The Armored Vehicle Market is expected to register a CAGR of 3.7% from 2025 to 2031, with a market size expanding from US$ XX million in 2024 to US$ XX Million by 2031.
The report is segmented by Platform (Combat Vehicle, Combat Support Vehicle, Unmanned Armored Ground Vehicles); By Propulsion (Conventional, Electric); By Application (Defense, Commercial), By Vehicle Type (Armored Personnel Carrier, Infantry Fighting Vehicle, Main Battle Tanks, Tactical Truck, Others). The global analysis is further broken-down at regional level and major countries. The Report Offers the Value in USD for the above analysis and segments.
Purpose of the ReportThe report Armored Vehicle Market by The Insight Partners aims to describe the present landscape and future growth, top driving factors, challenges, and opportunities. This will provide insights to various business stakeholders, such as:
- Technology Providers/Manufacturers: To understand the evolving market dynamics and know the potential growth opportunities, enabling them to make informed strategic decisions.
- Investors: To conduct a comprehensive trend analysis regarding the market growth rate, market financial projections, and opportunities that exist across the value chain.
- Regulatory bodies: To regulate policies and police activities in the market with the aim of minimizing abuse, preserving investor trust and confidence, and upholding the integrity and stability of the market.
Armored Vehicle Market Segmentation
Platform- Combat Vehicle
- Combat Support Vehicle
- Unmanned Armored Ground Vehicles
- Conventional
- Electric
- Defense
- Commercial
- Armored Personnel Carrier
- Infantry Fighting Vehicle
- Main Battle Tanks
- Tactical Truck
- Others
Strategic Insights
Armored Vehicle Market Growth Drivers- Contracts for Armored Vehicles: The growing number of contracts for armored vehicles is another major factor supporting the market growth. For instance, in February 2024, Elbit Systems won a contract worth US$ 300 million to supply armored vehicle systems to a European customer. Similarly, June 2024, BAE Systems awarded contract worth up to US$ 44 million to Tatra Defense Vehicle of the Czech Republic, for the welding, paint, and installation of hull insulation for BvS10 vehicles in the new three-nation Collaborative All-Terrain Vehicle (CATV-3N) program.
- Increase in Border Security and Counter-Terrorism Operations: Countries with significant border security concerns and counter-terrorism operations, especially in regions like South Asia, Africa, and the Middle East, are increasingly adopting armored vehicles to safeguard their borders, patrol conflict zones, and combat organized crime.
- Growth in Military Modernization Programs: Armored vehicles are a critical component of modernization programs aimed at enhancing the operational capabilities of national armed forces. Modern armored vehicles equipped with advanced protection systems, mobility, and firepower are being integrated into national defense strategies, contributing to market growth.
- Demand for International Defense Cooperation: Joint military exercises, peacekeeping operations, and international collaborations are driving the need for standardized, interoperable armored vehicles. NATO, the United Nations, and other international security organizations require armored vehicles for peacekeeping, humanitarian aid, and joint military operations, further boosting demand.
- Constant Growth in Military Budget Spendings: The growth in defense expenditures from different countries is one of the major factors likely to support the adoption of armored vehicles in the coming years. For instance, according to the SIPRI, the global military expenditure in 2022 was estimated to be around US$ 2.24 trillion that further reached to around US4 2.44 trillion in 2023. This shows an increase of around 6% in increase of military expenditure globally in 2023. Such surge in military budgets is likely to boost the growth of armored vehicle market in the coming years as well.
- Rising Demand for Tactical Vehicles: Law enforcement agencies around the world are increasingly utilizing armored vehicles to enhance their ability to respond to high-risk situations such as terrorist attacks, hostage rescues, and riots. Armored vehicles like SWAT trucks, riot control vehicles, and armored rescue vehicles are essential for ensuring the safety of law enforcement officers and civilians in public order situations.
Market Report Scope
Key Selling Points
- Comprehensive Coverage: The report comprehensively covers the analysis of products, services, types, and end users of the Armored Vehicle Market, providing a holistic landscape.
- Expert Analysis: The report is compiled based on the in-depth understanding of industry experts and analysts.
- Up-to-date Information: The report assures business relevance due to its coverage of recent information and data trends.
- Customization Options: This report can be customized to cater to specific client requirements and suit the business strategies aptly.
