Bus Market Size and Share: 2031 Key Findings
The Bus Market is expected to register a CAGR of 6.7% from 2023 to 2031, with a market size expanding from US$ XX million in 2023 to US$ XX Million by 2031.
The report is segmented by Type (Single Deck, Double Deck); Fuel Type (Diesel, Electric and Hybrid, Others); Application (Intracity, Intercity/Coaches, 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 Bus 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.
Bus Market Segmentation
Type- Single Deck
- Double Deck
- Diesel
- Electric and Hybrid
- Others
- Intracity
- Intercity/Coaches
- Others
- North America
- Europe
- Asia-Pacific
- South and Central America
- Middle East and Africa
- North America
- Europe
- Asia-Pacific
- South and Central America
- Middle East and Africa
Strategic Insights
Bus Market Growth Drivers- Consumers Demand for Public Transport: The market for the buses is growing up rapidly due to an increase in demand for public transport. An increase in population and the associated increased migration towards cities contributes more to increased demands for more public transport. One of the largest drivers of the bus market is urbanization. Where cities continue to grow bigger and larger in population size, the demand for solution products in public transport-in this case, buses-surges. Buses are seen as important elements in sustainable urban mobility precisely when roadways get cluttered and pollution increases to a high level. With more and more people moving into cities, buses are highly efficient and cost-effective transport solutions for large numbers of people. Governments are now investing in public transport infrastructures that include bus networks. Many cities are developing new, modern fleets while extending their public transport system with dedicated bus rapid transit lanes and integrated transit networks.
- Cost-Effectiveness of Buses Compared to Other Modes of Transport: Buses are a low-cost mode of transportation for cities with limited resources. Compared to the high infrastructure costs of a metro or light rail system, buses provide flexibility and scalability at a lower cost. Buses are a cheaper option for both operators and passengers compared to other forms of public transport such as trains or trams. Cities are focusing on giving affordable public transport to the increasingly growing urban population. This is where buses are considered an ideal solution. Most of the public transit systems are increasingly going for private companies to assist them in running bus services. This partnership also helps reduce costs while expanding bus services in underserved areas.
- Infrastructure Development and Increasing Investments: Investment in the bus infrastructure, which encompasses bus terminals, electric bus charging stations, and dedicated bus lanes, is another major market driver. Governments are increasing the infrastructures of public transport to accommodate urban growth and improve passenger services. BRT systems are gaining popularity due to their efficiency and cost-effectiveness. These systems are highly attractive for urban areas that look to improve public transportation because of dedicated lanes, priority traffic signals, and modernized buses. Electric bus charging networks are also expanding to support the adoption of electric buses, making it easier for operators to switch from traditional diesel buses to electric fleets.
- Demand for Shared Mobility: The growing trend of shared mobility services, like ride-hailing and car-sharing, is affecting the bus market. In this respect, buses are becoming a part of the broader Mobility-as-a-Service (MaaS) ecosystem, providing much more flexible, on-demand transportation services. On-demand and flexible bus services are becoming an increasingly attractive alternative to fixed-route bus services, especially in low-density cities or at off-peak times. Mass also integrates buses with the wider MaaS platforms. As passengers can now plan for journeys that merge buses with the various transport modes such as rail into a complete journey plan, buses now are well linked to a greater flexible system to solve urban transportation problems.
- Innovation in Bus Design and Safety Features: Advanced technologies include AI, telematics, autonomous driving, and other safety features that are provided in the buses. These technologies provide opportunities to manufacturers and operators to create more efficient, safer, and more intelligent buses. Autonomous, or self-driving buses represent an emerging opportunity, especially with regard to controlled environments like a university campus, airport, or urban space for decreasing labor costs and optimizing its operation. The bus service would enhance the experience of passengers, as it would provide facilities like Wi-Fi connectivity and USB charging ports. On the other hand, telematics and predictive maintenance would help in improving the operations of buses and thereby reducing idle time.
- Urbanisation and Development of Infrastructure: The growing trend of urbanisation offers significant opportunities for bus. As new cities come up and infrastructure goes up, there is a need for efficient transportation solutions that may help increase demand for new vehicles. Investment in bus infrastructure, including modernized bus terminals, dedicated bus lanes, and smart city integrations, is a key opportunity for manufacturers and service providers. This is an area of significant growth in the expansion of BRT networks around the world.
