In this article we are going to list the top 5 fastest growing industries in the world. For a detailed coverage of this topic and a more comprehensive look, please take a look at the 15 fastest growing industries in the world.
5. Car and Automobile Sales
Revenue Growth 2019-2020: 16.6%
The car and automobile sales industry has experienced a significant growth in the past five years. The industry retails new and used motor vehicles through car dealerships, commission agents, and car auctions. Products sold include passenger vehicles, SUVs, buses, recreational vehicles, ambulances, and fire trucks. This industry does not include motorcycles and mopeds.
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4. Casinos and Gambling
Revenue Growth 2019-2020: 17.6%
Casinos and gambling has been a thriving industry for the last few decades for a number of reasons. The legalization of gambling and its related activities and the growth of tourism and urbanization in other economies have all contributed to its rapid growth and record-breaking revenue figures. It is reported that in 2020, the market size of the global casinos and online gambling industry reached $227 billion. Tourist hotspots like Las Vegas, Nevada in the United States, and Macau bring in billions in casino and gambling revenue each year. An example of the flourishing industry is Las Vegas Sands Corporation, (NYSE: LVS), a casino and resort company in Las Vegas reporting a revenue of $13.2 billion in 2019.
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3. Deep Sea, Inland, and Coastal Water Transportation
Revenue Growth 2019-2020: 23.6%
The industry of Deep Sea, Inland, and Coastal water transportation is mainly responsible for the transportation of cargo and passengers across the world’s waterways. This industry has exhibited strong growth over the past five years, with increased global per capita income and production activity heavily supported by developed economies. Even with the recent pandemic cutting demands of the industry, the revenue has been sustained by cruise line operations and global consumer spending, primarily in first-world economies. Jobs in this industry include captains and pilots of water vessels, sailors and marine oilers, and ship engineers.
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2. Heavy Duty Truck Manufacturing
Revenue Growth 2019-2020: 29.0%
The Heavy-Duty Truck Manufacturing industry has experienced a steady increase in the years 2015-2020. Heavy duty trucks are used for a variety of activities, such as cargo transportation, logistics operations, construction, mining, etc. The high demand for heavy-duty trucks can be attributed to the growth in the construction, freight, and logistics sectors respectively, and rapid developments in road infrastructure all over the world. Globalization and increase in ease of travel has caused the construction sectors to boom, with rural areas all over the world becoming urbanized. This $400 billion industry is projected to increase even more in the coming years.
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1. Respiratory Ventilator Manufacturing
Revenue Growth 2019-2020: 54.8%
Respiratory ventilator manufacturing is our top industry for our list of 15 fastest growing industries in the world, with a growth rate of 54.8% in the past year. This industry is the top choice by a very wide margin, and this incredible surge in demand is attributed to the Covid-19 pandemic. A significant percentage of Covid-positive patients experience a decline in respiratory function, of which some develop critical symptoms requiring respiratory ventilators to assist them in breathing. Due to the increased demand for an urgent and constant supply of respiratory ventilators, the average-sized industry of respiratory ventilator manufacturing is experiencing a huge boom. The company ResMed Inc (NYSE: RMD) stock gained 35.6% against the 6.5% fall of its industry over the past year. Even companies like Dyson in the United Kingdom, which famously produces vacuum cleaners, reconfigured their manufacturing product line in just ten days to begin producing ventilators. With cases still rampant, this industry does not seem to be dying down anytime soon.
See also: 7 most profitable businesses with least investment and 10 most profitable industries in the world in 2020
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