Fastest Growing Industries by Exports in the US in 2024

1. Tank & Armored Vehicle Manufacturing in the US

Growth in Exports for 2024: 50.0%

The Tank and Armored Vehicle Manufacturing industry have benefited from rising geopolitical tensions after taking a direct hit from plummeting demand before the period. Companies research, develop, manufacture, modify and repair military armored vehicles, self-propelled artillery and tanks. As the United States began to scale down combat operations in the Middle East, the defense budget was reduced, sequestration kicked in, and spending on industry products plunged. Rising geopolitical tensions have caused a surge of US defense contracts with manufacturers for industry-relevant vehicles. Industry revenue has been growing at an annualized 6.3% over the past five years and is expected to... Learn More

2. Fruit & Nut Farming in the US

Growth in Exports for 2024: 31.2%

The industry produces a variety of non-citrus fruits and tree nuts for sale to fresh, processing and export markets. Although this industry has benefited from increased demand from wineries and exports, downward pressure due to supply chain disruptions caused by the COVID-19 pandemic and Russia's invasion of Ukraine has had greater impact on revenue growth. Industry revenue has fallen at a CAGR of 4.8% to $22.6 billion over the last five years as a result, including a 9.4% decline in 2023 alone.

Supply chain interruptions have not only increased the cost of producing fruit and nuts, but also the prices consumers... Learn More

3. Major Smart Appliance Manufacturing in the US

Growth in Exports for 2024: 29.0%

Major smart appliance manufacturers build smart household cooking appliances, refrigerators and laundry equipment. Revenue for the industry has surged during the current period because major smart appliances have become less expensive and more accessible to consumers, enabling manufacturers to sell to most households for the first time. Rising incomes during much of the current period also benefited the industry, as more money enabled consumers to purchase luxuries, such as major smart appliances. High input prices provided new revenue streams for manufacturers during the recovery from COVID-19, as companies passed on high costs to consumers. Interest rates have soared in recent... Learn More

4. Hybrid & Electric Vehicle Manufacturing in the US

Growth in Exports for 2024: 25.4%

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

5. Kombucha Production in the US

Growth in Exports for 2024: 24.4%

The industry is currently experiencing remarkable growth and success. With increasing consumer awareness and demand for healthier beverage alternatives, kombucha has emerged as a popular choice for health-conscious individuals. The industry has witnessed significant market expansion, with a wide range of flavors and varieties now available to consumers. Kombucha producers have tapped into consumer preferences by experimenting with different fruits, herbs, spices and unique ingredients, creating a diverse and appealing product portfolio. Overall, industry revenue has increased at a CAGR of 5.7% to $1.3 billion while entering 2023, including an increase of 0.8% in 2023 alone.

This growth can be attributed... Learn More

6. Cotton Farming in the US

Growth in Exports for 2024: 20.6%

The Cotton Farming industry has experienced extremely volatile operating conditions over the past five years. COVID-19 caused states and localities to enact quarantines, reducing consumer spending and demand for products made by textile mills and clothing manufacturers. Since these industries are critical cotton buyers, the pandemic caused industry revenue to decline. Plunging cotton prices worsened the industry's performance, as they reduced the value of sales. Surging commodity prices immediately following the pandemic contributed to a partial resurgence, but they also made substitutes more attractive. Trade wars and an appreciating dollar caused exports to fall. Since exports constitute a significant source... Learn More

7. Ship Building in the US

Growth in Exports for 2024: 18.4%

Shipbuilders design, build and repair ships and other vessels for military and commercial clients. Long project lead times, primarily for defense contracts, have led to a consistent flow of revenue, keeping shipyards busy with work. Defense budgets are set in advance and have increased yearly because of rising geopolitical tensions.

Shipbuilders are protected from foreign competition through protectionist policies like the Jones Act, which prohibits using foreign-built vessels on routes between US ports. While some military shipbuilders receive contracts from foreign countries, commercial shipbuilding is mainly domestic. An increase in US oil and gas production throughout the period has provided a... Learn More

8. Frozen Food Production in the US

Growth in Exports for 2024: 17.6%

Frozen food producers have expanded through the end of 2023 as boosting disposable income has allowed consumers to trade up to newer, healthier and premium varieties of goods that command higher retail prices. With more money to spend, some consumers have opted for fresh produce over frozen varieties, stifling expansion. Mounting health concerns have also led some consumers to purchase fewer frozen foods, which are often perceived as less healthy than fresher meals, despite new studies indicating otherwise. Frozen food producers have responded by introducing products with healthier, more nutritious ingredients. Frozen food producer revenue will climb at a CAGR... Learn More

9. Solar Panel Manufacturing in the US

Growth in Exports for 2024: 16.6%

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

10. Construction Machinery Manufacturing in the US

Growth in Exports for 2024: 16.4%

Construction machinery manufacturers produce equipment for residential, nonresidential, highway and other infrastructure construction. Demand for construction machinery depends on the level of private construction spending and government funding for infrastructure projects. The industry relies on international markets and is susceptible to changes in global trade conditions, such as tariffs, international conflicts and changes in regulations. Manufacturers are also affected by steel prices, which have been highly volatile through 2023.

Manufacturers have faced challenges regarding trade. A strong US dollar and tariffs on steel imports have made US-produced machinery less attractive abroad. Moreover, overall construction activity took a major hit during COVID-19,... Learn More