The last 30 years of globalization have benefited Asia greatly.
As a result of deepening trade relations and access to other markets, Asian companies have grown in output and prominence. But which sectors do they excel in?
Using data from McKinsey Global Institute we visualize Asian companies’ share of the top 3,000 global companies, broken down by industry, revenue, and patent share.
A top 3,000 company was defined as having a market capitalization of over $5 billion in 2020.
Ranking Asia’s Strongest Industries
Unsurprisingly, among the top 3,000 companies globally, Asian companies are most prevalent in the manufacturing sector. Specifically, the region’s strength is in industries like consumer electronics, industrial electronics, electric vehicles, and semiconductors.
For many Asian countries, manufacturing is the bulwark of the economy. In Asia’s largest economy, China, the manufacturing sector accounts for nearly one-third of economic output. In Asia’s 13th-largest economy, Vietnam, it accounts for almost one-fourth of the gross domestic product.
However, manufacturing isn’t all that Asia is known for anymore.