Connect with us

Globalization

Charted: The Industries Where Asian Companies are the Strongest

Published

on

A chart showing the the share of Asian companies in the top 3,000 global firms—measured by market cap in 2020—broken down by sector and industry.

The Industries Where Asian Companies are the Strongest

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 gross domestic product.

However, manufacturing isn’t all what Asia is known for anymore. Here’s a full list of the top Asian companies’ share in various industries.

IndustryAsian Share of Top 3,000 CompaniesRevenue Share (%)Patent Share (%)
Consumer electronics69%64%77%
Industrial electronics62%68%91%
Electric vehicles67%45%96%
Semiconductors57%45%54%
Consumer internet39%32%12%
Biopharma26%9%3%
E-commerce22%31%50%
Online payments19%17%<1%

Note: The top 3,000 companies list is industry agnostic; companies are classified by sector according to their main business.

Another fast-growing industry where Asian companies are thriving is in the consumer internet services space. Asia is home to half of the world’s internet users, which is driving innovation within the region’s online services industry.

And even though Asia is home to “only” 22% of e-commerce companies within the top 3,000, these firms accounted for 50% of patents granted.

Five Distinct “Asias”

Asia is of course a vast place, and for this reason McKinsey divides the Asia-Pacific region into five distinct “Asias” to get a more granular view. For the most part, they use UN country groupings here, though McKinsey notes it excludes parts of Western Asia (i.e. the Middle East) due to dissimilarities with other Asia-Pacific economies:

  • Advanced Asia: High per-capita GDP, urbanization, and connectivity. Includes Australia, New Zealand, Japan, South Korea, and Singapore.
  • China: 18% of global GDP and population.
  • Emerging Asia: Southeast Asia, strong regional connections and trade. Includes Indonesia, Vietnam, Thailand, and others.
  • India: 18% of global population but only 3% of global GDP.
  • Frontier Asia: Limited integration, large populations and potential. Includes Pakistan, Bangladesh, Sri Lanka, and others.

McKinsey noted that the region is economically integrated—without formal political governance and despite sometimes being at odds with each territorially—with 59% of Asian trade done with other Asian countries.

Click for Comments

Globalization

Charted: Countries Offering Digital Nomad Visas

Mexico and El Salvador offer the longest visa for digital nomads.

Published

on

This bar chart shows all the countries that offer digital nomad visas as of May 2024.

Charted: Countries Offering Digital Nomad Visas

This was originally posted on our Voronoi app. Download the app for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources.

A digital nomad visa allows individuals to live and work remotely in a foreign country for an extended period, usually six months to a year. It’s often accessible to self-employed or remote workers employed by entities outside the host country.

This graphic shows the countries that offer digital nomad visas as of May 2024. The data comes from various visa programs around the world and was compiled by CNBC.

Dozens of Options to Work Abroad

Over 40 countries offer digital nomad visas.

Mexico and El Salvador offer the longest visas, with a duration of four years. In El Salvador, however, the worker has to apply for an extension to obtain the maximum length of stay.

CountryRegionMax Length of Stay (months)
🇸🇻 El SalvadorAmericas48
🇲🇽 MexicoAmericas48
🇨🇾 CyprusEurope36
🇬🇷 GreeceEurope36
🇦🇬 Antigua and BarbudaAmericas24
🇨🇷 Costa RicaAmericas24
🇨🇴 ColombiaAmericas24
🇪🇨 EcuadorAmericas24
🇭🇺 HungaryEurope24
🇱🇻 LatviaEurope24
🇳🇴 NorwayEurope24
🇷🇴 RomaniaEurope24
🇩🇲 DominicaAmericas18
🇵🇦 PanamaAmericas18
🇭🇷 CroatiaEurope18
🇦🇮 AnguillaAmericas12
🇧🇸 The BahamasAmericas12
🇧🇧 BarbadosAmericas12
🇧🇲 BermudaAmericas12
🇧🇷 BrazilAmericas12
🇨🇼 CuraçaoAmericas12
🇬🇩 GrenadaAmericas12
🇲🇸 MontserratAmericas12
🇱🇨 Saint LuciaAmericas12
🇺🇾 UruguayAmericas12
🇦🇱 AlbaniaEurope12
🇨🇿 Czech RepublicEurope12
🇪🇪 EstoniaEurope12
🇬🇪 GeorgiaEurope12
🇮🇹 ItalyEurope12
🇲🇹 MaltaEurope12
🇵🇹 PortugalEurope12
🇪🇸 SpainEurope12
🇲🇾 MalaysiaMiddle East and Asia12
🇰🇷 South KoreaMiddle East and Asia12
🇹🇷 TürkiyeMiddle East and Asia12
🇦🇪 United Arab EmiratesAfrica12
🇨🇻 Cape VerdeAfrica12
🇧🇿 BelizeAmericas6
🇨🇦 CanadaAmericas6
🇮🇸 IcelandEurope6
🇲🇺 MauritiusAfrica6
🇸🇨 SeychellesAfrica6
🇳🇦 NamibiaAfrica6

Iceland, with a minimum income requirement of $85,000 per individual per year, and Belize, with a requirement of $75,000 per individual per year, have the highest minimum income requirements for digital nomads.

The most common length of stay is one year. This range includes sunny locations like The Bahamas and Bermuda, as well as countries with large economies like Italy and Brazil.

Many countries, like South Korea, Spain, and Portugal, offer a shorter period of stay (one year or less) but allow workers to renew their visas.

If you enjoyed this post, check out Ranked: The Cities with the Best Work-Life Balance in the World. This graphic lists the top cities in the world that encourage work-life balance.

Continue Reading
Appian-Capital

Subscribe

Popular