Audit Services industry revenue is expected to grow over the five years to 2020 due to increases in the number of businesses and initial public offerings (IPOs) during most of the period.

The industry experiences high consolidation as larger operators acquire smaller players to increase industry presence and services.

Overall, industry revenue is expected to increase at an annualized rate of 1.4% to $34.0 billion over the five years to 2020, with an expected 0.4% drop in 2020 alone.

The decline in 2020 is primarily a result of COVID-19 (coronavirus) effects on the industry, which has decreased corporate profit, the number of businesses and new IPOs, all of which are high-value opportunities.Industry profit, measured as earnings before interest and taxes, is estimated to reach 20.2% of revenue in 2020.

The Auto Extended Warranty Providers industry is anticipated to grow modestly as a result of macroeconomic growth, particularly at the consumer level, over the five years to 2019.

Industry operators provide automobile owners warranties that extend past the warranty a car’s manufacturer provides for a new vehicle.Additionally, participants in this industry include car manufacturers, car dealers and other third-party warranty providers.

The industry has benefited from the average age of the vehicle fleet in the United States increasing an annualized 0.9% to 11.9 years over the five years to 2019, as consumers typically purchase auto extended warranties or vehicle service contracts after their manufacturing warranty expires.Moreover, an increase in disposable income encourages consumers to purchase new vehicles, which bolsters sales of warranty plans offered by the manufacturer or dealer and benefits industry revenue.

Consequently, industry revenue is expected to increase at an annualized rate of 0.7% to $17.9 billion over the five years to 2019, including growth of 0.8% in 2019 alone.

Over the five years to 2019, the Audiobook Publishing industry has exhibited strong growth as consumer demand for audiobooks has increased.In particular, the simultaneous rise of the digital audiobook format and increased smartphone usage have made audiobooks more accessible to a wider audience than ever before.

During the five-year period, digital audiobooks have continued to eclipse other audiobook formats, as they facilitate greater economies of scale and higher profit margin.

Furthermore, shifting media consumption habits among consumers have largely been in favor of audiobooks.Stoked by the increasing popularity of podcasts and online radio shows, consumers have turned to audiobooks as a convenient form of entertainment and education.

Overall, increased accessibility and shifting consumer preferences have resulted in outsized growth for the Audiobook Publishing industry during the five-year period.

Research expects industry revenue to increase an annualized 18.5% to $1.1 billion over the five years to 2019, including projected growth of 17.8% in 2019 alone.

The Audio Production Studios industry has experience volatile conditions over the five years to 2020.

Online streaming services have sparked a structural change in how media is consumed, distributed and recorded.

Alongside new mediums for distribution, recent technological improvements in recording equipment have enabled musicians and artists to take more control over their content than ever before.

Thus, industry revenue has been volatile during the period, which provides clients with facilities and technical expertise in audio production and postproduction services.

An intensified focus on financial positions and net premium growth for liability insurance products have aided the Automobile Insurance industry over the five years to 2020.

Industry operators provide individuals and businesses with various lines of insurance needed to legally operate an automobile, as well as invest a portion of underwritten premiums in financial instruments.

Over the five years to 2020, the industry experienced rising premium prices as operators looked to rebuild profit margin and excess capital reserves.

Due to this trend, industry revenue is anticipated to increase at an annualized rate of 3.2% over the five years to 2020 to $308.8 billion.

Despite premium growth for the majority of the period, industry operators are expected to be negatively impacted by declining consumer confidence and investment income in 2020 as a result of fears surrounding the spread of coronavirus.

As a result, industry revenue is expected to decline 1.4% in 2020.

Despite this decline in 2020, industry profit margin, measured as earnings before interest and taxes, is expected to increase from 9.6% of industry revenue in 2015 to 11.6% in 2020, in part due to improved combined ratios during the latter portion of the period.

The Automobile Interior Manufacturing industry manufactures automobile seats and interiors, including upholstery, trimming, seat covers, seat frames and seat belts.

The industry also includes the production of seats for aircrafts, buses and trains.

Historically, automakers have been the main drivers of demand for the industry.

Over most of the five years to 2021, demand for total automobiles has been relatively muted.

As a result, upstream suppliers, such as industry automobile interior manufacturers, experienced tepid demand.

Additionally, due to the COVID-19 (coronavirus) pandemic, macroeconomic conditions began to deteriorate and demand for new automobiles plunged even further.

Overall, industry revenue has decreased at an annualized rate of 4.3% to $28.8 billion over the five years to 2021.

However, this includes an anticipated rise of 5.6% in 2021, as operators adjust further to pandemic conditions and the economy normalizes somewhat.

Operators in the Automobile Metal Stamping industry forge vehicle parts out of metal inputs, such as steel, aluminum and carbon fiber.

As a result, demand for industry products closely follows demand for finished vehicles, which improved over much of the five years to 2020 due to rising income and falling unemployment.

During the current period, domestic automakers increasingly shifted production schedules to focus on light-duty trucks and SUVs, aiding industry revenue.

Furthermore, low interest rates helped bolster consumer sentiment, encouraging consumers to spend money on big-ticket items, including vehicles.

However, as macroeconomic conditions deteriorated in 2020 due to the emergence of COVID-19 (coronavirus), so too did auto production and, therefore, industry revenue.

Overall, industry revenue is expected to decrease at an annualized rate of 4.6% to $30.8 billion over the five years to 2020, including an expected 16.3% drop in 2020 alone as car sales plummet in the aftermath of the pandemic.

The Automatic Fire Sprinkler System Manufacturing industry produces fire suppression products for use in residential and nonresidential buildings.

Automatic sprinklers typically consist of a network of pipes connected to a building’s water supply that detect heat and automatically release water to extinguish or control flames.

Since sprinklers are most commonly installed in new buildings, demand for industry products corresponds to the level of new construction activity in the United States.

Over the five years to 2020, the slow expansion in domestic construction markets has hampered sales of sprinkler systems.

Overall, Research

expects industry revenue to fall slightly at an annualized 0.1% to $387.3 million during the five-year period to 2020, including an anticipated 0.1% growth in 2020 alone.

The Automobile Brakes Manufacturing industry has experienced improved demand over most of the five years to 2021.

Brake manufacturers supply brakes and braking systems to two primary markets, including original equipment manufacturing (OEM) industries, which purchase braking systems for new automobiles; and aftermarket industries, which retail braking components to consumers for maintenance.

Gains in household income and consumer confidence, combined with low interest rates and pent-up demand, has supported increased car demand and production.

However, these trends reversed in 2020 due to the COVID-19 (coronavirus) pandemic and its effect on the economy.

As a result, automobile manufacturers have drastically cut production to avoid the accumulation of unsellable inventory, causing industry revenue to drop sharply and offset other gains experienced during the period.

Therefore, industry revenue has decreased at an annualized rate of 0.3% to $12.1 billion over the five years to 2021, including an expected increase of 5.1% in 2021 alone.