase at an annualized 5.7% over the five years through 2022, to $71.8 billion. This includes growth of 17.3% in the current year.

Slightly over 806 enterprises operate in the industry, employing approximately 268,675 workers, and total wage costs of approximately $3.3 billion. Profit is expected to account for 6.6% of industry revenue in 2022.

Industry revenue... Learn More

9. Mattress Manufacturing in China

2023-2024 Revenue Growth: 15.4%

The Mattress Manufacturing industry in China has developed rapidly in recent years due to China's growing population, increasing income levels, the booming housing market, and growing demand from hotels. Industry revenue is expected to total $16.5 billion in 2022, up 15.5% from 2021, having grown by an annualized 15.0% over the past five years. Industry profit is relatively high, accounting for 9.6% of revenue in 2022, although margins have been squeezed by increasing raw material prices and labor costs.

Industry exports are estimated to account for $2.2 billion in 2022, up by 10.5% from 2021, having grown by an annualized 3.0%... Learn More

10. Internet Services in China

2023-2024 Revenue Growth: 14.7%

Revenue for the Internet Services industry is expected to grow at a rapid 7.2% in 2023, to reach $937.0 billion. Industry revenue is expected to grow at an annualized 12.5% over the five years through 2023, driven by booming domestic demand. The number of internet users in China has increased rapidly over the period. The COVID-19 outbreak in China drove market demand for internet services in China. The pandemic situation in China was serious in 2020, and revenue for the Internet Services industry increased rapidly during this period.

Although the profit margins of listed companies are high, they have been declining... Learn More