Table of Contents
Global Wireless Telecommunications Carriers
Global Life & Health Insurance Carriers
Global Pension Funds
Global Commercial Real Estate
Global Car & Automobile Sales
Global Car & Automobile Manufacturing
Global Direct General Insurance Carriers
Global Commercial Banks
Global Oil & Gas Exploration & Production
Global Auto Parts & Accessories Manufacturing
1. Global Wireless Telecommunications Carriers
Revenue for 2023: $1,102,684,1B
As a result of massive and diverse uses, demand for many individual telecom operators has grown, though industry revenue has not increased linearly at the global level due to rising competition among wireless telecommunications carriers in technologically pioneering nations. As a result, wireless telecommunications revenue is expected to only increase at a CAGR of 0.5% over the past five years to $1.7 trillion, including expected growth of 2.8% in 2023, as global 5G network deployments accelerate after the most volatile pandemic periods have wound down.
2. Global Life & Health Insurance Carriers
Revenue for 2023: $4,629,2B
The industry has decreased over the five years to 2023 despite the growth of global demand for insurance products. The industry provides essential risk management services to downstream consumers and is a vital part of the financial sector, particularly concerning the industry’s massive asset holdings. Industry operators protect individuals from current, immediate and long-term illness, injury and death costs. By merging various risks, life and health insurers protect a fraction of the potential loss. The role of life and health insurers has become increasingly important as the global population has aged.
3. Global Pension Funds
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.
4. Global Commercial Real Estate
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.
5. Global Car & Automobile Sales
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.
6. Global Car & Automobile Manufacturing
Revenue for 2023: $2,945,5B
Global car and automobile manufacturers benefited from strong consumer, business and government spending on passenger vehicles amid stable macroeconomic growth and historically low interest rates before the pandemic. Significant technological improvements, particularly regarding hybrid and electric vehicles, internal combustion engine fuel efficiency, infotainment development and autonomous driving capabilities, have also spurred global demand from the growing middle class. Even so, the pandemic led to a monumental slowdown, slashing vehicle demand.
7. Global Direct General Insurance Carriers
Revenue for 2023: $2,891,3B
The Global Direct General Insurance Carriers industry has faced challenges over the past five years, with issues such as a soft insurance market, low interest rates and numerous catastrophes affecting all operators in major markets. However, the rapid growth of emerging markets has slightly offset stagnating mature markets. An expanding middle class in countries like China has increased demand for insurance, driving industry growth.
8. Global Commercial Banks
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.
9. Global Oil & Gas Exploration & Production
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.
10. Global Auto Parts & Accessories Manufacturing
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.
Source from IBISWorld
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