Fastest Growing Industries in China by Revenue Growth (%) in 2024

1. Solar Power Generation in China

2024-2025 Revenue Growth: 25.5%

The Solar Power Generation industry in China has grown significantly over the past five years. Industry revenue is expected to increase at an annualized 14.9% over the five years through 2022, to $9.3 billion. This trend includes anticipated revenue growth of 16.7% in 2022. In 2021, China's cumulative solar power output was 183.7 billion kilowatt hours, an increase of 14.1% from 2020.

Rising household demand for electricity in China has led to several power supply shortages over the past few years, stimulating demand for solar power generation. Additionally, a reliance on imported oil and gas resources for power and increasing environmental... Learn More

2. Cafes, Bars & Other Drinking Establishments in China

2024-2025 Revenue Growth: 23.5%

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

3. Couriers in China

2024-2025 Revenue Growth: 16.7%

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

4. Online Shopping in China

2024-2025 Revenue Growth: 16.2%

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. Mail-Order & Online Shopping in China

2024-2025 Revenue Growth: 15.7%

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

6. Plastic Surgery Hospitals in China

2024-2025 Revenue Growth: 15.3%

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

7. Engine Manufacturing in China

2024-2025 Revenue Growth: 15.0%

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

8. Energy-Efficiency Consultants in China

2024-2025 Revenue Growth: 15.0%

Revenue for the Energy-Efficiency Consultants industry in China is expected to grow at an annualized 9.3% over the five years through 2023 to $168.9 billion. This trend includes anticipated growth of 12.0% in the current year. Issued in 2010, the Interim Measures for Management of Financial Incentive Funds of Energy Management Contracting Projects allocated generous subsidies for Energy Performance Contracting (EPC) projects. This initiative marked the beginning of the industry's standardization in China. The industry includes an estimated 15,393 recorded (i.e., registered) energy service establishments in 2023, over half of which have conducted EPC projects. Most of these establishments are... Learn More

9. Mattress Manufacturing in China

2024-2025 Revenue Growth: 15.0%

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. In-Home Care & Other Household Services in China

2024-2025 Revenue Growth: 14.3%

The In-Home Care & Other Household Services industry in China has developed significantly in recent years. The industry has grown particularly due to the improving income levels of Chinese residents, increasing number of new births and elders, accelerating pace of life, and a high labor force participation rate. Industry revenue is expected to total $126.5 billion in 2022, which is a 14.2% increase from 2021. Moreover, the industry is anticipated to have an annualized growth rate of 13.5% over the past five years. Industry profit is low, with an average of 7.1% of industry revenue in 2022, mainly diminished by... Learn More