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

1. Cafes, Bars & Other Drinking Establishments in China

2023-2024 Revenue Growth: 20.1%

ACMR-IBISWorld estimates that the Cafes, Bars and Other Drinking Establishments industry in China is expected to generate $8.8 billion in 2022, up by 24.4% from 2021. In 2020, sales revenue of the industry increased slowly compared with previous years which was mainly due to the outbreak of COVID-19 in China. Over the past five years, industry revenue has grown at an annualized 20.7%.

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 demand... Learn More

2. 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. Due to an increasingly dynamic domestic economy and improved transportation infrastructure, the industry has experienced strong growth over the past decade. As a result, industry revenue is expected to increase at an annualized 15.1% over the five years through 2021, to $149.0 billion. This trend includes expected growth of 15.7% in the current year. Industry enterprises are expected to total 5,186 enterprises over the period, employing over 750,207 workers with a payroll of approximately $6.8 billion.

Couriers are expected... Learn More

3. 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

4. Online Shopping in China

2023-2024 Revenue Growth: 15.4%

The Online Shopping industry in China is expected to grow at an annualized 18.9% over the five years through 2022, to total $2.5 trillion. This trend includes anticipated growth of 16.8% 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. Moreover, as people have made more purchases online during the COVID-19 pandemic, the industry's sales revenue... Learn More

5. 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

6. Mail-Order & Online Shopping in China

2023-2024 Revenue Growth: 15.1%

The Mail-Order and Online Shopping industry's revenue is expected to grow by an annualized 16.6% over the five years through 2022, to total $2.1 trillion. Industry revenue is expected to grow by 17.4% over 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, 842.0 million internet users in China had online shopping... Learn More

7. Alternative-Fuel Car & Automobile Manufacturing in China

2023-2024 Revenue Growth: 15.0%

The Alternative-Fuel Car and 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 an annualized 48.1% over the past five years through 2022, to total $255.1 billion. This includes growth of 55.9% in the current year. Industry profit is relatively high, averaging 11.0% of industry revenue in 2022, lower than 11.4% in 2021, mainly due to increasing prices of automobile parts.

Industry exports are limited, estimated at... Learn More

8. Internet Services in China

2023-2024 Revenue Growth: 14.7%

Revenue for the Internet Services industry is expected to grow at a rapid 15.1% in 2022, to reach $1.0 trillion. Industry revenue is expected to grow at an annualized 20.9% over the five years through 2022, 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.

The application services segment has become more important to the industry over the... Learn More

9. In-Home Care & Other Household Services in China

2023-2024 Revenue Growth: 14.5%

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

10. Energy-Efficiency Consultants in China

2023-2024 Revenue Growth: 14.3%

Revenue for the Energy-Efficiency Consultants industry in China is expected to grow at an annualized 9.9% over the five years through 2022, to $150.8 billion. This trend includes anticipated growth of 6.0% in the current year. A range of energy-saving and emission reduction regulations implemented in 2006 have supported the industry's rapid growth over the past five years. Issued in 2010, the Interim Measures for Management of Financial Incentive Funds of Energy Management Contracting Projects allocated generous subsidies for contract energy management (CEM) projects. This initiative marked the beginning of the industry's standardization in China. The industry includes an estimated... Learn More