China has long been known for dominating manufacturing, but recently China has been dominating other
markets too.
So, today we are looking at the top 5 markets China is unexpectedly dominating.
These markets are unexpected because you wouldn't initially think Chinese companies would be
leading in these areas.
Let's jump right into our list with number 5.
From Farmville to flappy bird to Pokémon to Fortnite internet and mobile gaming has
taken off in the last 10 to 15 years.
According to Newzoo, they forecast that 2.3 billion gamers across the globe will spend
$137.9 billion on games in 2018 and China alone will account for more than one-quarter
of all global game revenues, reaching $37.9 billion this year.
China will remain the number one gaming market by revenues and by number of players and mobile
gaming is the dominant force and will generate 61% of revenues in 2018, growing to 70% of
the market by 2021.
That's right, China is dominating the internet and mobile gaming market making up about 25%
of the total.
Gone are the days of Japanese and Koran games dominating the gaming market!
China is not only leading this industry, but Chinese companies are producing state of the
art games for the Chinese audience.
This market is only getting bigger and China is set to shape and dominate it in the coming
years.
Moving on to number 4 on our list is International Travel.
You might have noticed the increase in Chinese tourists in your town, but you might not have
realized just how much money Chinese people spend on vacations.
According to Ctrip, "The number of outbound trips has reached 130 million in 2017, up
7.0% from 2016 and Chinese travelers spent over $115 billion, a year-on-year increase
of 5%."
For some people this might not be unexpected given the large population of China, but for
many others this will be a big shock.
Chinese travelers now dominate the international travel market and you might need to rethink
your marketing strategy if you are working in a tourism-based economy.
While some countries are moving backwards towards coal *Cough, America, Cough*, other
countries are investing in renewable energy, which is why it is number 3 on our list.
Despite what you might have seen on the news about China's pollution problems; the country
is dominating the renewable energy markets.
From wind to solar to hydropower, China is investing in and building renewable energy
infrastructure projects across the country.
To help reach the country's 2030 goals set during the Paris Climate Accord, China is
betting big on renewable energy.
It pledged in 2017 to invest 2.5 trillion yuan or around $367 billion in renewable power
generation by 2020.
Hoping to maintain market leadership in the future, China is already investing more than
$100 billion in domestic renewables every year.
That is twice the level of US investment in domestic renewable energy and more than the
combined annual investment of the US and the European Union.
This is one market that China is dominating that might surprise you!
You might use Amazon on a regular basis and you might have heard the founder is the wealthiest
man in the world, but what you might not know is that China is dominating the Ecommerce
market.
According to McKinsey Global Institute, "About 10 years ago China accounted for less than
one percent of the global e-commerce market; today its share is over 40%.
In comparison, the United States' share of the market is 24%, down from 35% in 2005."
Such is China's dominance in e-commerce, it now handles more transactions per year
than France, Germany, Japan, the United Kingdom and the United States combined.
The main players in China are Alibaba, which had the largest IPO in history, and JD.com.
These two companies provide literally everything, like no joke, you can find any product you
want on these platforms.
The reason many people might find it surprising that China is dominating the ecommerce market
is because outside of China, very few people use these platforms and few news stories are
written about China's ecommerce market.
And finally topping our list for markets China is unexpectedly dominating is the electric
vehicle market.
That's right China is now the largest EV market in the world.
Move aside Tesla, because Chinese companies are producing more electric vehicles and Chinese
consumers are buying more electric vehicles than anywhere else in the world.
According to Forbes, "In 2017, China led the market with just short of 50% market share,
followed by Europe with 26%.
In terms of EV sales by country, China was once again the leader of the pack with over
600,000 unit sales, far head of the US which racked up only 200,000."
With government support and car companies like BYD pushing the EV market forward, China
is expected to lead this market in the coming years.
So, there you have it, from mobile games to electric cars to travel, China is unexpectedly
dominating many different markets.
Which market surprised you the most?
Which markets would you add to the list?
Leave a comment below to let me know and be sure to like and subscribe for more interesting
top 5 videos.
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