Sidoti Deck
Key End Markets
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Global Automotive Parts / Passenger Vehicle
Modest market growth expected in 2024, with the market
improving from a constrained year in 2023.
Growth expected to overcome weaker economic outlook
which historically prompts contractions in light vehicle (LV)
output.
More normalized supply-side & vehicle pricing strategy
expected to provide further support to 2024.
Source: GlobalData
1 Medical Components
•
Orthopedic sales expected to increase 3.4% for 2023 and
3.4%-3.7% year-over-year through 2026.
Comm'l
Auto Parts/
Vehicle,
10%
Passenger
Vehicle
40%
Grid and
Electrical, 20%
•
.
Procedure volumes in most product segments and geographic
regions have normalized since COVID-19.
While there may be pockets of backlogged procedures that
produce a market demand tailwind, this anticipated upside
may be partially offset by staffing shortages.
Medical,
4%
Source: ORTHOWORLD
NN
NN Inc., Sidoti Deck | November 2023
General
Industrial,
21%
Commercial Vehicle
Global heavy-duty truck market estimated at 3.1
million units in 2023.
Heavy-duty commercial vehicle sector is expected to
continue to expand annually, delivering a CAGR of
3.3%, reaching 3.7 million units by 2028.
Source: GlobalData
Grid and Electrical Investment
Global power grid market expected to grow at a CAGR of
4.37% thru 2032.
Growing energy needs from residential and industrial
sectors, the ongoing shift towards renewable energy
sources, and the adoption of new technologies are
projected to drive the levels of market demand across
the forecast period.
Source: Polaris Market Data
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