Report ID: UCMIG25A2038
Report ID:
UCMIG25A2038 |
Region:
Global |
Published Date: Upcoming |
Pages:
165
| Tables: 55 | Figures: 60
The global automotive bearing market had a size of USD 30.03 billion in 2020, and it is expected to grow from USD 31.08 billion in 2021 to USD 47.60 billion in 2028, with a compound annual growth rate (CAGR) of 6.28% during the period of 2021-2028. However, the COVID-19 pandemic had a negative impact on the demand for automotive bearings in all regions, resulting in a significant decline of -8% in 2020 compared to the average year-on-year growth from 2017 to 2019. Despite this, the market is expected to see a sudden increase in CAGR due to the growth and demand in this market, which is projected to return to pre-pandemic levels once the pandemic comes to an end.
This report is being written to illustrate the market opportunity by region and by segments, indicating opportunity areas for the vendors to tap upon. To estimate the opportunity, it was very important to understand the current market scenario and the way it will grow in future.
Production and consumption patterns are being carefully compared to forecast the market. Other factors considered to forecast the market are the growth of the adjacent market, revenue growth of the key market vendors, scenario-based analysis, and market segment growth.
The market size was determined by estimating the market through a top-down and bottom-up approach, which was further validated with industry interviews. Considering the nature of the market we derived the Auto Parts & Equipment by segment aggregation, the contribution of the Auto Parts & Equipment in Automobiles & Components and vendor share.
To determine the growth of the market factors such as drivers, trends, restraints, and opportunities were identified, and the impact of these factors was analyzed to determine the market growth. To understand the market growth in detail, we have analyzed the year-on-year growth of the market. Also, historic growth rates were compared to determine growth patterns.
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Report ID: UCMIG25A2038