The turnover for the wholesale of industrial consumables in China has shown a dynamic trend over the past decade. Between 2013 and 2017, the market experienced significant growth, with a peak increase in 2014 at 13.25%. However, starting in 2018, the turnover began to decline, with an especially notable drop in 2020 by 12.33%. Post-2021 saw fluctuations with slight recovery followed by continued downturns.
In 2023, the market turnover stood at 5.39 hundred billion yuan, reflecting a slight year-on-year decline of 4.77% from the previous year. The compounded annual growth rate (CAGR) over the last five years leading up to 2023 was -2.9%.
Looking forward, the forecasted data from 2024 to 2028 suggests a continued downward trend, with a projected 5-year CAGR of -7.43% and an anticipated overall decrease of 32.02% by 2028.
Future trends to watch for:
- Further market contraction through 2028 as indicated by the negative CAGR.
- Potential impact of emerging technologies and automation on the demand for traditional industrial consumables.
- Shifts in industrial policies and economic recovery efforts that may alter consumption patterns.
