Based on the expert analysis and our database of 70+ Global industries, IBISWorld presents a list of the Biggest Industries by Revenue Global in 2023
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View a list of the Top 25 biggest industries by revenueRevenue for 2023: $4,629,2B
The Global Life and Health Insurance Carriers industry has decreased over the five years to 2021 despite growth in global demand for insurance products. The industry provides crucial risk management services to downstream consumers and is a vital part of the financial sector, particularly with respect to the industry's massive asset holdings. Industry operators protect individuals from current, immediate and long-term costs arising from illness, injury and death. Life and health insurers provide protection at a fraction of the potential loss by merging various risks. The role of life and health insurers has become increasingly important as the global population... Learn More
Revenue for 2023: $4,015,9B
The Global Pension Funds industry has experienced strong growth as a result of favorable investment returns and growing levels of contributions over most of the five years to 2021. Pension funds, composed of defined benefit (DB) and defined contribution (DC) plans, have been the primary means for meeting the retirement requirements of an aging global population. Industry revenue consists of contributions, investment income, net sales of securities and more. Positive investment returns from equities have driven the growth of revenue despite volatility in financial markets. As a result, industry revenue is expected to grow an annualized 3.9% to $4.0 trillion... Learn More
Revenue for 2023: $3,915,4B
The Global Commercial Real Estate industry has grown over much of the five years to 2022. However, investor confidence slightly declined over the same period, decreasing an annualized 0.2%. Additionally, the outbreak of COVID-19 (coronavirus) severely constricted demand as economic uncertainty skyrocketed. Particularly, industry revenue declined 7.2% and 4.0% in 2020 and 2021, respectively. As a result, industry revenue is expected to slightly decline an annualized 0.3% to $4.2 trillion over the five years to 2022, despite an anticipated increase of 1.1% in 2022 as the economy recovers from the coronavirus pandemic.
The growth of a country's economy tends to boost... Learn More
Revenue for 2023: $3,600,5B
Over the five years to 2022, revenue for the Global Car and Automobile Sales industry is expected to fall primarily due to the economic fallout associated with the COVID-19 (coronavirus) pandemic. Despite early-period growth, declines in automobile sales in many European nations, trade tensions between the United States and China and upward price pressure due to a global semiconductor shortage have undermined industry expansion during the period. Recoveries from the pandemic have been muted as the conflict between Russia and Ukraine has curbed GDP growth in that region, while inflationary pressure in the United States is anticipated to offset the... Learn More
Revenue for 2023: $2,891,3B
The Global Direct General Insurance Carriers industry has encountered headwinds over the five years to 2021, as a softening insurance market, low interest rates and numerous catastrophic disasters have hurt operators in major mature markets. However, the growth of emerging markets has outpaced the slowdown in mature markets, driving the growth of the industry over the past five years. The growth of the middle class in emerging markets, such as China, has underpinned the expansion of demand that has driven the industry's growth as more consumers have purchased insurance products. As a result, industry revenue is forecast to rise an... Learn More
Revenue for 2023: $2,712,9B
The industry closely follows global economic performance since demand for loans is heavily influenced by business and consumer confidence as well as the level of activity that requires financing. The strong global economic performance fueled by the United States and emerging markets, such as China and South East Asia, are expected to improve from increased aggregate private investment, which has supported loan origination. Global commercial banks revenue has been growing at a CAGR of 0.8% over the past five years – including an estimated 0.1% drop in the current year – and is expected to total $2.8 trillion in 2023,... Learn More
Revenue for 2023: $2,689,0B
The Global Car and Automobile Manufacturing industry started the five years to 2022 flat out with consumers, business and government spending more than ever on passenger vehicles amid stable macroeconomic growth and historically low interest rates. Significant improvements on the technological front, particularly in regard to hybrid and electric vehicles, internal combustion engine fuel efficiency, infotainment development and autonomous driving capabilities, have also spurred demand from a more affluent private sector for new vehicles. However, the industry was very quickly forced into unfamiliar territory when the COVID-19 pandemic led to a monumental slowdown in demand for and supply of passenger... Learn More
Revenue for 2023: $2,073,5B
Operators in the Global Oil and Gas Exploration and Production industry find and extract crude oil and natural gas from oil and gas reserves across the world. Over the five years to 2022, the prices of crude oil and natural gas have fluctuated despite steady growth in production, which has caused revenue fluctuations. Slowing global demand alongside continually rising supply caused prices to plummet prior to the period and in 2020, before rapid growth in both 2021 and 2022. Overall, industry revenue is forecast to grow an annualized 12.3% to $5.0 trillion over the five years to 2022, including forecast... Learn More
Revenue for 2023: $1,827,9B
Revenue for the Global Auto Parts and Accessories Manufacturing industry has decreased at a CAGR of 6.3% over the past five years – including stagnating in 2023 alone – and is expected to total $1.9 trillion in 2023, when profit is set to drop to 5.3%. The auto parts aftermarket has helped generate revenue as average vehicle ages have increased. Demand for this segment tends to rise with the number of vehicles in use, and therefore, as more individuals take to the roads, demand for replacement parts increases.
The problems with the global supply chain due to COVID-19 deeply affected industry... Learn More
Revenue for 2023: $1,574,8B
Companies operating in the Global Engineering Services industry apply the physical laws and principles of engineering to design and develop structures, machines, materials, instruments and other processes and systems. Services also include providing advice, feasibility studies, designs and technical services during construction or development. Consequently, the performance of the industry relies on investment trends and the overall health of the economy to fuel projects where engineering services are needed. Strong investment in major markets, such as the United States, Europe and East Asia, has driven industry growth in recent years. As a result, industry revenue is anticipated to grow an... Learn More
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