Electric Bicycle Market Dynamics 2021-2031
An electric bicycle is incorporated with an electric motor which is used to assist propulsion. Electric bicycles normally use rechargeable batteries and can travel at 25 to 32 km/h. The rise in the demand for riding electric bicycles drives the market growth all over the world. Electric bicycle is widely used for covering short distances, at large manufacturing sites and various tourist places. Electric Bicycle market is expected to experience a rapid growth in coming years.
MARKET SCOPE
The "Global Electric Bicycle Market Analysis to 2031" is a specialized and in-depth study of the automotive and transportation industry with a special focus on the global market trend analysis. The report aims to provide an overview of the electric bicycle market with detailed market segmentation by type, battery type, motor type, and geography. The report provides key statistics on the market status of the leading electric bicycle market players and offers key trends and opportunities in the market.MARKET SEGMENTATION
- Based on type, the global electric bicycle market is segmented into pedal assist/ pedelecs, power on demand and pedal assist with power on demand.
- On the basis of battery type, the market is segmented into sealed lead acid and li-ion battery.
- Based on motor type, the market is bifurcated into hub motor and mid drive electric.
MARKET DYNAMICS
Drivers:
- Stringent emission norms from government authorities and regulatory bodies.
- Easy mobility and increasing awareness regarding environment safety.
- Rising cost of fuel further drives the demand for electric bicycles.
REGIONAL FRAMEWORK
The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides an overview and forecast of the global market based on various segments. It also provides market size and forecast estimates from the year 2021 to 2031 with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), the Middle East and Africa (MEA), and South America. The electric bicycle market by each region is later sub-segmented by respective countries and segments. The report covers the analysis and forecast of 18 countries globally along with the current trend and opportunities prevailing in the region.
The report analyzes factors affecting the market from both demand and supply side and further evaluates market dynamics affecting the market during the forecast period i.e., drivers, restraints, opportunities, and future trend. The report also provides exhaustive PEST analysis for all five regions namely; North America, Europe, APAC, MEA, and South America after evaluating political, economic, social and technological factors affecting the electric bicycle market in these regions.
IMPACT OF COVID-19 ON ELECTRIC BICYCLE MARKET
The US, India, Brazil, Russia, France, the UK, Turkey, Italy, and Spain are some of the worst affected countries in terms confirmed cases and reported deaths. The COVID-19 has been affecting economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. Shutdown of various plants and factories has affected the global supply chains and negatively impacted the manufacturing, delivery schedules, and sales of products in global market. Few companies have already announced possible delays in product deliveries and slump in future sales of their products. In addition to this, the global travel bans imposed by countries in Europe, Asia-Pacific, and North America are affecting the business collaborations and partnerships opportunities. This pandemic restricted the movement of people from one place to another. Also, due to limited workforce at production site, electric bicycles market is affected from the supply side as well.
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The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides an overview and forecast of the global market based on various segments. It also provides market size and forecast estimates from the year 2021 to 2031 with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), the Middle East and Africa (MEA), and South America. The electric bicycle market by each region is later sub-segmented by respective countries and segments. The report covers the analysis and forecast of 18 countries globally along with the current trend and opportunities prevailing in the region.
The report analyzes factors affecting the market from both demand and supply side and further evaluates market dynamics affecting the market during the forecast period i.e., drivers, restraints, opportunities, and future trend. The report also provides exhaustive PEST analysis for all five regions namely; North America, Europe, APAC, MEA, and South America after evaluating political, economic, social and technological factors affecting the electric bicycle market in these regions.
IMPACT OF COVID-19 ON ELECTRIC BICYCLE MARKET
The US, India, Brazil, Russia, France, the UK, Turkey, Italy, and Spain are some of the worst affected countries in terms confirmed cases and reported deaths. The COVID-19 has been affecting economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. Shutdown of various plants and factories has affected the global supply chains and negatively impacted the manufacturing, delivery schedules, and sales of products in global market. Few companies have already announced possible delays in product deliveries and slump in future sales of their products. In addition to this, the global travel bans imposed by countries in Europe, Asia-Pacific, and North America are affecting the business collaborations and partnerships opportunities. This pandemic restricted the movement of people from one place to another. Also, due to limited workforce at production site, electric bicycles market is affected from the supply side as well.
