2021 China’s Industrial Goods B2B Market ReportSource:iresearch
August 22,20217:41 PMOverview The Development Space of China’s Industrial Goods Market is Huge
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.
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.
Industrial goods B2B platforms should have multi-dimensional layouts to meet the needs of the upstream and downstream of the industry chain
As pandemic is becoming the norm now, to make suppliers more relied on online sales channels, iResearch believes that the industrial goods B2B platforms should expand their layouts in the following aspects: digital capabilities, premium service capabilities and online and offline coordination to help buyers expand marketing channels to achieve individualized marketing and improve digital empowerment.
Because of the pandemic, the development of suppliers’ online sales and enterprises’ online purchasing will accelerate.
The surging digital application provides B2B suppliers with great opportunities. Online sales can help suppliers expand the coverage, reduce customer acquisition costs, and prominently improve sales efficiency. In August 2020, the revenues from online channels account for 43% of all channels of B2B suppliers, which is the largest proportion.
Because of the pandemic, many purchasers have realized that online purchasing is convenient and scientific procurement is necessary. The improvement of platform technologies and services has greatly enhanced the purchaser’s trust in platforms. The new trend of online procurement will rise. According to iResearch, compared to consumer goods e-commerce, the penetration of industrial goods e-commerce is still low. As enterprises are experiencing digital transformation, the suppliers and purchasers of the industrial goods will accelerate their online layout, and Industrial goods e-commerce will have new development opportunities.
The Chinese government works harder to promote the integration of the digital economy and traditional industries. The application of the industrial Internet platforms will continue to deepen in the 14th Five-Year Plan period, which will contribute to the development and upgrading of industrial B2B platforms.
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