Based on the expert analysis and our database of 1,300+ US industries, IBISWorld presents a list of the Industries with the Biggest Decline in Imports in the US in 2024
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View a list of the Top 25 industries with the biggest decline in importsDecline in Imports for 2024: -42.3%
The Headphone Manufacturing industry has grown considerably. Although competition from imports remains high, the industry has benefited from many technological developments sustaining demand for higher-quality domestic products, boosting exports. While foreign manufacturers win over price-sensitive consumers, domestic manufacturers can specialize in higher-end headphones, like Bluetooth-enabled and higher sound-quality headphones. In particular, rapid growth in the Bluetooth headphones product segment has benefited the industry, as many consumer electronics products offer wireless capabilities. Also, niche markets like gaming and luxury headphones have enabled certain companies to specialize in various headphones. Overall, industry-wide revenue has been increasing at a CAGR of 12.1% over... Learn More
Decline in Imports for 2024: -32.7%
Demand for Men's and Boys' apparel manufacturing is derived from downstream markets as well as trade conditions. Trade issues presented the industry with a tough road during the five-year period, beginning with the trade war in 2019 between the US and China, which led to messy trade relations, hindering industry exports. The trade war was preceded by COVID-19 and the related disruptions that ensued in 2020, further depressing exports and hindering revenue. To contend with the high level of competition from foreign manufacturers, players in the industry must offshore their manufacturing process to utilize the cheaper labor costs. Falling at... Learn More
Decline in Imports for 2024: -31.3%
The Semiconductor Machinery Manufacturing industry sells the equipment necessary to manipulate silicon on an atomic level and produce computer chips. Following oscillating consumer sentiment, projected outcomes for the tiny semiconductor machinery manufacturing industry reversed multiple times in a year. Although operators were damaged by employee lockdowns across Asia in the early days of COVID-19, raw income was boosted throughout the pandemic, increasing 25.6% in 2020 alone due to the unprecedented demand for electronics. Trends continued in 2021, driven by improving economic conditions and record prices for semiconductor components combined with federal government support to mitigate the global chip shortage. Semiconductor... Learn More
Decline in Imports for 2024: -26.7%
Solar panel manufacturers, which produce solar modules and cells in the United States, faced strong revenue growth. The industry has long been plagued by import penetration, specifically from Asian products, which flooded the US market with low-cost solar modules and cells. Rising tensions between the United States and China, which subsided once tariffs were imposed, but ultimately led to plummeting imports. Domestic manufacturers benefited tremendously from less competition and were enabled to raise prices. The current period's strong performance is directly linked to a continued public sentiment shift in favor of renewable energy, which will continue to accelerate given the... Learn More
Decline in Imports for 2024: -24.4%
The Women's, Girls' and Infants' Apparel Manufacturing industry is in a state of long-term decline, as low levels of domestic product innovation and a falling number of industry operators have caused revenue to decrease over the five years to 2023. Largely as a result of overwhelming import competition, industry revenue fell an annualized 2.9% to $3.2 billion over the five years to 2023, including an increase of 0.7% in 2023. Labor costs are significantly lower in developing countries and automation for apparel manufacturing is somewhat limited. As a result, most companies have moved overseas and domestic operators satisfy a relatively... Learn More
Decline in Imports for 2024: -21.6%
The Leather Good and Luggage Manufacturing industry has declined through the end of 2023. Consumers have increasingly satisfied their leather goods needs by purchasing inexpensive imported items, while domestic companies net less revenue from exports. Total import revenue continues to dominate the market and goods purchased from overseas businesses are expected to account for a significant share of domestic demand, satisfying 95.2% in 2023. Industry revenue has been shrinking at an average annualized 1.4% over the past five years and is expected to total $3.2 billion in 2023 when revenue slips by an estimated 0.6%. The average industry profit margin,... Learn More
Decline in Imports for 2024: -21.1%
The 2005 deregulation of the Tobacco Growing industry continues to linger over tobacco farmers. The removal of federal production quotas and price supports initiated an exodus that has continued into recent years. Without government support, small and otherwise unprofitable farmers have switched crops, dropping out of the industry entirely. With a consistent and downward annualized trend in the percentage of smokers and with the rise in substitute products such as electronic nicotine delivery systems (ENDS), the industry has been facing declining demand for a significant period. Amid the COVID-19 pandemic, tobacco farmers received some federal assistance as a part of... Learn More
Decline in Imports for 2024: -16.9%
The Commercial Cooking Equipment Manufacturing industry has grown, despite volatility in recent years. Through 2019, rising consumer spending, spurred by greater per capita disposable income and increased aggregate private investment, supported downstream demand. As consumers spent more on dining experiences, restaurants and other food-service companies invested in commercial cooking equipment to fulfill demand and adapt to the evolution of the restaurant industry. However, the COVID-19 pandemic injected volatility into the industry, as downstream demand dissipated in 2020 amidst widespread shutdown to stem the spread of the pandemic. Consumers have since returned to restaurants as the pandemic has abated, while downstream... Learn More
Decline in Imports for 2024: -15.9%
Recordable media manufacturers produce optical and magnetic media, including blank audio tapes, videotapes and diskettes. Companies also mass duplicate audio, video and software data on similar platforms. Through 2023, recordable media sales have plummeted as digital media streaming services revolutionize how individuals and businesses consume, store and interact with information. Consumer preferences have shifted toward streaming services and downloadable entertainment, while businesses have transitioned to digital software downloads and cloud data storage. The accessibility, convenience and affordability of services digital media platforms provide are key drivers of this shift. The pandemic has also accelerated consumer demand for video streaming subscriptions... Learn More
Decline in Imports for 2024: -13.6%
Revenue for the Table Salt Production industry has grown slowly over the five years to 2022, as consumers have become increasingly more health conscious and have attempted to mitigate their sodium intake. Over the five years to 2022, industry revenue is expected to increase at an annualized rate of 0.4% to $234.4 million. Moreover, the consumption of table salt is estimated to have boomed amid the COVID-19 (coronavirus) pandemic compared with prior years due to a significant rise in exports. Demand is expected to continue increasing as government restrictions ease and restaurants reopen. As a result, industry revenue is expected... Learn More
Based on the expert analysis and our database of 1,300+ US industries, IBISWorld presents a list of the Biggest Industries by Employment in the US in 2024
VIEW ARTICLEBased on the expert analysis and our database of 1,300+ US industries, IBISWorld presents a list of the Biggest Industries By Revenue in the US in 2024
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