Regardless of looming financial challenges, a wide range of U.S. industries are projected to develop at a quick tempo within the subsequent 5 years.
Drawing on present knowledge from Freedonia Focus Studies—a analysis division inside MarketResearch.com that gives professional overviews on greater than 500 market segments—this text spotlights a variety of quick rising industries within the U.S. to look at in 2023 and past.
A few of these industries gained recent momentum on the heels of disruptive new applied sciences, whereas others have been sturdy performers for years. Try the record under and see if any of those industries shock you.
1. Automotive Batteries
As a result of proliferation of hybrid and electrical automobiles (HEVs), the demand for automotive batteries within the U.S. is predicted to surge at a 12% annual improve, rising from a base of $7.2 billion in 2021 to achieve $12.8 billion in 2026, based on a current report Automotive Batteries: United States.
“As the marketplace for HEVs has developed, this phase has had an more and more giant affect on automotive battery demand,” based on Freedonia Focus Studies. “These automobiles — particularly EVs — have a tendency to make use of costly batteries in comparison with these utilized in typical automobiles, and development in HEV utilization is a crucial driver of enlargement within the automotive battery market.”
2. Pet Dietary supplements
One other sizzling development market is pet dietary supplements, which gained monumental demand as customers grew to become extra involved about well being and wellness throughout the pandemic. A increase in cannabidiol (CBD) merchandise additionally contributed to market enlargement.
Sustaining its exceptional momentum for 2 consecutive years, the pet complement market achieved a formidable double-digit development charge in 2022, growing by 10.5% to surpass the $1.0 billion milestone, as reported by Pet Dietary supplements: United States.
Whereas pet dietary supplements are often thought of optionally available purchases, the pandemic revealed a shift in notion amongst pet homeowners. Many now see pet dietary supplements as important and proceed to purchase them regardless of inflationary situations.
3. Movement Photos
The marketplace for pet dietary supplements could also be rising at a quick charge, however it’s miniscule in dimension compared to the US movement image and video trade, which was an estimated $97.8 billion in worth in 2022. As a result of ongoing enlargement in streaming platforms and related income all through the trade—plus value will increase as a consequence of inflation—the US movement and movie trade is projected to develop to $153 billion in 2027, rising at a 9.3% annual development charge throughout the forecast interval, based on Movement Photos & Video: United States.
“As well as, these suppliers will additional develop into untapped and more and more rich international markets, which can enhance royalty funds,” the report explains.
4. Credit score Playing cards
One other large market with a excessive development charge is general-purpose bank card and debit card funds, which is predicted to hit a price of $13.7 trillion in 2026, with annual positive aspects of 8.9% from $9.8 trillion in 2022, as reported in Credit score Playing cards: United States. Visa, Mastercard, American Specific, and Uncover are the main manufacturers on this area.
Nevertheless, the report shares an vital caveat that might weigh in the marketplace: “This development forecast doesn’t account for the affect of doable bank card regulation, which might depress bank card development; or doable inroads made by account-to-account transfers, a fee methodology anticipated to achieve traction in 2023 that might depress each bank card and debit card fee worth development.”
5. Dairy and Egg Options
Within the meals and beverage sector, dairy and egg options is a vibrant market to look at, with many new product introductions, growing availability, rising client adoption, and important product enhancements. Retail gross sales of plant-based dairy and egg merchandise will rise 8.9% yearly between 2022 and 2027, reaching $9.6 billion, based on Dairy & Egg Options: United States.
Lately, as individuals have turn into more and more aware of their well being and the surroundings, there was a noticeable shift in the direction of plant-forward diets and the usage of plant-based options for dairy and eggs.
6. Plant and Cultured Cell-Primarily based Meat Options
Issues about sustainability and animal welfare are additionally driving the marketplace for plant and cultured cell-based meat options, which is projected to rise 8.4% yearly between 2022 and 2027 to achieve $2.6 billion. This market will even profit from new product introductions, wider availability, and enhancements to style and texture.
In Plant & Cultured Cell-Primarily based Meat Options: United States, Freedonia Focus Studies explains that though plant-based beef is presently a big product class, this phase is already saturated. Because of this, plant-based rooster is predicted to characteristic essentially the most product introductions within the coming years.
7. IT Technical Consulting Providers
Within the tech trade, IT technical consulting companies is predicted to keep up sturdy development. U.S. revenues from IT technical consulting companies are forecast to develop 8.2% per yr to 2026, the quickest improve amongst numerous segments in IT companies.
“Company initiatives aiming to replace infrastructure, together with cloud options, will bolster positive aspects,” based on IT Providers: United States. “Such transitions are extremely difficult, requiring quite a lot of experience to hold out effectively. Demand for IT safety consultants will even help positive aspects, as cyber threats proceed to emerge.”
8. Buses
Buses might not bounce to thoughts as a development trade, however the demand for buses within the U.S. is predicted to rise 8.1% per yr, reaching 56,200 items in 2026 from a base of 38,000 items in 2021, per Buses: United States.
“Bus gross sales will develop quickly as operators change growing old fashions after delaying bus purchases, colleges throughout the US buy new buses, and demand for electrical, hybrid, and compressed pure fuel/liquefied pure fuel (CNG/LNG) buses (notably transit buses) climbs,” the report states.
A high-growth phase to look at is motor coaches, which can profit from a restoration within the tourism and journey sector as considerations over COVID-19 calm down.
9. E-Commerce
Already a large trade—valued at $956 billion in 2021—e-commerce is predicted to proceed its strong development path with annual positive aspects of seven.7% to achieve a price of $1.4 trillion in 2026, based on E-Commerce: United States.
E-commerce retailers are set to reap the rewards of the enduring development of dwelling buying, together with rising ranges of disposable earnings and simpler entry to credit score for customers. Conventional bodily shops will additional leverage e-commerce to spice up gross sales and supply prospects the selection of retailer pickup or returns, as they proceed to refine their omnichannel methods.
10. Pet Merchandise and Providers
Pet dietary supplements was already highlighted above as a development market, however the broader pet market is predicted to advance at a wholesome charge as properly. U.S. retail gross sales of pet services and products is projected to complete $192 billion in 2027, representing annual will increase of seven.3% from $135 billion in 2022, as reported by Pet Merchandise & Providers: United States.
The report explains that each one main pet trade sectors “will proceed to profit from the pandemic-heightened give attention to well being and wellness, which ought to serve to bolster all ‘premium well being’ segments by motivating pet homeowners to keep up proactive measures towards preventive well being.”
Further Rising Industries to Watch
This text options knowledge on 10 booming industries to look at within the U.S. in 2023, however it’s possible you’ll have an interest to find out about a couple of different prime contenders which have an annual development charge above 6%. These embrace fairly a spread: medical companies, knowledge processing and internet hosting, corrugated bins utilized in e-commerce, US music manufacturing, and farm tractors, amongst others.
The place to Be taught Extra
For extra in-depth info, you should definitely discover the total assortment of experiences by Freedonia Focus Studies, which offer recent, unbiased evaluation on all kinds of markets and industries. Printed in 20-30 pages, these experiences assist readers rapidly perceive your entire market and the place it’s headed subsequent, with info on market dimension and trade output; segmentation; market drivers, constraints, and key indicators; and segment-by-segment outlooks in five-year forecasts. Studies may be bought individually or by way of a subscription.
Concerning the Creator: Sarah Schmidt is a Managing Editor at MarketResearch.com, a main supplier of worldwide market intelligence services and products.
