Despite looming economic challenges, a diverse range of industries in the United States are poised for rapid growth over the next five years. Drawing on current data from Freedonia Focus Reports, a research division within MarketResearch.com providing comprehensive insights into more than 500 market segments, this article spotlights several high-growth industries in the U.S. that should be on your radar in 2023 and beyond.
These industries have gained fresh momentum due to disruptive technologies or have consistently performed well for years. Explore the list below to discover some of the surprising sectors making waves.
- Automotive Batteries The demand for automotive batteries in the United States is projected to skyrocket at a 12% annual increase, rising from $7.2 billion in 2021 to an impressive $12.8 billion in 2026. This growth is primarily driven by the proliferation of hybrid and electric vehicles (HEVs), which utilize more expensive batteries than traditional vehicles. The rise in HEV usage is a pivotal driver of expansion in the automotive battery market.
- Pet Supplements The pet supplement market has experienced remarkable growth, thanks to heightened consumer interest in health and wellness, especially during the pandemic. In 2022, this market achieved an impressive double-digit growth rate of 10.5%, surpassing the $1.0 billion mark. Pet owners now view supplements as essential purchases, shifting from the previous perception of being optional.
- Motion Pictures The U.S. motion picture and video industry, estimated at $97.8 billion in 2022, is set to grow to $153 billion by 2027, with a 9.3% annual growth rate. This expansion is driven by the ongoing surge in streaming platforms and associated revenue, along with price increases due to inflation. Providers in this industry are also eyeing untapped global markets to further bolster royalty payments.
- Credit Cards The general-purpose credit card and debit card payments market is on a rapid ascent, expected to reach $13.7 trillion in 2026, with an annual growth rate of 8.9% from $9.8 trillion in 2022. Leading brands like Visa, Mastercard, American Express, and Discover dominate this space. However, potential credit card regulation and the emergence of account-to-account transfers could impact market growth.
- Dairy and Egg Alternatives Plant-based dairy and egg alternatives are flourishing as consumers become increasingly health and environmentally conscious. Retail sales of these products are projected to grow by 8.9% annually between 2022 and 2027, reaching $9.6 billion.
- Plant and Cultured Cell-Based Meat Alternatives Sustainability and animal welfare concerns are fueling the market for plant and cultured cell-based meat alternatives, with an expected annual growth rate of 8.4% between 2022 and 2027, reaching $2.6 billion. Plant-based chicken is expected to witness significant product introductions in the coming years.
- IT Technical Consulting Services IT technical consulting services are poised for robust growth, with U.S. revenues forecasted to expand at an 8.2% annual rate until 2026. Corporate initiatives focused on infrastructure updates, including cloud solutions, and the need for expertise in managing these transitions will drive demand for IT security consultants.
- Buses The demand for buses in the United States is expected to rise by 8.1% annually, reaching 56,200 units in 2026 from a base of 38,000 units in 2021. This growth is attributed to the replacement of aging models, increased bus purchases by schools, and rising demand for electric, hybrid, and compressed natural gas/liquefied natural gas (CNG/LNG) buses.
- E-Commerce E-commerce, valued at $956 billion in 2021, is set to maintain robust growth with annual gains of 7.7%, reaching $1.4 trillion by 2026. Factors contributing to this growth include the enduring trend of home shopping, rising disposable income, and improved consumer access to credit.
- Pet Products and Services The broader pet market, which includes pet products and services, is expected to grow at a healthy rate, totaling $192 billion in 2027, with annual increases of 7.3% from $135 billion in 2022. The pandemic’s heightened focus on pet health and wellness continues to motivate pet owners to invest in proactive measures.
Additional Growing Industries to Monitor In addition to the highlighted industries, several other sectors are poised for growth with an annual growth rate exceeding 6%. These include medical services, data processing and hosting, corrugated boxes used in e-commerce, U.S. music production, and farm tractors, among others.
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