Market Overview
The United States is the largest consumer market globally with a GDP of over $19 trillion and a population of almost 327 million. As one of the world’s most diversified economies, it accounts for almost 13% of global trade and 17% of global manufacturing. Ireland enjoys a unique advantage in trading with the US because of our deep historical links. Relations between the two governments are exceptional and cooperation at an institutional level is excellent including research, innovation and education. The US is Ireland’s second largest export market, with almost 800 Irish companies operating across the United States.
$19.36 Trillion GDP
$51,638 GDP per Capita
326,625,791 Population
Get Export Ready
The US has 50 states, four time zones and takes five to six hours to cross by aeroplane. To put it into context, Ireland would fit into the US 130 times over. There are also cultural differences between the north and south, as well as the east and west coasts. For this reason, it’s important not to treat the US as one market. It is crucial that you first identify the type of customer you hope to sell to, find the areas where they are most densely clustered, and how those customers like to buy their products.
Key Market Sectors
Enterprise Ireland is playing a key role in helping Irish companies discover export opportunities in the US market. As one of the world’s most diversified economies, successes are punctuated across all sectors.
As the largest consumer market globally, the US adds appeal to Irish businesses who want to scale, and develop a presence within their sector overseas.
Collaborations and established relationships in research, innovation and education opens up doors for Irish companies with innovations in medtech, fintech, ICT, IoT, digital, pharma and many others.
- The US accounts for well over a quarter of the world’s R&D spending across multiple industries, as well as almost 3% of US GDP.
- The National Science Foundation estimates that US R&D funding reached $510 billion in 2016.
- Research institutions play an important role in entrepreneurship across a broad range of other sectors. $67.2 billion was spent by universities on R&D in 2015.
Doing Business
Ireland is well positioned to do business in the US with direct flights to Miami, Philadelphia, Los Angeles, Charlotte and Seattle. It is worth visiting to assess on-the-ground opportunities, attend trade shows and connect with potential agents or clients, in person.
When you do win a local client, ensure they are pleased with your service and then shout about it. Use them as your local case study, it will help US buyers believe in your brand.
You must have an ‘elevator pitch’ ready at the drop of a hat and you should have a company slidedeck on hand that is short and to the point.
Best Routes to Market
Choosing the right route to market is very important.
Agents bring a deep understanding of local business practices and distributors can deliver products geographically across large nations. Joint ventures and acquisitions bring valuable established contacts, customers and market knowledge. Local representatives may not always be necessary with many global markets open to direct sales and prospecting from Ireland. Other markets require a ‘boots on the ground’ approach – the power of referrals and networking shouldn’t be underestimated. Geographically vast, the key routes to market in the USA are through networking – in person and via LinkedIn – as well as referrals from existing business contacts.
Download our Going Global Guide to the United States to find out more.
Before You Go
Before you go, we recommend you invest some time in researching the terrain before you explore the American market. Here’s a few starting points to consider…
- Market Landscape
- Market Trends
- Target Market
- Market Segmentation
- Market Competition
- Market Research Resources
Enterprise Ireland’s Market Research Centre offers client companies access to market intelligence in the form of company, sector, market, and country information to explore opportunities and compete in international markets.
Helping You Succeed
We are committed to helping you succeed in global markets and have an immense wealth of knowledge and expertise in the American market.
Enterprise Ireland assists clients entering new markets with pre-visit support, in-market support, international trade events, additional supports and access to mentors.
We have market advisers located in New York, Boston, Austin and California who are always available to support you and provide business expertise and on-the-ground knowledge.
USA – New York Office
Rory Power
Email
rory.power@enterprise-ireland.com
Address
Enterprise Ireland
345 Park Avenue, 17th Floor
New York
NY 10154-0037
Telephone
001 212-371-3600
001 212-371-6398
USA – Boston Office
Doreen McKeown
Email
doreen.mckeown@enterprise-ireland.com
Address
Enterprise Ireland
535 Boylston st, 5th Floor
Boston
MA 02116
Telephone
001 617-292-3001
001 617-292-3002
USA – Chicago Office
Donal Cummings
Email
donal.cummings@enterprise-ireland.com
Address
Enterprise Ireland
401 North LaSalle, Suite 1248
Chicago
IL 60611
USA – Austin Office
Paul Burfield, SVP West & Southern United States
Email
paul.burfield@enterprise-ireland.com
Address
Enterprise Ireland
515 Congress Ave Suite 1750
Austin
TX 78701
Telephone
001 512 792 5499
USA – Silicon Valley Office
Paul Burfield, SVP West & Southern United States
Email
paul.burfield@enterprise-ireland.com
Address
Enterprise Ireland
800 West El Camino Real
Suite 420 Mountain View
CA 94040
Telephone
001 650-294-4080
001 650-329-1818
Download our Going Global Guide or talk to one of our Enterprise Ireland market advisers in your closest US city, today. Find out how you can achieve your global ambition.
