China is a fast-growing economy with almost every Fortune 500 company well established in the country. It has become a hub for every company to consider setting their business. A lot of positive factors make China a country that can offer multiple stages of growth to a company. Each company also creates a strong base for the economy of China. Here is a list of the fastest-growing industries in China.
Medical Device Manufacturing
The Medical Device Manufacturing companies have generated $26 billion in 2020, which is 18.2% more than 2019. The revenue is expected to grow for the next five years with a rate of 12.5%. The domestic demand for the industry will increase by 15.2% in 2021.
Passenger Rail Transport
Passenger Rail Transport in China has expected revenue growth of 55.3% in an upcoming couple of years. However, the industry turnover for the PRTC is expected to decrease by 41.6%. For the past two decades, railways were the most important form of transportation.
Except for the current pandemic situation in China, we are set to see growth in tourism around the country in the coming years. Although the revenue is expected to decrease by 0.2% in the next five years, Hotels will still generate revenue with a 22.3% growth rate.
More eCommerce platforms have emerged in the past years, and the revenue growth for online stores is expected to increase by 18.5%. The online shopping industry is expected to reach around $2 trillion by 2025. With the introduction of 5G, eCommerce will continue to become more convenient for users.
China is developing fast and has connected each city through highways. The toll road operators generate funds for building better highways. Most toll roads in China are made and managed by the government. China has decreased the toll revenue due to the current pandemic situation. The revenue growth is still expected to be 17.7%, with a 0.8% decrease in the revenue in 2020.
The courier service industry is also on the rise, with expected revenue growth of 17.6% by 2022. Although couriers are relatively a new business in China, it has made things convenient for the customers and retailers alike. The industry is expected to grow even stronger with eCommerce in the market.
More internet services will be available in China, with expected revenue growth of 17% by 2022. As a result, the internet service industry is expected to cross $800 billion in 2021. The number of internet users has increased in the past two years due to the lockdowns.
The gaming community of China is also on the rise. More game companies are investing in growth in China. New game operators are selling their licenses to Chinese gaming agencies, promoting and running the game. The trends in gaming can predict the growth of 25% in the coming years.