– when an industry or market is described to be ‘worth an estimated x dollars’ what does that actually mean?

Question

– when an industry or market is described to be ‘worth an estimated x dollars’ what does that actually mean?

In: 45

Answer 1

It refers to the actual size of the opportunity for a particular product or solution. As an example, the global automotive manufacturing market was worth about 2.86 trillion U.S. dollars in 2021. The market is projected to grow to some 2.95 trillion U.S. dollars in 2022. This growth is a slow recovery, still under the industry’s 2019 market size.