Biggest Industries by Revenue in the UK in 2023

1. Supermarkets in the UK

Revenue for 2023: $187.6B

Industry revenue is expected to grow at a compound annual rate of 0.5% over the five years through 2022-23 to reach £190.8 billion. Changing shopping habits, the aggressive expansion of discount supermarkets and increased external competition have influenced industry performance over the past five years. The largest operators have cut prices to attract greater loyalty from their customers. The Big Four's grip on the industry has weakened because of intense price competition on profit margins. Supply chains have also been disrupted due to a shortage of heavy goods vehicles drivers, which has inflated purchase costs. Nevertheless, supermarkets have been expanding... Learn More

2. Pension Funding in the UK

Revenue for 2023: $155.9B

The Pension Funding industry comprises defined benefit (DB) schemes and defined contribution (DC) schemes. Over the past decade, the industry has been transformed by the ongoing shift from DB to DC schemes, which in 2021-22 are estimated to account for 61% and 39% of total industry assets respectively. Industry revenue, which is calculated by combining contributions and investment returns, has increased over the past five years. The increase in contributions was fuelled by the phased introduction of automatic enrolment in pension schemes, which began in October 2012 and was fully phased in by February 2018. Record high levels of employment... Learn More

3. Construction Contractors in the UK

Revenue for 2023: $113.6B

Operators in the Construction Contractors industry are active across the building construction and civil engineering markets. Despite operators being remunerated for completing new building and infrastructure construction contracts or fulfilling maintenance, repair, renovation and remodelling contract obligations, the spectrum of services offered by civils and general building contractors in this industry is multifaceted. Some contractors focus on new dwellings construction, while civil engineering specialists afford clients services across the infrastructure value chain. Moreover, some contractors specialise in commercial building activity, while many independent contractors may focus on small-scale maintenance contracts in local markets.

Over the two years through 2019-20, revenue grew,... Learn More

4. Hospitals in the UK

Revenue for 2023: $112.7B

The Hospitals industry provides medical, diagnostic and treatment services at general and specialised hospitals. A growing and ageing population has increased demand, but public healthcare budgets have failed to keep pace with this, which has aided demand for private hospitals as a greater number of patients seek private treatment. Over the five years through 2022-23, industry revenue is expected to rise at a compound annual rate of 2.4% to reach £112.9 billion.

The outbreak of COVID-19 (the coronavirus) necessitated the release of significant government funding to help hospitals boost their capacities to treat afflicted patients. NHS funding rose from £148.9 billion... Learn More

5. New Car & Light Motor Vehicle Dealers in the UK

Revenue for 2023: $101.9B

New car dealers' revenue is anticipated to fall at a compound annual rate of 5.9% over the five years through 2022-23 to £101.9 billion. New car registrations have been inching downwards – the result of skyrocketing fuel prices and a weak pound restricting sales. At the same time, weak consumer confidence disposable incomes, caused by Brexit, the COVID-19 pandemic and the ongoing cost-of-living crisis – curbed spending on big-ticket discretionary products, like new cars. Many have been drawn to the used car market instead.

In 2020-21, the COVID-19 outbreak decimated the industry. Car dealers were forced to close their doors for... Learn More

6. Banks in the UK

Revenue for 2023: $101.0B

Over the five years through 2022-23, UK banks' revenue is expected to decline at a compound annual rate of 0.5% to £109.6 billion, including anticipated growth of 14.8% in the current year. Low interest rates after the financial crisis limited the interest earned by banks from loans, hitting income. At the same time, a stricter regulatory environment, including increased capital requirements introduced under the Basel III banking reforms and ring-fencing regulations, constricted lending activity. To protect their profitability, banks have shut the doors of lots of branches and made substantial job cuts.

The COVID-19 outbreak triggered a dramatic decline in revenue... Learn More

7. General Insurance in the UK

Revenue for 2023: $74.4B

Over the five years through 2022-23, the General Insurance industry's revenue is forecast to edge downwards at a compound annual rate of 1.5%. After Solvency II regulations were brought in at the start of 2016, buffer requirements constricted capital. More recently, the COVID-19 pandemic severely disrupted insurance patterns and claims, with some lines (like car insurance) becoming considerably more profitable, with the opposite true for others (like income protection).

Following what looked like a strong recovery in 2021-22, the Russian invasion of Ukraine has created yet more disruption the insurance sector, especially for aviation and maritime insurance, pressured by war-related risks... Learn More

8. Fuel Wholesaling in the UK

Revenue for 2023: $70.2B

Players in this industry sell a range of fuel products and some by-products from the petroleum refining process. Industry revenue has been volatile over the past five years, as it's heavily determined by shifting crude oil prices. Plummeting demand during the COVID-19 outbreak led to historically low prices over 2020-21, causing a sharp dip in profit. OPEC+ manipulates oil prices through controlling the global supply of oil, adjusting production quotas, strategic communication, and collaboration with other major oil producers. Cuts to production by OPEC+ led to prices recovering to pre-pandemic levels in February 2021. Demand for oil has remained elevated... Learn More

9. Management Consultants in the UK

Revenue for 2023: $70.1B

Over the five years through 2022-23, revenue is projected to climb at a compound annual rate of 2.3%. This growth has primarily been driven by an enhanced demand for IT consulting services. In addition, regulatory changes in the financial services sector, the industry's largest downstream market, have benefitted the industry, as banks and other financial institutions have required assistance to reformulate business strategies and operations to comply with new policies.

Plunging business confidence following the COVID-19 outbreak reduced demand for consulting services in 2020-21, as downstream companies held back on expanding their operations in the immediate aftermath of the outbreak. In... Learn More

10. Residential Building Construction in the UK

Revenue for 2023: $66.8B

The Residential Building Construction industry's performance is contingent on the propensity of property developers to invest in new ventures; movements in property prices; government schemes intended to boost the housing supply; and underlying sentiment in the housing market, which influences property investment and mortgage market activity. Revenue expanded in 2018-19 with the support of government programmes and new funding to induce land development and housebuilding activity. However, lower levels of homeowner equity discouraged spend on home improvement. Additionally, with property price inflation remaining lacklustre, the yield on housing units sold posted correspondingly tentative growth. In 2019-20, revenue declined, owing to... Learn More