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Fastest-Growing Industries in 2020: They Might Surprise You

When 2020 began, many of us had a list of New Year’s Resolutions and the intent to see our professional and personal lives grow. The Covid-19 pandemic brought a series of unexpected challenges that, in many ways, centered on small businesses. The virus and its economic consequences quickly rerouted the fastest-growing industries in 2020 into unexpected routes.  

We know that restaurants, salons, bars, recreation spaces, and other small businesses that rely on in-person services have been struggling. So which businesses are doing well during 2020?   

Fastest-Growing Industries

When we talk about the business sector of the economy, we simply mean the economic activity produced by companies and not households, the government, or nonprofits. We split this into different industries or groups of businesses that do similar kinds of things. 

It’s important to look both at the big picture and the more local scene – what industry is poised to do well over the coming decades and what industry is doing well where you live? For example, surf shops may be growing exponentially, but if you live in Indiana that’s probably not the small business you should be starting.  

So with both a global and local view in mind, let’s take a look at what some studies have revealed as the fastest-growing industries in 2020.  

Automotive

This one might come as a surprise. How can the automotive industry be growing if everyone is staying at home? While long road trips and gadding about might be down, for now, most people still rely on their cars to get to work, the grocery store, their kids’ school, and other essential errands. 

Businesses that can adapt to new technologies in the automotive sector will be poised to succeed in the coming few decades, as the much-anticipated driverless car market is projected to be worth $7 trillion by the year 2050.  

Additionally, since the sale of new vehicles has experienced a downturn, that means that more drivers will need parts and repairs for their older cars. This is good news for a small business that deals in these services – especially if they can offer online sales.  

Learn more how you can fund your own auto shop here.  

Digital Services

In the old days, businesses had to hire large marketing or PR firms to create marketing materials, graphics, and internal IT systems. Today, local boutique businesses and even remote companies are providing these services at reduced rates.  

Clients in these fields often hire for specific projects – like a website or brochure redesign – over the all-encompassing marketing strategies of the past. If your business finds a niche, like marketing for car dealerships for example, it can easily grow a successful business with just a few clients.  

While no one knows whether or not the remote-working shifts of 2020 will remain permanently, it’s safe to say that many people have adjusted to the convenience of ordering goods and services online. If your business can adapt to these changes, you will be set to grow in the future.  

Home Improvement

We all know someone who had to cancel a vacation due to the pandemic. For many people, those savings were spent on making home a little more fun or comfortable. One study put the 2020 home improvement industry at its strongest in 10 years.   

While the do-it-yourself lifestyle continues to be fashionable, many people are also strapped for time these days as work, family, and home responsibilities are all in flex. Therefore, they are willing to hire a local business or contractor to complete that basement remodel or install a new deck for the family to enjoy.  

This is one small business area where it really pays to have both an online and in-person presence. Customers increasingly appreciate the ability to browse and purchase products virtually, while also having a real person to confer with and give guidance.  

Final Thoughts

We just highlighted 3 of the fastest-growing industries in 2020. Other small businesses like cleaning serviceshome health care, and online food and grocery ordering also did quite well in 2020. While this has been a challenging year for everyone, businesses that can adapt to the needs of their customers still have the opportunity for growth.  

Sources:

https://www.ibisworld.com/united-states/industry-trends/fastest-growing-industries/

https://www.startingbusiness.com/blog/fastest-growing-industries-decade

https://www.weforum.org/agenda/2020/04/post-pandemic-economy-favour-fastest-movers/

https://ipropertymanagement.com/research/home-improvement-industry-statistics

https://www.excellentwebworld.com/how-to-start-a-business-from-scratch/

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