Fastest Growing Industries by Exports in the US in 2023

1. Smart Thermostat Manufacturing in the US

Growth in Exports for 2023: 42.9%

The Smart Thermostat Manufacturing industry is anticipated to grow rapidly over the five years to 2020. Demand for smart thermostats has been driven by the rise in environmental consciousness coupled with the rising accessibility of fast and inexpensive broadband connections. Additionally, smart thermostats typically generate more cost savings than their more analogue counterparts. This is due to their advanced sensors, remote connectivity and friendlier user interfaces. Despite rising popularity, the industry is expected to be derailed in 2020 due to the economic downturn caused by the COVID-19 (coronavirus) pandemic. Taking these factors into account, IBISWorld expects industry revenue to increase... Learn More

2. Printing, Paper, Food, Textile & Other Machinery Manufacturing in the US

Growth in Exports for 2023: 37.2%

The Printing, Paper, Food, Textile and Other Machinery Manufacturing industry is a collection of several subsegments that produce industrial machinery for their respective downstream manufacturing industries. Demand hinges on activity in discrete downstream markets, as downstream producers purchase machinery in response to domestic and international demand for manufactured goods. Therefore, the industry is influenced by the overall level of industrial production and the amount of private investment in industrial equipment across the economy. IBISWorld estimates industry revenue to increase at an annualized rate of 2.2% to $31.0 billion over the five years to 2022 primarily due to increased private investment... Learn More

3. ATV Manufacturing in the US

Growth in Exports for 2023: 33.4%

Over the five years to 2022, revenue for the ATV Manufacturing industry is expected to decrease slightly. Improving economic conditions in recent years have supported the industry, but not enough to offset losses amid the decline in spending due the COVID-19 (coronavirus) pandemic. All-terrain vehicles (ATVs) are four-wheeled vehicles equipped with wide tires that have a deep tread suitable for various conditions and terrains. Industry operators manufacture ATVs for recreational and utility purposes, in addition to associated vehicle parts. Since ATVs are primarily a discretionary purchase, industry revenue tends to be cyclical in nature. As a result, sales typically ebb... Learn More

4. Hybrid & Electric Vehicle Manufacturing in the US

Growth in Exports for 2023: 26.4%

The Hybrid and Electric Vehicle Manufacturing industry has boomed as the use of renewable energy sources surged in popularity. Hybrid electric vehicles (HEV) and electric vehicles (EV), including plug-in electric vehicles (PEV) and plug-in hybrid electric vehicles (PHEV), have seen a dramatic rise in sales amid elevated oil and gas prices. With concerns about the environment, new entrants continue to flood in looking to establish market share. New government incentives and infrastructure funding have increased the accessibility of electric and hybrid vehicles domestically. Industry-wide revenue has increased at an annualized 24.0% to $48.1 billion over the past five years, including... Learn More

5. 3D Printer Manufacturing in the US

Growth in Exports for 2023: 25.7%

The 3D printer manufacturing industry has seen significant growth over the past five years, increasing at a CAGR of 14.6% to $7.7 billion, which includes 19.1% growth in 2023 alone. As prices for 3D printers declined, additive manufacturing has become more attractive to both businesses and consumers. The outbreak of COVID-19, which led to massive supply disruptions, has led the public and the government to consider new applications of 3D printing. The Additive Manufacturing (AM) Forward program, launched by the Biden Administration in 2022, focuses on advancing the development and adoption of 3D printing technologies in the US.

Additive manufacturing has... Learn More

6. Generic Pharmaceutical Manufacturing in the US

Growth in Exports for 2023: 21.6%

The Generic Pharmaceutical Manufacturing industry is a globalized industry that manufactures drugs originally protected by patents. Revenue growth depends on patent expirations, FDA approvals of new drug applications and competition from foreign companies. Over the past five years, revenue has grown at a CAGR of 0.9% to $53.8 billion, which includes a 14.2% increase in 2023 alone. Unlike brand name drug manufacturers, companies in this industry have not benefited much from the COVID-19 pandemic. The main challenge for the industry has been to retain prices at acceptable levels. While prices for branded drugs have risen, prices for generic drugs have... Learn More

7. Industrial Hemp Production in the US

Growth in Exports for 2023: 19.6%

As a nearly brand-new industry, the Industrial Hemp Production industry is currently in a period of explosive growth. Industrial hemp, which has become synonymous with the name hemp, is a variety of cannabis with only trace amounts of tetrahydrocannabinol (THC). With few exceptions, until 2018, hemp production was illegal in the US. However, the 2018 Farm Bill legalized hemp growing on the grounds that the hemp grown have a THC content of less than 0.3% by weight. Upon legalization, the Industrial Hemp Production industry boomed as companies rapidly entered the industry to take advantage of the high demand for hemp-based... Learn More

8. Plastics & Rubber Machinery Manufacturing in the US

Growth in Exports for 2023: 18.6%

The Plastics and Rubber Machinery Manufacturing industry produces machinery used to make or process plastic and rubber products, such as equipment for blow molding, extruding and injection molding. Machinery produced by this industry is used by downstream customers to manufacture various goods for numerous end markets. Industry revenue generally benefited over the five years to 2022 as improving business conditions and sentiment drove investment in higher efficiency and lower energy equipment. However, purchases of new equipment suddenly fell in later in the period as a result of the COVID-19 (coronavirus) pandemic and the marked decline in global macroeconomy activity. Overall,... Learn More

9. Car & Automobile Manufacturing in the US

Growth in Exports for 2023: 16.6%

The Car and Automobile Manufacturing industry has had a bumpy road over the five years to 2022. During much of the period, improvements to the economy have helped the auto sector overall. However, declining prices for fuel and crude oil over the past decade have helped bolster demand for trucks and sport utility vehicles at the expense of compact cars and sedans. Furthermore, automakers' response to changing consumer preferences has been to shift production away from industry-relevant vehicles. As a result, industry revenue has suffered during the period, while the COVID-19 (coronavirus) pandemic accelerated industry decline trends. Recently rising fuel... Learn More

10. Meat Alternatives Production in the US

Growth in Exports for 2023: 16.5%

Producers of meat alternatives enjoyed growth as producers capitalized on growing consumer trends, like health consciousness and moving away from meat products in general, accounting for environmental- and cost-based decisions. Perhaps most notably, producers have exhibited substantial growth as new companies began operating and competing with one another to satisfy growing consumer demand. Industry-wide revenue has been growing at a CAGR of 16.2% over the past five years and is expected to total $8.5 billion in 2023, when revenue will jump by an estimated 9.4%.

Retailers remain the primary source of growth for producers of meat alternatives. Nonetheless, producers... Learn More