MARKET PLAYERS
The report covers key developments in the electric bicycle market as organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as product launches, product approvals and others such as patents and events. Inorganic growth strategies activities witnessed in the market were acquisitions, and partnership & collaborations. These activities have paved way for the expansion of business and customer base of market players. The market payers from electric bicycle market are anticipated to lucrative growth opportunities in the future with the rising demand for electric bicycle in the global market.
The report also includes the profiles of key companies along with their SWOT analysis and market strategies in the electric bicycle market. In addition, the report focuses on leading industry players with information such as company profiles, components, and services offered, financial information of the last 3 years, the key development in the past five years.
The Insight Partner's dedicated research and analysis team consist of experienced professionals with advanced statistical expertise and offer various customization options in the existing study.
- 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
This text is related
to country scope.
1. INTRODUCTION
1.1. SCOPE OF THE STUDY
1.2. THE INSIGHT PARTNERS RESEARCH REPORT GUIDANCE
1.3. MARKET SEGMENTATION
1.3.1 Electric Bicycle Market - By Type
1.3.2 Electric Bicycle Market - By Battery Type
1.3.3 Electric Bicycle Market - By Motor Type
1.3.4 Electric Bicycle Market - By Region
1.3.4.1 By Country
2. KEY TAKEAWAYS
3. RESEARCH METHODOLOGY
4. ELECTRIC BICYCLE 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. ELECTRIC BICYCLE 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. ELECTRIC BICYCLE MARKET - GLOBAL MARKET ANALYSIS
6.1. ELECTRIC BICYCLE - GLOBAL MARKET OVERVIEW
6.2. ELECTRIC BICYCLE - GLOBAL MARKET AND FORECAST TO 2028
6.3. MARKET POSITIONING/MARKET SHARE
7. ELECTRIC BICYCLE MARKET - REVENUE AND FORECASTS TO 2028 - TYPE
7.1. OVERVIEW
7.2. TYPE MARKET FORECASTS AND ANALYSIS
7.3. PEDAL ASSIST/ PEDELECS
7.3.1. Overview
7.3.2. Pedal Assist/ Pedelecs Market Forecast and Analysis
7.4. POWER ON DEMAND
7.4.1. Overview
7.4.2. Power on Demand Market Forecast and Analysis
7.5. PEDAL ASSIST WITH POWER ON DEMAND
7.5.1. Overview
7.5.2. Pedal Assist with Power on Demand Market Forecast and Analysis
8. ELECTRIC BICYCLE MARKET - REVENUE AND FORECASTS TO 2028 - BATTERY TYPE
8.1. OVERVIEW
8.2. BATTERY TYPE MARKET FORECASTS AND ANALYSIS
8.3. SEALED LEAD ACID
8.3.1. Overview
8.3.2. Sealed Lead Acid Market Forecast and Analysis
8.4. LI-ION BATTERY
8.4.1. Overview
8.4.2. Li-Ion Battery Market Forecast and Analysis
9. ELECTRIC BICYCLE MARKET - REVENUE AND FORECASTS TO 2028 - MOTOR TYPE
9.1. OVERVIEW
9.2. MOTOR TYPE MARKET FORECASTS AND ANALYSIS
9.3. HUB MOTOR
9.3.1. Overview
9.3.2. Hub Motor Market Forecast and Analysis
9.4. MID DRIVE ELECTRIC
9.4.1. Overview
9.4.2. Mid Drive Electric Market Forecast and Analysis
10. ELECTRIC BICYCLE MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
10.1. NORTH AMERICA
10.1.1 North America Electric Bicycle Market Overview
10.1.2 North America Electric Bicycle Market Forecasts and Analysis
10.1.3 North America Electric Bicycle Market Forecasts and Analysis - By Type
10.1.4 North America Electric Bicycle Market Forecasts and Analysis - By Battery Type
10.1.5 North America Electric Bicycle Market Forecasts and Analysis - By Motor Type
10.1.6 North America Electric Bicycle Market Forecasts and Analysis - By Countries
10.1.6.1 United States Electric Bicycle Market
10.1.6.1.1 United States Electric Bicycle Market by Type
10.1.6.1.2 United States Electric Bicycle Market by Battery Type
10.1.6.1.3 United States Electric Bicycle Market by Motor Type
10.1.6.2 Canada Electric Bicycle Market
10.1.6.2.1 Canada Electric Bicycle Market by Type
