Fastest Growing Industries by Exports in China in 2024

1. Solar Panel Manufacturing in China

Growth in Exports for 2024: 28.0%

Revenue for the the Solar Panel Manufacturing industry has increased a CAGR of 23.9% to $134.5 billion over the past five years. This includes expected growth of 23.1% in the current year. Over the past five years, Chinese solar cell output has been increasing at an annualized 36.1%.

The Solar Panel Manufacturing industry has been rapidly expanding over the past ten years. However, in March 2012, the US Government imposed anti-subsidy duties ranging from 2.9% to 4.7% on Chinese exports of solar panels and silicon, which contributed to the decline of exports in 2012 and 2013. In 2014, Asian demand for... Learn More

2. Passenger Car Manufacturing in China

Growth in Exports for 2024: 22.0%

Revenue for the Passenger Car Manufacturing in China is expected to fall at an annualized 1.6% to $617.6 billion over the past five years, including a 1.8% rise in 2023 alone, when profit is anticipated to stay relatively steady at 8.5%.

As income levels in China have risen, road conditions have improved, and prices have become more competitive, passenger cars have become more affordable for Chinese residents. To meet the needs of consumers, automobile enterprises have been launching many new models to attract consumers. A series of favorable government policies have also stimulated new energy passenger vehicle purchases in rural and... Learn More

3. Aircraft Manufacturing in China

Growth in Exports for 2024: 21.3%

Revenue for the Aircraft Manufacturing industry is expected to increase at a CAGR of 7.3% over the five years through 2023. Revenue is set to increase by 15.8% in 2023, to an estimated $95.7 billion.

Over the period, demand from domestic airlines has increased for aircraft and repair services, and from the government for military and national defense aircraft. Additionally, the government has increasingly provided support for Chinese aircraft manufacturers to research, develop and build large aircraft. In December 2022, the first domestically produced large aircraft C919 was officially delivered and will be put into operation in 2023. As of April... Learn More

4. Boat Building in China

Growth in Exports for 2024: 20.0%

The Boat Building industry has fluctuated over the five years through 2023, with industry revenue generally increasing at an annualized rate of 11.6%. Industry revenue is expected to grow 17.8% to $2.7 billion, when profit is anticipated to be 3.9%. About 91 companies operate in the industry in 2023, employing about 17,114 people with total wages of $181.6 million.

Over the five years through 2023, industry revenue has fluctuated with global markets, as industry exports account for higher shares of industry revenue. Improving technologies and designing capabilities also give Chinese products a global competitive advantage. Boating and similar leisure activities are... Learn More

5. Alternative-Fuel Car & Automobile Manufacturing in China

Growth in Exports for 2024: 20.0%

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

6. Coal Product Manufacturing in China

Growth in Exports for 2024: 18.9%

The Coal Product Manufacturing in China has exhibited declined growth over the past five years, mainly affected by the accelerated process of global ‘de-coal' and clean energy substitution. In addition, with the realization of central heating in cities of China in winter and the popularity of gas and natural gas in cities, fewer and fewer consumers use coal products as fuel for heating and cooking. The demand for coal products declined in recent years. Industry revenue is expected to decrease at an annualized rate of 5.7% over the five years through 2023, to an estimated $2.8 billion. This trend includes... Learn More

7. Automobile Manufacturing in China

Growth in Exports for 2024: 18.0%

Revenue for the Automobile Manufacturing industry is expected to increase by a CAGR of 1.5% over the five years through 2023, including a growth rate of 0.7% in 2023 alone, to total $763.0 billion. Rising domestic demand across urban and rural areas and increasing exports have driven industry revenue growth over the period.

Rising household income levels and competitive pricing have encouraged more Chinese consumers to purchase automobiles over the past five years, particularly in major cities. A series of favorable government policies and subsidies for car-buyers in rural areas, have further boosted industry revenue.

With intensifying market competition, large number of... Learn More

8. Chinese Medicinal Herb Growing in China

Growth in Exports for 2024: 17.3%

As the production raw materials in the upstream of the industry chain, Chinese Medicinal Herb Growing in China is the basis for the development of the traditional Chinese medicine industry. China began the cultivation and planting of Chinese medicinal herbs as early as the Tang Dynasty. The Qing Dynasty began large-scale cultivation of Chinese medicinal herbs. However, the large-scale cultivation of many varieties began in the 1950s.

Some varieties of Chinese medicinal herbs have reached the stage of large-scale, intensive and industrialized cultivation base production. China is one of the largest growing and consumer countries of ginseng and pseudo-ginseng in... Learn More

9. Coke Smelting in China

Growth in Exports for 2024: 17.3%

The Coke Smelting industry in China has experienced difficult operating conditions over the past five years. This result has been due to changing demands from downstream industries, increasing level of environmental protection requirements and fluctuation in the prices of industry products. Industry revenue is expected to increase at an annualized 2.6% over the five years through 2024, to total $116.5 billion. This trend includes an anticipated revenue increase of 2.6% in the current year.

Industry profit is relatively low, expecting to account for 3.6% of revenue in 2024. This trend is despite the industry benefiting from strong downstream demand and... Learn More

10. Pharmaceutical Manufacturing in China

Growth in Exports for 2024: 16.4%

Revenue for the Pharmaceutical Manufacturing industry is expected to grow at an annualized 1.6% over the five years through 2023, to total $191.7 billion, up 3.2% from 2022. The COVID-19 outbreak contributed to growth in domestic demand for medicine and medical supplies, benefiting the development of the Pharmaceutical Manufacturing industry. The industry's profitability has decreased from 13.7% of industry revenue in 2018 to 13.4% in 2023. An estimated 1,632 industry enterprises operate in 2023, employing about 724,877 people, with a total wage cost of $12.6 billion.

Hospitals are currently the main distribution channel for the medicine produced by the industry. However,... Learn More