- Electric and Hybrid Vehicle Market: The electric and hybrid segment offers great opportunity for manufacturers. A record of increasing environmental consciousness and government incentives for green technologies have promised a wide market for environmentally friendly public transport across the entire consumer spectrum. As governments and cities switch on to reduce carbon emissions, a boom is expected in electric and hybrid buses. Manufactures will seize this moment by coming up with more affordable and efficient electric buses. With better battery technologies, for instance, the solid-state battery, charging will be shorter and the mileages extended. Electric buses will, therefore, emerge as suitable for long routes and for frequent routes, too. Companies that develop or support the deployment of charging infrastructure, including fast-charging stations for electric buses, will have significant opportunities for growth in parallel with the emergence of electric bus fleets.
Market Report Scope
Key Selling Points
- Comprehensive Coverage: The report comprehensively covers the analysis of products, services, types, and end users of the Bus 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 Bus 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
This text is related
to segments covered.
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
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to country scope.
Frequently Asked Questions
Some of the customization options available based on the request are an 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 leading players operating in the Bus Market include AB Volvo, Alexander Dennis Limited, Anhui Ankai Automobile Co., Ltd, Ashok Leyland Ltd, Daimler AG, Tata Motors Limited ADR, TRATON SE, Xiamen King Long United Automotive Industry Co Ltd, and BYD Auto Co Ltd
The Bus Market is estimated to witness a CAGR of 6.7% from 2023 to 2031
The major factors driving the Bus Market are: Increasing Consumers Demand#Technological Advancements
Towards Electric Mobility is the key future trend of the Bus Market
1. INTRODUCTION
1.1. SCOPE OF THE STUDY
1.2. THE INSIGHT PARTNERS RESEARCH REPORT GUIDANCE
1.3. MARKET SEGMENTATION
1.3.1 Bus Market - By Type
1.3.2 Bus Market - By Fuel Type
1.3.3 Bus Market - By Application
1.3.4 Bus Market - By Region
1.3.4.1 By Country
2. KEY TAKEAWAYS
3. RESEARCH METHODOLOGY
4. BUS MARKET LANDSCAPE
4.1. OVERVIEW
4.2. PORTER'S FIVE FORCES ANALYSIS
4.2.1 Bargaining Power of Buyers
4.2.1 Bargaining Power of Suppliers
4.2.1 Threat of Substitute
4.2.1 Threat of New Entrants
4.2.1 Competitive Rivalry
4.3. ECOSYSTEM ANALYSIS
4.4. EXPERT OPINIONS
5. BUS 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 AND RESTRAINTS
6. BUS MARKET - GLOBAL MARKET ANALYSIS
6.1. BUS - GLOBAL MARKET OVERVIEW
6.2. BUS - GLOBAL MARKET AND FORECAST TO 2027
6.3. MARKET POSITIONING/MARKET SHARE
7. BUS MARKET - REVENUE AND FORECASTS TO 2027 - TYPE
7.1. OVERVIEW
7.2. TYPE MARKET FORECASTS AND ANALYSIS
7.3. SINGLE DECK
7.3.1. Overview
7.3.2. Single Deck Market Forecast and Analysis
7.4. DOUBLE DECK
7.4.1. Overview
7.4.2. Double Deck Market Forecast and Analysis
8. BUS MARKET - REVENUE AND FORECASTS TO 2027 - FUEL TYPE
8.1. OVERVIEW
8.2. FUEL TYPE MARKET FORECASTS AND ANALYSIS
8.3. DIESEL
8.3.1. Overview
8.3.2. Diesel Market Forecast and Analysis
8.4. ELECTRIC AND HYBRID
8.4.1. Overview
8.4.2. Electric and Hybrid Market Forecast and Analysis
8.5. OTHERS
8.5.1. Overview
8.5.2. Others Market Forecast and Analysis
9. BUS MARKET - REVENUE AND FORECASTS TO 2027 - APPLICATION
9.1. OVERVIEW
9.2. APPLICATION MARKET FORECASTS AND ANALYSIS
9.3. INTRACITY
