China Manufacturing Performance in 2024: Industry Growth and Key Developments
China’s manufacturing industry has once again demonstrated its global dominance, maintaining its position as the world’s largest manufacturing sector for the 15th consecutive year. The performance of China’s manufacturing sector in 2024 reveals a remarkable level of resilience, innovation, and expansion, with several key trends that underline its growth trajectory.
In this blog, we explore the significant factors and detailed statistics that showcase the impressive expansion of China’s manufacturing industry. Keep reading to learn more.
Sustained Global Dominance in Manufacturing
According to the National Bureau of Statistics, In 2024, China’s total value-added industrial output reached 40.54 trillion yuan (about 5.65 trillion U.S. dollars), up 5.8% year on year, topping the largest manufacturing country globally, a position it has held for 15 years in a row. This consistent growth showcases the industry’s resilience and its ability to expand even amid global economic uncertainties. In December alone, China’s industrial output grew by 6.2% compared to the previous year and showed a slight increase of 0.64% from November.
Among the various sectors, equipment manufacturing and high-tech industries have seen the most remarkable growth. The value-added output of the equipment manufacturing sector expanded by 7.7% in 2024, accounting for 46.2% of the increase in the total value-added industrial output.
The value-added output of the high-tech manufacturing sector, particularly in the fields of electronics, telecommunications, and information technology, has witnessed even more impressive growth. This sector grew by 8.9% in 2024, emphasizing China’s shift toward becoming a global leader in advanced technology production.
Growth in Key Products: New Energy Vehicles, Integrated Circuits, and Industrial Robots
The growth in specific product categories is one of the standout features of China’s manufacturing performance in 2024. New energy vehicles (NEVs), integrated circuits, and industrial robots have emerged as some of the most promising sectors in the manufacturing industry.
In 2024, China’s new energy vehicle (NEV) sector experienced remarkable growth, with production increasing by 38.7%. This surge marks a significant milestone in the country’s ongoing transition to greener transportation solutions. With a total production of 12.89 million NEVs and 12.87 million in sales, China continues to lead the world in the production and sales of electric vehicles for the tenth consecutive year.
The expansion of charging infrastructure plays a crucial role in supporting this growth. As of now, China has successfully built 12.82 million charging points and 4,443 battery-swapping stations, establishing the world’s largest charging network. This extensive infrastructure not only ensures greater accessibility for consumers but also supports the broader adoption of new energy vehicles, making it easier for people to transition to electric transportation. The combination of innovation in vehicle production and infrastructure development has solidified China’s position as a global leader in the NEV market, paving the way for a more sustainable future.
In the field of integrated circuits, a critical component for everything from smartphones to cloud computing systems, China’s production increased by 22.2%. As the world becomes more dependent on digital technologies, China’s leadership in integrated circuit production is increasingly vital for ensuring that global supply chains remain intact.
Additionally, the manufacturing of industrial robots grew by 14.2%, indicating the rising demand for automation across various industries. China’s leadership in robotics is not only enhancing its manufacturing capabilities but also transforming industries such as automotive assembly, electronics, and logistics.
The Expansion of National Advanced Manufacturing Clusters
In 2024, China announced the creation of 35 new National Advanced Manufacturing Clusters, bringing the total to 80. These clusters are an essential part of China’s strategy to enhance its industrial capacity and competitiveness on a global scale. These clusters are designed to foster innovation, encourage collaboration between industries and universities, and promote the growth of high-tech manufacturing sectors across the country.
Looking Ahead: What’s Next for China’s Manufacturing Industry?
China’s manufacturing performance in 2024 highlights the country’s ongoing commitment to innovation and industrial growth. Key government initiatives, including “Made in China 2025” and the “Belt and Road Initiative,” have been instrumental in enhancing the manufacturing landscape. These policies are designed to transform the industry from labor-intensive techniques to operations that add greater value, with a particular emphasis on high-tech and eco-friendly manufacturing processes.
If you’re interested in understanding how China’s manufacturing growth can benefit your business or if you need assistance in sourcing products or setting up manufacturing operations in China, don’t hesitate to get in touch with us. Our team of experts is here to help you navigate the ever-evolving manufacturing landscape.