Trends and Developments in the Hardware Industry: High-End, Smart Manufacturing, and Growing Market Demand

The hardware industry has been evolving in recent years, mainly in the following aspects:

1. Development towards High-End Products:

With consumers' increasing demand for quality and brands, the hardware industry is moving towards high-end development. Companies are focusing not only on product quality but also on increasing the added value of products to meet the demand for high-quality hardware products in the market.

2. Transformation to Smart Manufacturing:

Small and medium-sized enterprises face difficulties in data collection and management during their transformation to smart manufacturing. The production process is complex, involving multiple steps and equipment, and there is a lack of effective data collection devices and technology, making it difficult to achieve comprehensive and accurate data collection. 

3. Growing Market Demand:

The demand for the hardware manufacturing industry continues to grow. It is predicted that the market sales revenue for the hardware manufacturing industry will reach 226.11 billion yuan in 2023, with a compound annual growth rate of 7.6% over the next five years. By 2028, the market size is expected to grow to 324.45 billion yuan. 

4. Intense Brand Competition:

Competition in the decorative hardware industry is becoming more intense, and price wars can no longer sustain. Companies are shifting their focus towards after-sales services to enhance their competitiveness. Providing one-stop services, such as free delivery, installation advice, and design drawings, has become an essential strategy for companies to capture market share. 

5. High-End New Options:

The home hardware industry is entering a "high-end new option" phase. Companies are innovating through technology and original designs to create high-quality home hardware products that meet the consumer demand for a high-end home living experience. 

Overall, the hardware industry is moving towards high-end, smart, and diversified development. Companies need to continuously improve their technological capabilities and service quality to adapt to market changes and meet consumer demands.