The research report on the Armored Vehicle Market can, therefore, help spearhead the trail of decoding and understanding the industry scenario and growth prospects. Although there can be a few valid concerns, the overall benefits of this report tend to outweigh the disadvantages.
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
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- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
- Request discounts available for Start-Ups & Universities
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
- Request discounts available for Start-Ups & Universities
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Platform, Propulsion, Application, Vehicle Type
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
This text is related
to country scope.
Frequently Asked Questions
Some of the customization options available based on request are additional 3-5 company profiles and country-specific analysis of 3-5 countries of your choice. Customizations are to be requested/discussed before making final order confirmation, as our team would review the same and check the feasibility.
The report can be delivered in PDF/PPT format; we can also share excel dataset based on the request.
The major factors driving the armored vehicles market are:
1. Contracts for Armored Vehicles
2. Increase in Demand for Safety During Border Security
Some of the major trends driving the armored vehicles market are:
1. Demand for Electric Propulsion Armored Vehicles
2. Demand for Military Vehicle Modernisation
The Armored Vehicle Market is estimated to witness a CAGR of 3.7% from 2023 to 2031
TABLE OF CONTENTS
1. INTRODUCTION
1.1. SCOPE OF THE STUDY
1.2. THE INSIGHT PARTNERS RESEARCH REPORT GUIDANCE
1.3. MARKET SEGMENTATION
1.3.1 Armored Vehicles Market - By Type
1.3.2 Armored Vehicles Market - By Mobility
1.3.3 Armored Vehicles Market - By Component
1.3.4 Armored Vehicles Market - By Region
1.3.4.1 By Country
2. KEY TAKEAWAYS
3. RESEARCH METHODOLOGY
4. ARMORED VEHICLES MARKET LANDSCAPE
4.1. OVERVIEW
4.2. PEST ANALYSIS
4.2.1 North America - Pest Analysis
4.2.2 Europe - Pest Analysis
4.2.3 Asia-Pacific - Pest Analysis
4.2.4 Middle East and Africa - Pest Analysis
4.2.5 South and Central America - Pest Analysis
4.3. ECOSYSTEM ANALYSIS
4.4. EXPERT OPINIONS
5. ARMORED VEHICLES MARKET - KEY MARKET DYNAMICS
5.1. KEY MARKET DRIVERS
5.2. KEY MARKET RESTRAINTS
5.3. KEY MARKET OPPORTUNITIES
5.4. FUTURE TRENDS
5.5. IMPACT ANALYSIS OF DRIVERS, RESTRAINTS & EXPECTED INFLUENCE OF COVID-19 PANDEMIC
6. ARMORED VEHICLES MARKET - GLOBAL MARKET ANALYSIS
6.1. ARMORED VEHICLES - GLOBAL MARKET OVERVIEW
6.2. ARMORED VEHICLES - GLOBAL MARKET AND FORECAST TO 2028
6.3. MARKET POSITIONING/MARKET SHARE
7. ARMORED VEHICLES MARKET - REVENUE AND FORECASTS TO 2028 - TYPE
7.1. OVERVIEW
7.2. TYPE MARKET FORECASTS AND ANALYSIS
7.3. COMBAT VEHICLES
7.3.1. Overview
7.3.2. Combat Vehicles Market Forecast and Analysis
7.4. COMBAT SUPPORT VEHICLES
7.4.1. Overview
7.4.2. Combat Support Vehicles Market Forecast and Analysis
7.5. UNMANNED ARMORED GROUND VEHICLES
7.5.1. Overview
7.5.2. Unmanned Armored Ground Vehicles Market Forecast and Analysis
8. ARMORED VEHICLES MARKET - REVENUE AND FORECASTS TO 2028 - MOBILITY
8.1. OVERVIEW
8.2. MOBILITY MARKET FORECASTS AND ANALYSIS
8.3. WHEELED
8.3.1. Overview
8.3.2. Wheeled Market Forecast and Analysis
8.4. TRACKED
8.4.1. Overview
8.4.2. Tracked Market Forecast and Analysis
9. ARMORED VEHICLES MARKET - REVENUE AND FORECASTS TO 2028 - COMPONENT
