Press release
Bearing Market 2020 to 2030 Likely to Experience a Tremendous Growth in Near Future
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.Get all of The Report Details@ https://www.factmr.com/report/5353/bearing-market
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
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EV Sales Can Open Up New Growth Avenues
According to Fact.MR analysis, use of bearings in EV can open up new avenues of growth for market players. While EV was growing steadily before 2020, the impact of the pandemic has been felt in this category as well.
However, the long-term prospects of EV remain bullish, which in turn, is likely to create significant opportunities for bearing demand.
The recent outbreak of novel coronavirus has slowed down the global bearing market growth significantly due to the various restraining factors such as shutting down of manufacturing units during long lock downs, unavailability of enough manpower, scarcity of raw materials, decrease in demand, and others.
To get exclusive insights on the keyword market, request for methodology here@ https://www.factmr.com/connectus/sample?flag=RM&rep_id=5353
Furthermore, the main end-user industries such as automotive, aerospace, construction, and others have got negatively impacted due to COVID-19, resulting in decline in market growth.
According to Fact.MR, the effect of COVID-19 pandemic is going to last till the end of this year. However, recovery is expected by first quarter of 2022.
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About Fact.MR
Market research and consulting agency with a difference! That’s why 80% of Fortune 1,000 companies trust us for making their most critical decisions. We have offices in US and Dublin, whereas our global headquarter is in Dubai. While our experienced consultants employ the latest technologies to extract hard-to-find insights, we believe our USP is the trust clients have on our expertise. Spanning a wide range – from automotive & industry 4.0 to healthcare & retail, our coverage is expansive, but we ensure even the most niche categories are analyzed. Reach out to us with your goals, and we’ll be an able research partner.
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