Based on the sample data of A-share listed manufacturing companies in China from 2007 to 2021, the existence, mechanism, and influencing factors of the peer effects on servitization in Chinese manufacturing enterprises are studied. There exists regional peer effects on servitization, and the conclusion is still valid after a series of robustness tests. Learning and imitation is the mechanism by which the peer effects on enterprise servitization, and the degree of market competition is an important factor affecting the peer effects on servitization. Heterogeneity in the peer effects on enterprise servitization has been found by further research. Enterprises with a low proportion of fixed assets or a high degree of customer concentration have a more significant peer effects on servitization.