Development Trend and Analysis of China‘s Hardware Industry

The term "hardware" refers to the five metal materials, namely gold, silver, copper, iron and tin. Hardware is the mother of industry; The foundation of national defense and the products of hardware materials are generally divided into two categories: big hardware and small hardware. Large hardware refers to steel plate, steel bar, flat iron, universal angle steel, channel iron, I-shaped iron and various types of steel materials, while small hardware refers to construction hardware, white iron sheet, lock nails, iron wire, steel wire mesh, wire shear, household hardware, various tools, etc.

It is divided into mechanical hardware, construction hardware, electrical hardware, construction hardware, hardware mechanical equipment, hardware materials, hardware material products, hardware tools, general accessories, and electronic and electrical engineering according to the subdivided industries.

As an industry closely related to the production and life of the national economy. Under the background of the steady growth of China‘s residents‘ income, the demand for high-end and medium-end hardware products has grown rapidly, the hardware consumption market has continued to upgrade, the environmental protection industry has driven the backward production capacity to continue to clear, the industry has developed healthily and orderly, and the demand for high-end and medium-end products has continued to rise. In 2020, the number of patent applications in China‘s hardware industry rose to 6385, an increase of 17.78% over the same period in 2019; In 2021, the number of patent applications in China‘s hardware industry rose to 6389, down 15.1% from 2019; As of August 12, 2022, the number of patent applications in China‘s hardware industry was 1073.

In recent years, the sales revenue of China‘s hardware industry has fluctuated. In 2020, the sales revenue rose to 3216.25 billion yuan, with an increase of 7.84%. In the future, with the growth of high-end consumer demand for hardware products, the product structure of the hardware industry will be further optimized and upgraded, and will develop in the direction of high quality and high-grade. The hardware industry will embark on the path of high-quality development. In addition, in the process of moving to online sales platforms such as Alibaba, Taobao, JD.com, and Yuyu Mall, the hardware industry has gradually realized multi-channel sales mode, which is also an important channel to promote the sales growth of the hardware industry. Due to the consideration of the cost control of the brand side, the cost invested in the sales channel in the past year is limited, and the saved cost is invested in the product research and development, resulting in many brand products not being popular. Judging from the trend of international development and world economic integration, the domestic consumption level of hardware products is still far from reaching the level of European and American countries. Therefore, the diversified development of sales channels, the complete display of products in the eyes of consumers, and the focus on platforms such as Alibaba, JD.com, Taobao, Yuyou Mall can promote the reduction of product sales and purchase costs, and also promote the rapid development of the industry.