What is the Biggest Industry in Asia?
The regions of Asia have been in the spotlight for several years and are most often considered the fastest growing economies in the world. They are also interested in investors from the private and public sectors.
When it comes to foreign trade, China has become a force to be reckoned with after joining the World Trade Organization. On the other hand, the leading role in technological innovations is played by other Asian countries, i.e. Singapore and Japan.
The Asian emerging economies will account for 60% of global growth in the next ten years. China alone will contribute 27% of this.
Below you will find the top 10 largest industries and sectors in Asia from the Datantify database:
1. Copper Ore Mining
Revenue for 2022: $13,626,3B
China is the world’s largest copper consuming country as well as an importer of copper. Within five years to 2026, revenues are expected to increase for this industry. As the industry operates in an increasingly difficult environment, Chinese copper smelters are projected to acquire reserves overseas over the next five years.
The number of mines in the Datantify database: 7,146
2. Building Construction
Revenue for 2022: $2,475,7B The construction sector is very important to economic development. A significant part of the most stakeholder companies in the construction industry also operates in the field of civil engineering, development, and professional engineering services. Operating in various sectors allows you to reduce costs and maintain a stable source of supply. Industry revenues are expected to grow over the next five years. The number of companies in the Datantify database: 169,789
3. Real Estate Development
Revenue for 2022: $2,086,6B
This industry deals with the management and development of real estate, buildings and infrastructure projects. Companies in this industry also include sellers and landlords. Along with rapid urbanization and a large population, the demand for housing is increasing. The industry’s revenues are projected to increase in the next five years.
The number of companies in the Datantify database: 137,864
4. Online Shopping
Revenue for 2022: $1,774,1B
It includes companies that use or offer e-commerce platforms to buy and sell online. Internet companies are constantly developing their services thanks to the ever-growing popularity of e-commerce. Significant growth is expected in this industry within five years.
The number of companies in the Datantify database: 24,241
5. Bridge, Tunnel and Subway Construction
Revenue for 2022: $1,412,4B
The tasks of this industry include the construction of bridges, subway and underground tunnels, construction of expressways and railroads. This industry has grown rapidly over the past five years. Revenue in this industry is projected to continue to increase due to urbanization and the increasing movement of people between cities and states.
The number of companies in the Datantify database: 3,983
6. Software Development
Revenue for 2022: $1,220,5B
This industry includes companies that supply software; application, system and support. The operators also include software-related services, i.e. testing, outsourcing, analysis and design. Growth in this industry continues and has greatly expanded its progress over the past five years. This industry is expected to grow steadily over the next five years, and so will increase its revenues.
The number of companies in the Datantify database: 86,603
7. Steel Fabricators
Revenue for 2022: $952,1B
The steel industry creates steel products that come in a wide variety of shapes, applications and sizes. He carries them out with various processing methods. Growth in this industry has been low but stable over the past five years. In the long term, however, there are promising realities with China becoming more urbanized and the government’s focus on infrastructure.
The number of companies in the Datantify database: 17,257
8. Engineering Services
Revenue for 2022: $885,5B Provides engineering services and management of construction works, pre-construction engineering and design. Economic growth has created a large market for engineering services for decades. The demand for homeownership has increased significantly and is likely to remain strong, and as a result total industry revenues will increase. The number of companies in the Datantify database: 27,656
9. Commercial Banks in China
Revenue for 2022: $760,7B
Commercial banks provide loan services, accept savings and deposits, and provide transactional and financial services for entrepreneurs. For the banking industry, income is defined as net operating income plus interest and fees. The assets of the commercial banking sector are expected to increase over the next five years.
The number of companies in the Datantify database: 394,131
10. Oil Wholesaler
Revenue for 2022: $708,4B
Operators of this industry are mainly involved in trading crude oil and its products, including gas. Over the past five years, the oil industry has been fueling the strong and rapid growth of the economy. Industry revenues are expected to increase due to rising oil prices. The wholesale oil industry is predicted to grow.
The number of companies in the Datantify database: 4,361
Conclusion
Inflation in Asia has not accelerated as much as in Europe or the USA. The theme that looms over any economic perspective is the increasing impact of climate change, and Asia is very much at the epicenter. Asia faces the greatest financial needs for the necessary energy transition. Asia emits more greenhouse gases than any other region and will therefore have to do its best to change its production and consumption habits. It is likely to suffer the most economic damage from climate change.