Fastest Declining Industries in the US by Revenue Growth (%) in 2021

1. Armored Vehicle Manufacturing

2019-2020 Revenue Growth: -17.3%

The Armored Vehicle Manufacturing industry experienced significant growth over the five years to 2020. Industry operators research, develop, manufacture, modify and repair military armored vehicles, including infantry fighting vehicles, armored personnel carriers, mine-resistant ambush protected (MRAP) vehicles, self-propelled artillery and armored utility vehicles. Prior to the five-year period, industry revenue declined dramatically as US spending on industry products fell. However, this trend reversed in the current five-year period as the United States began to increase defense spending and ramp up key industry programs. Consequently, industry revenue is expected to increase at an annualized rate of 3.6% to $2.6 billion over... Learn More

2. Campgrounds & RV Parks in the US

2019-2020 Revenue Growth: -13.1%

Over the five years to 2020, the Campgrounds and RV Parks industry has experienced steady growth. The industry is primarily driven by travel-related trends because trips to campgrounds and RV parks are considered cost-efficient alternatives to traditional vacations. An increasing amount of time spent on leisure and travel has contributed to steady growth for industry operators. Furthermore, high employment and disposable income levels led to heightened levels of domestic travel during the five-year period. Amid the COVID-19 pandemic, the industry has further benefited as a form of accommodation with low exposure risk. Consequently, the industry has increased at an annualized... Learn More

3. Department Stores in the US

2019-2020 Revenue Growth: -11.2%

The Department Stores industry has continued its long-term decline over the five years to 2020, with revenue expected to fall at an annualized rate of 9.0% to $111.0 billion. The industry's decline has been accentuated by an estimated 18.6% fall in 2020 alone due to the COVID-19 (coronavirus) pandemic. Additionally, while rising competition from e-commerce has accelerated declines, revenue contraction is primarily attributable to the increasing number of major players that have expanded their product ranges to include groceries, which transitions their revenue to the Warehouse Clubs and Supercenters industry (IBISWorld report 45291), a trend that is expected to continue.

Over... Learn More

4. DVD, Game & Video Rental in the US

2019-2020 Revenue Growth: -10.2%

The DVD, Game and Video Rental industry includes operators that primarily engage in renting DVD, videos and computer and video games. Over the five years to 2020, the growing popularity and dominance of video on demand (VOD) and streaming services have hampered demand for traditional DVD renting services, forcing brick-and-mortar operators, such as Blockbuster LLC, into bankruptcy. Furthermore, as online streaming services are able to competitively price their products, they have forced industry operators to accept lower rental prices. As a result, industry operators have struggled with consistently declining demand for their services. IBISWorld estimates that industry revenue has fallen... Learn More

5. Piece Goods, Notions & Other Apparel Wholesaling in the US

2019-2020 Revenue Growth: -10.1%

The Piece Goods, Notions and Other Apparel Wholesaling industry's revenue is expected to decline over the five years to 2020. A combination of rising import penetration, intense price competition and vertical integration has caused industry revenue to contract at an annualized rate of 11.9% to $8.2 billion over the five years to 2020. Although a forecast rebound in metal and mineral commodity prices in the period stimulated demand from the industry's mining market in more recent years, such growth will not be sufficient to compensate for continued declines in demand from the industry's apparel manufacturing and wholesale markets. In 2020,... Learn More

6. Credit Repair Services

2019-2020 Revenue Growth: -8.9%

The Credit Repair Services industry largely performs countercyclical to the overarching business cycle; therefore, the currently favorable economic environment, characterized by rising disposable income and low unemployment, has proved unfavorable for the industry. Additionally, many debt-ridden consumers have chosen not to seek out industry services and instead file for bankruptcy or take advantage of free online services. Consequently, industry revenue is expected to decline at an annualized rate of 7.1% to $3.0 billion over the five years to 2019, including a 10.1% decrease in 2019 alone.

Factors influencing demand for credit repair services include rising incomes in the United States, increasing... Learn More

7. Tank & Armored Vehicle Manufacturing in the US

2019-2020 Revenue Growth: -8.7%

Over the five years to 2020, the Tank and Armored Vehicle Manufacturing industry benefited from a rising geopolitical tensions after taking a direct hit from plummeting demand prior to the period. Industry players research, develop, manufacture, modify and repair military armored vehicles, self-propelled artillery and tanks. Before the current five-year period, as the United States began to scale down combat operations in the Middle East, the defense budget was reduced, sequestration kicked in and spending on industry products plunged. However, in more recent years, the defense budget has returned to accelerated growth, helping industry revenue boom during the five-year period.... Learn More

8. Hand Sanitizer Manufacturing

2019-2020 Revenue Growth: -8.2%

Operators in the Hand Sanitizer Manufacturing industry produce hand sanitizer products in a variety of forms, including foam, gel, wipes and liquid, along with dispensers for industry products. Industry revenue has experienced healthy growth, rising an annualized 3.9% to $74.4 million over the five years to 2020, including an increase of 16.6% in 2020 alone due to heightened demand as a result of the recent COVID-19 (coronavirus) outbreak. Besides the ongoing coronavirus outbreak, growth can largely be attributed to heightened consumer health consciousness over the past five years leading to a rise in total health expenditure. Additionally, a renewed focus... Learn More

9. Postal Service in the US

2019-2020 Revenue Growth: -7.4%

Over the five years to 2020, the Postal Service industry, analogous with the United States Postal Service (USPS), experienced increasingly difficult operating conditions and ultimate revenue declines. Committed retiree payouts have resulted in the USPS posting negative profit since 2006, unable to reduce its largest operating expense. While economic conditions improved during much of the period, as demonstrated in part by rising disposable income and a low unemployment rate prior to 2020, the USPS remains mired in losses. The growth of online services, such as mobile banking and e-mail, has strained demand for traditional postal services during the five-year period,... Learn More

10. Data Recovery Services

2019-2020 Revenue Growth: -6.6%

The Data Recovery Services industry in the United States salvages computer files from damaged, failed, corrupted or inaccessible storage media. Although the increasing number of households with at least one computer and the rising popularity of electronic devices were expected to provide ample demand for industry services, options for data recovery and data loss prevention have expanded in recent years, and demand for industry services has declined. Over the five years to 2020, industry revenue is estimated to fall an annualized 9.5% to $9.1 million, with an expected decline of 14.2% in 2020 alone, accelerated by the effects of the... Learn More