Fastest Growing Industries by Exports in the US in 2023

1. Hybrid & Electric Vehicle Manufacturing in the US

Growth in Exports for 2023: 75.0%

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 29.6% to $88.8 billion over the past five years, including... Learn More

2. 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

3. 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

4. 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

5. Potato Chip Production in the US

Growth in Exports for 2023: 20.9%

The Potato Chip Production industry has faced hurdles from rising health consciousness, even as it has remained a staple of the American diet. The potato chip was invented in 1853 and has been America's number-one snack food for more than 50 years. The popularity of the product is often renewed annually in part due to major sporting events, such as the Super Bowl. While the COVID-19 pandemic derailed economic growth, it generated additional demand for potato chips as consumers spent more time at home, increasing snacking habits. Despite the turbulence of the pandemic, discretionary income levels have climbed, propelling growth... Learn More

6. Commercial Cooking Equipment Manufacturing in the US

Growth in Exports for 2023: 20.2%

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

7. 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

8. 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

9. Aircraft, Engine & Parts Manufacturing in the US

Growth in Exports for 2023: 16.3%

Airplane, engine and parts manufacturers develop and produce planes, rotorcraft, engines and related components for the civil and defense markets. Despite COVID-19 collapsing demand for air travel and new airplanes, newfound growth followed and a surge of air transit led to strong revenue growth, with revenue increasing at a CAGR of 3.7% to $323.1 billion over the five years to 2023, including a 7.8% increase in 2023 alone.

Strong demand dynamics have supported large commercial aircraft production and related components. Growing emerging markets have led to increased global air travel and encouraged airlines to upgrade their aircraft fleets. Fuel-efficient aircraft becoming... Learn More

10. Robotic Surgery Equipment Manufacturing in the US

Growth in Exports for 2023: 16.2%

Since the US Food and Drug Administration (FDA) approved Intuitive Surgical's da Vinci surgical system in 2000, the Robotic Surgery Equipment Manufacturing industry has surged. Surgeons use robotic surgery equipment for complex surgical procedures that may be arduous to navigate without 3D imaging providing real-time feedback to surgeons. According to Intuitive Surgical, the industry's leading manufacturer, more than 7,544 hospitals have installed da Vinci systems by December 2022 (latest data available). Healthcare providers and patients have favored robot-assisted surgery because of quicker patient recovery times, less blood loss and less pain. Robust demand from hospitals, particularly large and smaller, critical-access... Learn More