The 10 Global Fastest Growing Industries
1. Global Airport Operation
2023-2024 Revenue Growth: 16.2%
Airport operators have faced complex operating conditions in recent years. Rising levels of airline passenger traffic before the COVID-19 pandemic enabled airports to earn significant revenue through passenger charges and services provided directly to airlines. At the same time, improving economic conditions increased corporate profit and fueled global manufacturing activity, causing airlines to operate more flights to transport greater quantities of cargo. The COVID-19 pandemic completely disrupted the industry in 2020, causing revenue losses of more than 40.0% in that year alone.
2. Global Hotels & Resorts
2023-2024 Revenue Growth: 13.6%
Over the five years to 2023, the Global Hotels and Resorts industry has expanded. Initially, strong growth before the pandemic occurred as consumers and businesses became more confident about their finances and spent more liberally on luxuries, including travel. This factor resulted in a substantial increase in hotel rooms and occupancy rates, two indicators of a hotel’s performance. Global tourist arrivals were also steadily increasing until a drastic drop in 2020 due to the worldwide spread of COVID-19. In 2020 alone, industry revenue declined 40.1% due to the pandemic effect.
3. Global Travel Agency Services
2023-2024 Revenue Growth: 11.8%
Global travel agencies’ revenue has grown despite core services dramatically changing due to consumers using online channels to research and book travel. Online booking agents now play a much more significant role alongside traditional brick-and-mortar travel agencies. International tourism thrived before COVID-19, but it severely cut into revenue in 2020, followed by a rebound in 2021 as the economy returned to normal. Global travel agencies’ revenue has expanded at a CAGR of 2.5% to $474.7 billion through the end of 2023, including a 9.9% increase in 2023 alone.
4. Global Tourism
2023-2024 Revenue Growth: 10.8%
The industry will increase at a CAGR of 0.8% to $2.3 trillion over the five years to 2023, including a growth of 13.9% in 2023 alone. Global tourism has performed well during most of the five-year period, with emerging economies stimulating growth. Countries in Asia and South America have experienced robust growth in per capita income, which has enabled consumers in these regions to take overseas trips in increasing numbers. But because of COVID-19, industry revenue collapsed 40.1% in 2020.
5. Global Airlines
2023-2024 Revenue Growth: 7.7%
Despite rising levels of airborne passenger and cargo traffic throughout much of the period, revenue for the Global Airlines industry has declined over the five years to 2022 as volatile fuel prices and growing competition, as well as the COVID-19 (coronavirus) pandemic, have placed downward pressure on airline ticket prices and freight shipping rates. At the same time, recent growth in global per capita income, in addition to other solid macroeconomic indicators, fueled demand for airline passenger transportation prior to the pandemic.
6. Global Reinsurance Carriers
2023-2024 Revenue Growth: 6.8%
The Global Reinsurance Carriers industry has encountered significant challenges over the five years to 2021. Some challenges include an operating landscape consisting of a soft pricing cycle, low interest rates, an increased occurrence of natural disasters and a global pandemic. All of these factors have contributed to the industry’s poor performance. As a result, industry revenue is expected to decline at an annualized rate of 1.6% to $228.1 billion over the five years to 2021, including a decline of 5.5% in 2021 alone. This decrease in 2021 can be mainly attributed to the ongoing COVID-19 (coronavirus) pandemic.
7. Global Casinos & Online Gambling
2023-2024 Revenue Growth: 6.7%
Global casinos and online gambling businesses are still reeling from the aftereffects of the pandemic, with some rebounding swifter than others, depending on their country of operation and specialization. Sinking tourism rates, especially in 2020, left many casinos in dire straits, even if they were able to remain open in some capacity. Many have since reopened, welcoming eager tourists, but some, like those in Macau, continue experiencing operational delays related to the pandemic in 2023.
8. Global Commercial Aircraft Manufacturing
2023-2024 Revenue Growth: 6.3%
The Global Commercial Aircraft Manufacturing industry is involved in manufacturing, rebuilding and maintaining planes, helicopters, aircraft engines and various aircraft components and subsystems for the commercial market. Over the five years to 2022, industry revenue is expected to decline at an annualized rate of 3.1% to $298.3 billion. The outbreak of COVID-19 (coronavirus) has led to reduced sales due to lower demand from downstream markets and supply chain issues. The industry experienced a partial recovery in 2021 due to improvements in the global economy and worldwide efforts to constrain the spread of the disease.
9. Global Architectural Services
2023-2024 Revenue Growth: 6.2%
The Global Architectural Services industry has contracted over the five years to 2021. Despite economic growth and an infusion of government-funded building projects in emerging nations fueling revenue early during the period, the industry did not fare as well during the latter half of the period. Plus, the ongoing COVID-19 (coronavirus) pandemic has decreased employment and consumer spending in developed economies, in addition to negatively affecting the global economic operating environment. As a result, industry revenue is forecast to decrease an annualized 2.6% to $181.1 billion over the five years to 2021.
10. Global Heavy-Duty Truck Manufacturing
2023-2024 Revenue Growth: 5.9%
The Global Heavy-Duty Truck Manufacturing industry has experienced an eventful time over the past five years. Governments across the globe have imposed new regulations aimed at reducing truck emissions. Truck prices typically increase when new standards are introduced due to higher research and development costs to make truck emissions compliant. Truck buyers are aware of this trend, and when legislation change is announced, buyers tend to purchase vehicles in anticipation of rising prices once the new law is implemented.Despite rising regulations, the industry grew before the pandemic due to growth in emerging economies such as China and India.
Source from IBISWorld