10.1.6.2.2 Canada Electric Bicycle Market by Battery Type
10.1.6.2.3 Canada Electric Bicycle Market by Motor Type
10.1.6.3 Mexico Electric Bicycle Market
10.1.6.3.1 Mexico Electric Bicycle Market by Type
10.1.6.3.2 Mexico Electric Bicycle Market by Battery Type
10.1.6.3.3 Mexico Electric Bicycle Market by Motor Type
10.2. EUROPE
10.2.1 Europe Electric Bicycle Market Overview
10.2.2 Europe Electric Bicycle Market Forecasts and Analysis
10.2.3 Europe Electric Bicycle Market Forecasts and Analysis - By Type
10.2.4 Europe Electric Bicycle Market Forecasts and Analysis - By Battery Type
10.2.5 Europe Electric Bicycle Market Forecasts and Analysis - By Motor Type
10.2.6 Europe Electric Bicycle Market Forecasts and Analysis - By Countries
10.2.6.1 Germany Electric Bicycle Market
10.2.6.1.1 Germany Electric Bicycle Market by Type
10.2.6.1.2 Germany Electric Bicycle Market by Battery Type
10.2.6.1.3 Germany Electric Bicycle Market by Motor Type
10.2.6.2 France Electric Bicycle Market
10.2.6.2.1 France Electric Bicycle Market by Type
10.2.6.2.2 France Electric Bicycle Market by Battery Type
10.2.6.2.3 France Electric Bicycle Market by Motor Type
10.2.6.3 Italy Electric Bicycle Market
10.2.6.3.1 Italy Electric Bicycle Market by Type
10.2.6.3.2 Italy Electric Bicycle Market by Battery Type
10.2.6.3.3 Italy Electric Bicycle Market by Motor Type
10.2.6.4 United Kingdom Electric Bicycle Market
10.2.6.4.1 United Kingdom Electric Bicycle Market by Type
10.2.6.4.2 United Kingdom Electric Bicycle Market by Battery Type
10.2.6.4.3 United Kingdom Electric Bicycle Market by Motor Type
10.2.6.5 Russia Electric Bicycle Market
10.2.6.5.1 Russia Electric Bicycle Market by Type
10.2.6.5.2 Russia Electric Bicycle Market by Battery Type
10.2.6.5.3 Russia Electric Bicycle Market by Motor Type
10.2.6.6 Rest of Europe Electric Bicycle Market
10.2.6.6.1 Rest of Europe Electric Bicycle Market by Type
10.2.6.6.2 Rest of Europe Electric Bicycle Market by Battery Type
10.2.6.6.3 Rest of Europe Electric Bicycle Market by Motor Type
10.3. ASIA-PACIFIC
10.3.1 Asia-Pacific Electric Bicycle Market Overview
10.3.2 Asia-Pacific Electric Bicycle Market Forecasts and Analysis
10.3.3 Asia-Pacific Electric Bicycle Market Forecasts and Analysis - By Type
10.3.4 Asia-Pacific Electric Bicycle Market Forecasts and Analysis - By Battery Type
10.3.5 Asia-Pacific Electric Bicycle Market Forecasts and Analysis - By Motor Type
10.3.6 Asia-Pacific Electric Bicycle Market Forecasts and Analysis - By Countries
10.3.6.1 Australia Electric Bicycle Market
10.3.6.1.1 Australia Electric Bicycle Market by Type
10.3.6.1.2 Australia Electric Bicycle Market by Battery Type
10.3.6.1.3 Australia Electric Bicycle Market by Motor Type
10.3.6.2 China Electric Bicycle Market
10.3.6.2.1 China Electric Bicycle Market by Type
10.3.6.2.2 China Electric Bicycle Market by Battery Type
10.3.6.2.3 China Electric Bicycle Market by Motor Type
10.3.6.3 India Electric Bicycle Market
10.3.6.3.1 India Electric Bicycle Market by Type
10.3.6.3.2 India Electric Bicycle Market by Battery Type
10.3.6.3.3 India Electric Bicycle Market by Motor Type
10.3.6.4 Japan Electric Bicycle Market
10.3.6.4.1 Japan Electric Bicycle Market by Type
10.3.6.4.2 Japan Electric Bicycle Market by Battery Type
10.3.6.4.3 Japan Electric Bicycle Market by Motor Type
10.3.6.5 South Korea Electric Bicycle Market
10.3.6.5.1 South Korea Electric Bicycle Market by Type
10.3.6.5.2 South Korea Electric Bicycle Market by Battery Type
10.3.6.5.3 South Korea Electric Bicycle Market by Motor Type
10.3.6.6 Rest of Asia-Pacific Electric Bicycle Market
10.3.6.6.1 Rest of Asia-Pacific Electric Bicycle Market by Type
10.3.6.6.2 Rest of Asia-Pacific Electric Bicycle Market by Battery Type
10.3.6.6.3 Rest of Asia-Pacific Electric Bicycle Market by Motor Type
10.4. MIDDLE EAST AND AFRICA
