Transportation Manufacturing Led The Top Ten Fastest Growing Markets up to 2019, at 6.89% CAGR
LONDON, Jan. 27, 2020 /PRNewswire/ -- Transport manufacturing was the fastest growing large market globally in the last ten years with average annual growth of around 7% per annum. This rapid growth in the transportation manufacturing market was due to increase in new vehicle sales in rapidly developing countries such as China and India owing to increasing disposable incomes, increased demand for hybrid electric vehicles, availability of credit, and low fuel prices.
The global hospitality market was not far behind the transportation manufacturing market, growing at a similar rate. The growth of the travel and tourism industry in the historic period, driven by improved earning capacities and changing consumer preferences propelled the growth of the overall hospitality market. Concepts of hospitality apps and social hospitality gained popularity, thereby fueling the demand for services such as non-residential accommodation, and food and beverage service providers.
The global social services market ranked as the third fastest growing market in the historic period, growing year-on-year at around 6%. Rapid urbanization increased the demand for child care and educational services in both developed and developing countries. The largest segment of the social services market was the global educational services market, valued at $3,167 billion in 2019.
The fourth fastest growing market in the historic period was the global food and beverages market, which also grew at a rate of nearly 6% year-on-year- almost the same as the social services market's growth. The food and beverages market benefitted from increasing preference of processed and frozen food products during the historic period. Frozen foods products are easy to prepare and also help in reducing expenses. There was a 6% increase in frozen food sales in the UK in 2017. Going forward, growing consumer demand for convenience foods is expected to continue driving growth in this sector.
Having grown at 5.75% year on year, the global retail and wholesale market ranked the fifth fastest growing market up to 2019. The wholesale market was larger than the retail market in 2019, and will continue to be the faster growing market to 2023. Technology is an important driver of the retail and wholesale market. Areas of particular development are likely to be POS (point-of-sale) technology, beacons, robotics, automation, wearables, augmented reality, and 3D printing.
Markets that grew at around the same annual growth rates include the global services market and the global construction market, the global recreation market, the global transportation services market (5.29%), and the global information technology market. Among these top ten markets that grew the fastest historically, the global retail and wholesale market will put on the most value by 2023, at nearly $100 billion.
2020 onwards, the markets listed above present significant business opportunities. These markets will continue to grow at a steady pace, and provide new market entrants with the chance to generate revenues by being part of the market competition.
The figures are based on the Global Market Model's data, showing the Top Ten Fastest Growing Markets which are grounded on information from noteworthy trends, drivers, and restraints to forecast the next ten years. This article summarizes the fastest growing global markets as forecasted for the inaugural year, 2020.
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