9.1. OVERVIEW
9.2. COMPONENT MARKET FORECASTS AND ANALYSIS
9.3. NAVIGATION SYSTEMS
9.3.1. Overview
9.3.2. Navigation Systems Market Forecast and Analysis
9.4. ARMAMENTS
9.4.1. Overview
9.4.2. Armaments Market Forecast and Analysis
9.5. DRIVE SYSTEMS
9.5.1. Overview
9.5.2. Drive Systems Market Forecast and Analysis
9.6. ENGINES
9.6.1. Overview
9.6.2. Engines Market Forecast and Analysis
9.7. POWER SYSTEMS
9.7.1. Overview
9.7.2. Power Systems Market Forecast and Analysis
9.8. OTHERS
9.8.1. Overview
9.8.2. Others Market Forecast and Analysis
10. ARMORED VEHICLES MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
10.1. NORTH AMERICA
10.1.1 North America Armored Vehicles Market Overview
10.1.2 North America Armored Vehicles Market Forecasts and Analysis
10.1.3 North America Armored Vehicles Market Forecasts and Analysis - By Type
10.1.4 North America Armored Vehicles Market Forecasts and Analysis - By Mobility
10.1.5 North America Armored Vehicles Market Forecasts and Analysis - By Component
10.1.6 North America Armored Vehicles Market Forecasts and Analysis - By Countries
10.1.6.1 United States Armored Vehicles Market
10.1.6.1.1 United States Armored Vehicles Market by Type
10.1.6.1.2 United States Armored Vehicles Market by Mobility
10.1.6.1.3 United States Armored Vehicles Market by Component
10.1.6.2 Canada Armored Vehicles Market
10.1.6.2.1 Canada Armored Vehicles Market by Type
10.1.6.2.2 Canada Armored Vehicles Market by Mobility
10.1.6.2.3 Canada Armored Vehicles Market by Component
10.1.6.3 Mexico Armored Vehicles Market
10.1.6.3.1 Mexico Armored Vehicles Market by Type
10.1.6.3.2 Mexico Armored Vehicles Market by Mobility
10.1.6.3.3 Mexico Armored Vehicles Market by Component
10.2. EUROPE
10.2.1 Europe Armored Vehicles Market Overview
10.2.2 Europe Armored Vehicles Market Forecasts and Analysis
10.2.3 Europe Armored Vehicles Market Forecasts and Analysis - By Type
10.2.4 Europe Armored Vehicles Market Forecasts and Analysis - By Mobility
10.2.5 Europe Armored Vehicles Market Forecasts and Analysis - By Component
10.2.6 Europe Armored Vehicles Market Forecasts and Analysis - By Countries
10.2.6.1 Germany Armored Vehicles Market
10.2.6.1.1 Germany Armored Vehicles Market by Type
10.2.6.1.2 Germany Armored Vehicles Market by Mobility
10.2.6.1.3 Germany Armored Vehicles Market by Component
10.2.6.2 France Armored Vehicles Market
10.2.6.2.1 France Armored Vehicles Market by Type
10.2.6.2.2 France Armored Vehicles Market by Mobility
10.2.6.2.3 France Armored Vehicles Market by Component
10.2.6.3 Italy Armored Vehicles Market
10.2.6.3.1 Italy Armored Vehicles Market by Type
10.2.6.3.2 Italy Armored Vehicles Market by Mobility
10.2.6.3.3 Italy Armored Vehicles Market by Component
10.2.6.4 United Kingdom Armored Vehicles Market
10.2.6.4.1 United Kingdom Armored Vehicles Market by Type
10.2.6.4.2 United Kingdom Armored Vehicles Market by Mobility
10.2.6.4.3 United Kingdom Armored Vehicles Market by Component
10.2.6.5 Russia Armored Vehicles Market
10.2.6.5.1 Russia Armored Vehicles Market by Type
10.2.6.5.2 Russia Armored Vehicles Market by Mobility
10.2.6.5.3 Russia Armored Vehicles Market by Component
10.2.6.6 Rest of Europe Armored Vehicles Market
10.2.6.6.1 Rest of Europe Armored Vehicles Market by Type
10.2.6.6.2 Rest of Europe Armored Vehicles Market by Mobility
10.2.6.6.3 Rest of Europe Armored Vehicles Market by Component
10.3. ASIA-PACIFIC
10.3.1 Asia-Pacific Armored Vehicles Market Overview