9.3.1. Overview
9.3.2. Intracity Market Forecast and Analysis
9.4. INTERCITY/COACHES
9.4.1. Overview
9.4.2. Intercity/Coaches Market Forecast and Analysis
9.5. OTHERS
9.5.1. Overview
9.5.2. Others Market Forecast and Analysis
10. BUS MARKET REVENUE AND FORECASTS TO 2027 - GEOGRAPHICAL ANALYSIS
10.1. NORTH AMERICA
10.1.1 North America Bus Market Overview
10.1.2 North America Bus Market Forecasts and Analysis
10.1.3 North America Bus Market Forecasts and Analysis - By Type
10.1.4 North America Bus Market Forecasts and Analysis - By Fuel Type
10.1.5 North America Bus Market Forecasts and Analysis - By Application
10.1.6 North America Bus Market Forecasts and Analysis - By Countries
10.1.6.1 United States Bus Market
10.1.6.1.1 United States Bus Market by Type
10.1.6.1.2 United States Bus Market by Fuel Type
10.1.6.1.3 United States Bus Market by Application
10.1.6.2 Canada Bus Market
10.1.6.2.1 Canada Bus Market by Type
10.1.6.2.2 Canada Bus Market by Fuel Type
10.1.6.2.3 Canada Bus Market by Application
10.1.6.3 Mexico Bus Market
10.1.6.3.1 Mexico Bus Market by Type
10.1.6.3.2 Mexico Bus Market by Fuel Type
10.1.6.3.3 Mexico Bus Market by Application
10.2. EUROPE
10.2.1 Europe Bus Market Overview
10.2.2 Europe Bus Market Forecasts and Analysis
10.2.3 Europe Bus Market Forecasts and Analysis - By Type
10.2.4 Europe Bus Market Forecasts and Analysis - By Fuel Type
10.2.5 Europe Bus Market Forecasts and Analysis - By Application
10.2.6 Europe Bus Market Forecasts and Analysis - By Countries
10.2.6.1 Germany Bus Market
10.2.6.1.1 Germany Bus Market by Type
10.2.6.1.2 Germany Bus Market by Fuel Type
10.2.6.1.3 Germany Bus Market by Application
10.2.6.2 France Bus Market
10.2.6.2.1 France Bus Market by Type
10.2.6.2.2 France Bus Market by Fuel Type
10.2.6.2.3 France Bus Market by Application
10.2.6.3 Italy Bus Market
10.2.6.3.1 Italy Bus Market by Type
10.2.6.3.2 Italy Bus Market by Fuel Type
10.2.6.3.3 Italy Bus Market by Application
10.2.6.4 United Kingdom Bus Market
10.2.6.4.1 United Kingdom Bus Market by Type
10.2.6.4.2 United Kingdom Bus Market by Fuel Type
10.2.6.4.3 United Kingdom Bus Market by Application
10.2.6.5 Russia Bus Market
10.2.6.5.1 Russia Bus Market by Type
10.2.6.5.2 Russia Bus Market by Fuel Type
10.2.6.5.3 Russia Bus Market by Application
10.2.6.6 Rest of Europe Bus Market
10.2.6.6.1 Rest of Europe Bus Market by Type
10.2.6.6.2 Rest of Europe Bus Market by Fuel Type
10.2.6.6.3 Rest of Europe Bus Market by Application
10.3. ASIA-PACIFIC
10.3.1 Asia-Pacific Bus Market Overview
10.3.2 Asia-Pacific Bus Market Forecasts and Analysis
10.3.3 Asia-Pacific Bus Market Forecasts and Analysis - By Type
10.3.4 Asia-Pacific Bus Market Forecasts and Analysis - By Fuel Type
10.3.5 Asia-Pacific Bus Market Forecasts and Analysis - By Application
10.3.6 Asia-Pacific Bus Market Forecasts and Analysis - By Countries
10.3.6.1 Australia Bus Market
10.3.6.1.1 Australia Bus Market by Type
10.3.6.1.2 Australia Bus Market by Fuel Type
10.3.6.1.3 Australia Bus Market by Application
10.3.6.2 China Bus Market
10.3.6.2.1 China Bus Market by Type
10.3.6.2.2 China Bus Market by Fuel Type
10.3.6.2.3 China Bus Market by Application
10.3.6.3 India Bus Market
10.3.6.3.1 India Bus Market by Type
10.3.6.3.2 India Bus Market by Fuel Type
10.3.6.3.3 India Bus Market by Application
10.3.6.4 Japan Bus Market
10.3.6.4.1 Japan Bus Market by Type
10.3.6.4.2 Japan Bus Market by Fuel Type
10.3.6.4.3 Japan Bus Market by Application
10.3.6.5 South Korea Bus Market
10.3.6.5.1 South Korea Bus Market by Type
10.3.6.5.2 South Korea Bus Market by Fuel Type
10.3.6.5.3 South Korea Bus Market by Application
10.3.6.6 Rest of Asia-Pacific Bus Market