10.4.1 Middle East and Africa Electric Bicycle Market Overview
10.4.2 Middle East and Africa Electric Bicycle Market Forecasts and Analysis
10.4.3 Middle East and Africa Electric Bicycle Market Forecasts and Analysis - By Type
10.4.4 Middle East and Africa Electric Bicycle Market Forecasts and Analysis - By Battery Type
10.4.5 Middle East and Africa Electric Bicycle Market Forecasts and Analysis - By Motor Type
10.4.6 Middle East and Africa Electric Bicycle Market Forecasts and Analysis - By Countries
10.4.6.1 South Africa Electric Bicycle Market
10.4.6.1.1 South Africa Electric Bicycle Market by Type
10.4.6.1.2 South Africa Electric Bicycle Market by Battery Type
10.4.6.1.3 South Africa Electric Bicycle Market by Motor Type
10.4.6.2 Saudi Arabia Electric Bicycle Market
10.4.6.2.1 Saudi Arabia Electric Bicycle Market by Type
10.4.6.2.2 Saudi Arabia Electric Bicycle Market by Battery Type
10.4.6.2.3 Saudi Arabia Electric Bicycle Market by Motor Type
10.4.6.3 U.A.E Electric Bicycle Market
10.4.6.3.1 U.A.E Electric Bicycle Market by Type
10.4.6.3.2 U.A.E Electric Bicycle Market by Battery Type
10.4.6.3.3 U.A.E Electric Bicycle Market by Motor Type
10.4.6.4 Rest of Middle East and Africa Electric Bicycle Market
10.4.6.4.1 Rest of Middle East and Africa Electric Bicycle Market by Type
10.4.6.4.2 Rest of Middle East and Africa Electric Bicycle Market by Battery Type
10.4.6.4.3 Rest of Middle East and Africa Electric Bicycle Market by Motor Type
10.5. SOUTH AND CENTRAL AMERICA
10.5.1 South and Central America Electric Bicycle Market Overview
10.5.2 South and Central America Electric Bicycle Market Forecasts and Analysis
10.5.3 South and Central America Electric Bicycle Market Forecasts and Analysis - By Type
10.5.4 South and Central America Electric Bicycle Market Forecasts and Analysis - By Battery Type
10.5.5 South and Central America Electric Bicycle Market Forecasts and Analysis - By Motor Type
10.5.6 South and Central America Electric Bicycle Market Forecasts and Analysis - By Countries
10.5.6.1 Brazil Electric Bicycle Market
10.5.6.1.1 Brazil Electric Bicycle Market by Type
10.5.6.1.2 Brazil Electric Bicycle Market by Battery Type
10.5.6.1.3 Brazil Electric Bicycle Market by Motor Type
10.5.6.2 Argentina Electric Bicycle Market
10.5.6.2.1 Argentina Electric Bicycle Market by Type
10.5.6.2.2 Argentina Electric Bicycle Market by Battery Type
10.5.6.2.3 Argentina Electric Bicycle Market by Motor Type
10.5.6.3 Rest of South and Central America Electric Bicycle Market
10.5.6.3.1 Rest of South and Central America Electric Bicycle Market by Type
10.5.6.3.2 Rest of South and Central America Electric Bicycle Market by Battery Type
10.5.6.3.3 Rest of South and Central America Electric Bicycle Market by Motor Type
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. ELECTRIC BICYCLE MARKET, KEY COMPANY PROFILES
12.1. A2B BICYCLES
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. DERBY CYCLE
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. ELECTRIC BIKE COMPANY
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. FUJI-TA BICYCLE CO.,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. GENZE BY MAHINDRA
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. GIANT BICYCLES
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. SPERO ELECTRIC
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. STARDUE S.R.L.
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. TEBCO ELECTRIC BICYCLE COMPANY
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. TREK BICYCLE 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
1. A2B Bicycles
2. Derby Cycle
3. Electric Bike Company
4. Fuji-ta Bicycle Co.,Ltd.
5. GenZe by Mahindra
6. Giant Bicycles
7. Spero Electric
8. Stardue S.r.l.
9. TEBCO ELECTRIC BICYCLE COMPANY
10. Trek Bicycle 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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