10.3.2 Asia-Pacific Armored Vehicles Market Forecasts and Analysis
10.3.3 Asia-Pacific Armored Vehicles Market Forecasts and Analysis - By Type
10.3.4 Asia-Pacific Armored Vehicles Market Forecasts and Analysis - By Mobility
10.3.5 Asia-Pacific Armored Vehicles Market Forecasts and Analysis - By Component
10.3.6 Asia-Pacific Armored Vehicles Market Forecasts and Analysis - By Countries
10.3.6.1 Australia Armored Vehicles Market
10.3.6.1.1 Australia Armored Vehicles Market by Type
10.3.6.1.2 Australia Armored Vehicles Market by Mobility
10.3.6.1.3 Australia Armored Vehicles Market by Component
10.3.6.2 China Armored Vehicles Market
10.3.6.2.1 China Armored Vehicles Market by Type
10.3.6.2.2 China Armored Vehicles Market by Mobility
10.3.6.2.3 China Armored Vehicles Market by Component
10.3.6.3 India Armored Vehicles Market
10.3.6.3.1 India Armored Vehicles Market by Type
10.3.6.3.2 India Armored Vehicles Market by Mobility
10.3.6.3.3 India Armored Vehicles Market by Component
10.3.6.4 Japan Armored Vehicles Market
10.3.6.4.1 Japan Armored Vehicles Market by Type
10.3.6.4.2 Japan Armored Vehicles Market by Mobility
10.3.6.4.3 Japan Armored Vehicles Market by Component
10.3.6.5 South Korea Armored Vehicles Market
10.3.6.5.1 South Korea Armored Vehicles Market by Type
10.3.6.5.2 South Korea Armored Vehicles Market by Mobility
10.3.6.5.3 South Korea Armored Vehicles Market by Component
10.3.6.6 Rest of Asia-Pacific Armored Vehicles Market
10.3.6.6.1 Rest of Asia-Pacific Armored Vehicles Market by Type
10.3.6.6.2 Rest of Asia-Pacific Armored Vehicles Market by Mobility
10.3.6.6.3 Rest of Asia-Pacific Armored Vehicles Market by Component
10.4. MIDDLE EAST AND AFRICA
10.4.1 Middle East and Africa Armored Vehicles Market Overview
10.4.2 Middle East and Africa Armored Vehicles Market Forecasts and Analysis
10.4.3 Middle East and Africa Armored Vehicles Market Forecasts and Analysis - By Type
10.4.4 Middle East and Africa Armored Vehicles Market Forecasts and Analysis - By Mobility
10.4.5 Middle East and Africa Armored Vehicles Market Forecasts and Analysis - By Component
10.4.6 Middle East and Africa Armored Vehicles Market Forecasts and Analysis - By Countries
10.4.6.1 South Africa Armored Vehicles Market
10.4.6.1.1 South Africa Armored Vehicles Market by Type
10.4.6.1.2 South Africa Armored Vehicles Market by Mobility
10.4.6.1.3 South Africa Armored Vehicles Market by Component
10.4.6.2 Saudi Arabia Armored Vehicles Market
10.4.6.2.1 Saudi Arabia Armored Vehicles Market by Type
10.4.6.2.2 Saudi Arabia Armored Vehicles Market by Mobility
10.4.6.2.3 Saudi Arabia Armored Vehicles Market by Component
10.4.6.3 U.A.E Armored Vehicles Market
10.4.6.3.1 U.A.E Armored Vehicles Market by Type
10.4.6.3.2 U.A.E Armored Vehicles Market by Mobility
10.4.6.3.3 U.A.E Armored Vehicles Market by Component
10.4.6.4 Rest of Middle East and Africa Armored Vehicles Market
10.4.6.4.1 Rest of Middle East and Africa Armored Vehicles Market by Type
10.4.6.4.2 Rest of Middle East and Africa Armored Vehicles Market by Mobility
10.4.6.4.3 Rest of Middle East and Africa Armored Vehicles Market by Component
10.5. SOUTH AND CENTRAL AMERICA
10.5.1 South and Central America Armored Vehicles Market Overview
10.5.2 South and Central America Armored Vehicles Market Forecasts and Analysis
10.5.3 South and Central America Armored Vehicles Market Forecasts and Analysis - By Type
10.5.4 South and Central America Armored Vehicles Market Forecasts and Analysis - By Mobility