10.3.6.6.1 Rest of Asia-Pacific Bus Market by Type
10.3.6.6.2 Rest of Asia-Pacific Bus Market by Fuel Type
10.3.6.6.3 Rest of Asia-Pacific Bus Market by Application
10.4. MIDDLE EAST AND AFRICA
10.4.1 Middle East and Africa Bus Market Overview
10.4.2 Middle East and Africa Bus Market Forecasts and Analysis
10.4.3 Middle East and Africa Bus Market Forecasts and Analysis - By Type
10.4.4 Middle East and Africa Bus Market Forecasts and Analysis - By Fuel Type
10.4.5 Middle East and Africa Bus Market Forecasts and Analysis - By Application
10.4.6 Middle East and Africa Bus Market Forecasts and Analysis - By Countries
10.4.6.1 South Africa Bus Market
10.4.6.1.1 South Africa Bus Market by Type
10.4.6.1.2 South Africa Bus Market by Fuel Type
10.4.6.1.3 South Africa Bus Market by Application
10.4.6.2 Saudi Arabia Bus Market
10.4.6.2.1 Saudi Arabia Bus Market by Type
10.4.6.2.2 Saudi Arabia Bus Market by Fuel Type
10.4.6.2.3 Saudi Arabia Bus Market by Application
10.4.6.3 U.A.E Bus Market
10.4.6.3.1 U.A.E Bus Market by Type
10.4.6.3.2 U.A.E Bus Market by Fuel Type
10.4.6.3.3 U.A.E Bus Market by Application
10.4.6.4 Rest of Middle East and Africa Bus Market
10.4.6.4.1 Rest of Middle East and Africa Bus Market by Type
10.4.6.4.2 Rest of Middle East and Africa Bus Market by Fuel Type
10.4.6.4.3 Rest of Middle East and Africa Bus Market by Application
10.5. SOUTH AND CENTRAL AMERICA
10.5.1 South and Central America Bus Market Overview
10.5.2 South and Central America Bus Market Forecasts and Analysis
10.5.3 South and Central America Bus Market Forecasts and Analysis - By Type
10.5.4 South and Central America Bus Market Forecasts and Analysis - By Fuel Type
10.5.5 South and Central America Bus Market Forecasts and Analysis - By Application
10.5.6 South and Central America Bus Market Forecasts and Analysis - By Countries
10.5.6.1 Brazil Bus Market
10.5.6.1.1 Brazil Bus Market by Type
10.5.6.1.2 Brazil Bus Market by Fuel Type
10.5.6.1.3 Brazil Bus Market by Application
10.5.6.2 Argentina Bus Market
10.5.6.2.1 Argentina Bus Market by Type
10.5.6.2.2 Argentina Bus Market by Fuel Type
10.5.6.2.3 Argentina Bus Market by Application
10.5.6.3 Rest of South and Central America Bus Market
10.5.6.3.1 Rest of South and Central America Bus Market by Type
10.5.6.3.2 Rest of South and Central America Bus Market by Fuel Type
10.5.6.3.3 Rest of South and Central America Bus Market by Application
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. BUS MARKET, KEY COMPANY PROFILES
12.1. AB VOLVO
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. ALEXANDER DENNIS LIMITED
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. ANHUI ANKAI AUTOMOBILE CO., LTD
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. ASHOK LEYLAND 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. DAIMLER AG
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. TATA MOTORS LIMITED ADR
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. TRATON SE
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. XIAMEN KING LONG UNITED AUTOMOTIVE INDUSTRY CO., LTD.
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. BYD AUTO CO., 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. ZHENGZHOU YUTONG BUS CO., LTD.
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
1. AB Volvo
2. Alexander Dennis Limited
3. Anhui Ankai Automobile Co., Ltd
4. Ashok Leyland Ltd
5. Daimler AG
6. Tata Motors Limited ADR
7. TRATON SE
8. Xiamen King Long United Automotive Industry Co., Ltd.
9. BYD Auto Co., Ltd
10. Zhengzhou Yutong Bus Co., Ltd.
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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