Blue Book of China’s express industry in 2020 From Fitch Ratings
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The following is the Blue Book of China’s express industry in 2020 From Fitch Ratings recommended by recordtrend.com. And this article belongs to the classification: Life data, research report.
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With the leading enterprises through scale expansion and technological innovation to reduce unit cost and improve efficiency, China’s express industry will realize the transformation from labor-intensive to capital and technology intensive industry. Large enterprises with certain competitive advantages may initiate mergers and acquisitions, reach strategic joint ventures and eliminate small enterprises, which can seize market share and further improve the industry concentration.
Strong growth momentum
Since 2014, China’s express delivery market has been the world’s largest market in terms of express delivery volume, and may become the largest market by revenue by 2020. Driven by the booming domestic online (online) retail, China’s express delivery market is now the second largest market after the United States in terms of revenue. From 2009 to 2019, the compound growth rate of express business volume in China is as high as 42%; at the same time, the compound growth rate of express business income is 32%.
Industry integration deepened
The competition in express delivery industry is becoming increasingly fierce. While expanding the scale, leading enterprises also adopt technology to improve operational efficiency and customer experience. This trend may aggravate the capital demand of the industry and enhance the concentration. Large enterprises with certain competitive advantages may initiate mergers and acquisitions, reach strategic joint ventures and eliminate small enterprises, which can seize market share and further improve the industry concentration.
Rising capital demand
Despite the rapid growth in revenue of leading enterprises and the improvement of EBITDA ratio, capital expenditure in pursuit of scale expansion and technological innovation is rising or putting pressure on its free cash flow (FCF), because infrastructure must be in place before business expansion.
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