According to a new study by Fact.MR, global bearing market growth will hover around 7% despite fundamental weaknesses induced by COVID-19 pandemic. Market players are readying for the opportunities as reversal of lockdowns has created stimulus in many markets. However, the uncertainty over second wave of the pandemic and lack of investor confidence can delay recovery to late 2021 or early 2022, according to the study.
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Key Takeaways from Bearing Market Report
- Global bearing market is anticipated to witness over 7% CAGR through 2030
- Market growth highly dependent on automotive sector revival
- Ball bearing continues to be the top-selling product
- End-users continue to show marked preference for unmounted variants
- APAC will maintain a lead as the largest market throughout the forecast period
- Growing use of innovative bearing technology in construction creating new growth avenues
- Steady penetration of EV likely to create opportunities in the long run
“While there has been a gradual reopening of economy, the weakness in automotive and construction sector will continue to impact market growth through 1st quarter of 2022,”says a Fact.MR analyst.
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Key Segments Covered
- Product
- Ball Bearing
- Roller Bearing
- Plain Bearing
- Other Bearings
- Bearing Type
- Unmounted Bearing
- Mounted Bearing
- Component
- Bearing Balls
- Bearing Rollers
- Bearing Cages
- Bearing Rings
- Other Bearing Components
- Application
- Automotive Bearings
- Construction Bearings
- Aerospace Bearings
- Power Transmission Bearings
- Oil & Gas Bearings
- Agriculture Bearings
- Other Applications
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Report Benefits & Key Questions Answered
- Bearing Market Category and segment level analysis: Fact MR provides a detailed analysis of the factors influencing sales growth across key segments. It highlights key growth drivers and provides useful information for identifying sales prospects at the regional and local level.
- Bearing Market Historical volume analysis: The report provides a comparison of Bearing Market historical sales and projected sales performance for 2021-2031.
- Bearing Market Manufacturing trend analysis: The report offers a detailed analysis of manufacturing trends in the Bearing Market It carefully gauges the impact of changing healthcare needs of key demographics globally
- Bearing Market Consumption by demographics: The report investigates consumer behavior affecting Bearing Market demand outlook for the assessment period. Effect of their keenness for digital trends on Bearing Market is carefully analyzed
- Post COVID consumer spending on Bearing Market Consumption: Healthcare industry has been largely influenced by COVID-19 pandemic. The Fact MR Market survey analyzed consumer spending post COVID-19. It assesses how current trends that will influence expenditure on healthcare services, thus affecting Bearing Market growth.
For More Insights- https://www.einpresswire.com/article/556866054/sun-control-window-films-market-automotive-applications-to-garner-one-third-market-share
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