10.5.5 South and Central America Armored Vehicles Market Forecasts and Analysis - By Component
10.5.6 South and Central America Armored Vehicles Market Forecasts and Analysis - By Countries
10.5.6.1 Brazil Armored Vehicles Market
10.5.6.1.1 Brazil Armored Vehicles Market by Type
10.5.6.1.2 Brazil Armored Vehicles Market by Mobility
10.5.6.1.3 Brazil Armored Vehicles Market by Component
10.5.6.2 Argentina Armored Vehicles Market
10.5.6.2.1 Argentina Armored Vehicles Market by Type
10.5.6.2.2 Argentina Armored Vehicles Market by Mobility
10.5.6.2.3 Argentina Armored Vehicles Market by Component
10.5.6.3 Rest of South and Central America Armored Vehicles Market
10.5.6.3.1 Rest of South and Central America Armored Vehicles Market by Type
10.5.6.3.2 Rest of South and Central America Armored Vehicles Market by Mobility
10.5.6.3.3 Rest of South and Central America Armored Vehicles Market by Component
11. INDUSTRY LANDSCAPE
11.1. MERGERS AND ACQUISITIONS
11.2. AGREEMENTS, COLLABORATIONS AND JOIN VENTURES
11.3. NEW PRODUCT LAUNCHES
11.4. EXPANSIONS AND OTHER STRATEGIC DEVELOPMENTS
12. ARMORED VEHICLES MARKET, KEY COMPANY PROFILES
12.1. BAE SYSTEMS PLC
12.1.1. Key Facts
12.1.2. Business Description
12.1.3. Products and Services
12.1.4. Financial Overview
12.1.5. SWOT Analysis
12.1.6. Key Developments
12.2. CNH INDUSTRIAL N.V.
12.2.1. Key Facts
12.2.2. Business Description
12.2.3. Products and Services
12.2.4. Financial Overview
12.2.5. SWOT Analysis
12.2.6. Key Developments
12.3. GENERAL DYNAMICS CORPORATION
12.3.1. Key Facts
12.3.2. Business Description
12.3.3. Products and Services
12.3.4. Financial Overview
12.3.5. SWOT Analysis
12.3.6. Key Developments
12.4. IMI SYSTEMS LTD.
12.4.1. Key Facts
12.4.2. Business Description
12.4.3. Products and Services
12.4.4. Financial Overview
12.4.5. SWOT Analysis
12.4.6. Key Developments
12.5. KRAUSS-MAFFEI WEGMANN GMBH AND CO. KG
12.5.1. Key Facts
12.5.2. Business Description
12.5.3. Products and Services
12.5.4. Financial Overview
12.5.5. SWOT Analysis
12.5.6. Key Developments
12.6. MITSUBISHI HEAVY INDUSTRIES, LTD.
12.6.1. Key Facts
12.6.2. Business Description
12.6.3. Products and Services
12.6.4. Financial Overview
12.6.5. SWOT Analysis
12.6.6. Key Developments
12.7. OSHKOSH CORPORATION
12.7.1. Key Facts
12.7.2. Business Description
12.7.3. Products and Services
12.7.4. Financial Overview
12.7.5. SWOT Analysis
12.7.6. Key Developments
12.8. OTOKAR OTOMOTIV VE SAVUNMA SANAYI A.S.
12.8.1. Key Facts
12.8.2. Business Description
12.8.3. Products and Services
12.8.4. Financial Overview
12.8.5. SWOT Analysis
12.8.6. Key Developments
12.9. SINGAPORE TECHNOLOGIES ENGINEERING LTD
12.9.1. Key Facts
12.9.2. Business Description
12.9.3. Products and Services
12.9.4. Financial Overview
12.9.5. SWOT Analysis
12.9.6. Key Developments
12.10. TEXTRON SYSTEMS CORPORATION
12.10.1. Key Facts
12.10.2. Business Description
12.10.3. Products and Services
12.10.4. Financial Overview
12.10.5. SWOT Analysis
12.10.6. Key Developments
13. APPENDIX
13.1. ABOUT THE INSIGHT PARTNERS
13.2. GLOSSARY OF TERMS
The List of Companies
1. BAE Systems PLC
2. CNH Industrial N.V.
3. General Dynamics Corporation
4. IMI Systems Ltd.
5. Krauss-Maffei Wegmann GmbH and Co. KG
6. Mitsubishi Heavy Industries, Ltd.
7. Oshkosh Corporation
8. Otokar Otomotiv ve Savunma Sanayi A.S.
9. Singapore Technologies Engineering Ltd
10. Textron Systems Corporation
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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