1、致：2024 China LogisticsApril 202401Macroeconomics0302Leasing Market0803Investment Trends1804Market Outlook2101MacroeconomicsChina LogisticsNon-bonded Grade A Market Value Chain4ManufacturingConsumptionTradeUpstreamSupplierEnd Product WarehouseEnd Product WarehouseFactoryEnd Product WarehouseStoresEnd

2、 UserOverseas Distribution WarehouseOverseas End UserOverseas End UserRegionalDistributionWarehouseCityDistributionWarehouseEnd UserDomesticDistribution WarehouseHigh-tech manufacturing growth supports the demand for warehouses E-commerce and 3PLs account for the majority of leasing demandCross-bord

3、er e-commerce playersdrive significant growth in international tradeChina LogisticsManufacturingAs China transitions into the Industry 4.0 era,manufacturing continues to be a pivotal driver of logistics development.The expansion of numerous high-tech manufacturers is fuelling a significant increase

4、in demand for Grade A warehouses.Noteworthy growth rates of 54.0%for solar cell production and 30.3%for New Energy Vehicles(NEVs)highlight the burgeoning demand for industrial goods.The China Passenger Car Association(CPCA)estimates that the penetration rate of NEVs in China reached 36%in 2023,promp

5、ting several brands to establish/expand manufacturing facilities.Regional leasing patterns vary.In Southern China,light manufacturing companies prioritize operational flexibility within warehouses.Eastern China,at the forefront of supporting Chinas transition to a low-carbon economy,is witnessing th

6、e construction of numerous eco-friendly warehouses with LEED certifications.Meanwhile,Western China,buoyed by the rapid ascent of NEVs,is contributing to the stability of warehouse leasing demand.Source:NBS,Ministry of Commerce,General Administration of Customs,China Passenger Car Association(CPCA)V