Companiesandmarkets.com

Chinese market research industry to reach a value of $6.7 billion by 2018

Press Release   •   Dec 09, 2013 10:47 GMT

The Chinese market research industry was estimated to be worth $3.5 billion in 2013, up 12.5% for the year, and reflecting annualised growth of 14.4% over the five years through 2013.

Industry profit is high, at 18.0% of industry revenue; however, it has fallen from a high of 24.3% in 2002 as labour costs and competition have increased.

Due to China's strong economic growth and large business market, there is ample scope for market research firms.

In the past five years, the China market research market experienced rapid development, characterised by the emergence of specialised local research enterprises, the rapid expansion of foreign capital and the extensive implementation of technology applications.

Although this industry will remain highly concentrated in Beijing, Shanghai and Guangzhou in the next several years, some middle-sized cities such as Chengdu, Xi'an and Shenyang will become regional centres and gain some market share.

In addition, the industry will continue to face challenges such as data and information accuracy, market entry strategies, access to sales channels, difficulty in finding appropriate business partners and cultural differences.

Over the five years through 2018, China's rapidly developing and globalising economy, and structural reform of domestic companies is projected to create greater market research demand. Industry revenue has been forecast to increase 14.1% annually to reach nearly $6.7 billion

The degree of specialisation within the industry will increase with customers from the automobile, pharmaceutical, IT, telecommunication, consumer electronic product, financial and government sectors accounting for the largest market shares.

For more information on the Chinese market research industry, see the latest research: Chinese Market Research Industry

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