The market scale is over 10 trillion yuan
In 2020 China’s industrial goods market scale was 10.6 trillion yuan, of which the MRO market and the PM market accounted for 20% and 80%, respectively. It is expected that the scale of China’s industrial goods market will hit 13.2 trillion yuan in 2025, with a CAGR of 4.7%.
This huge market has attracted Internet giants such as JD.com to join. Through integrating new technologies and new models and coordinating digitalization and supply chain, they provide conditions for efficiency improvement and cost reduction in every link, serving the development of the real economy and contributing to the transformation and upgrading of traditional industries.
China’s Industrial Goods B2B Market Keeps Growing
The market scale is expected to hit 1.75 trillion yuan in 2025.
In 2020 China’s industrial goods B2B e-commerce market reached around 470 billion yuan, of which the online scale accounted for nearly 4.5%. The market scale will keep growing thanks to the transparent purchase policies, application of technologies, increasing demand for cost reduction as well as the improvement of the industrial goods B2B e-commerce platforms’ facilities and services. It’s expected to hit 1.75 trillion yuan in 2025, with a CAGR of 30% in the next five years.