Growth Industry

A growth industry refers to an industry sector or a product set that experiences rapid above-average growth. In recent years, the technology sector has been most closely associated with above-average growth in advanced and developing economies, but any sector or product can be a growth industry. Rapid growth can be created by regulation or shifting consumer choice (i.e. demand for electric or hybrid vehicles in an environment when production of petrol and diesel cars is being phased out and growing consumer consciousness of climate-change issues), through mass-marketing, media hype, or through shifting consumer preferences.