Electric Scooters Market Size & CAGR (2023-2031)
The Electric Scooters Market is expected to register a CAGR of 16.4% 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 By Battery (Sealed Lead Acid, Lithium-ion); Voltage (36 V, 48 V, 60 V, 72 V); Technology (Plug-In, Battery). 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 Report
The report Electric Scooters 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.
Electric Scooters Market Segmentation
Battery
- Sealed Lead Acid
- Lithium-ion
Voltage
- 36 V
- 48 V
- 60 V
- 72 V
Technology
- Plug-In
- Battery
Geography
- North America
- Europe
- Asia-Pacific
- South and Central America
- Middle East and Africa
Geography
- North America
- Europe
- Asia-Pacific
- South and Central America
- Middle East and Africa
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Electric Scooter Market: Strategic Insights
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Electric Scooters Market Growth Drivers
- Growing Environmental Awareness: A significant driver of the electric scooter market is the increasing environmental awareness among consumers and governments. As concerns about air pollution and climate change rise, there is a growing push for sustainable transportation alternatives. Electric scooters provide an eco-friendly mode of transport that produces zero emissions during operation. This environmental benefit is motivating individuals and municipalities to adopt electric scooters as a viable solution for short-distance travel, thus driving market growth.
- Urbanization and Traffic Congestion: Rapid urbanization and the resulting traffic congestion in cities are compelling factors behind the rising demand for electric scooters. As urban populations increase, traditional transportation systems become strained, leading to longer commute times and increased frustration among commuters. Electric scooters offer a convenient and efficient way to navigate congested urban environments, allowing users to bypass traffic and reach their destinations more quickly. This practicality is driving the adoption of electric scooters as a preferred mode of transportation in urban areas.
- Technological Advancements and Affordability: Continuous advancements in battery technology and electric motor efficiency are making electric scooters more accessible and affordable. Improvements in lithium-ion batteries have led to longer ranges, shorter charging times, and reduced costs, enhancing the overall user experience. As the technology continues to evolve, electric scooters are becoming more reliable and appealing to a broader audience, including commuters, students, and leisure riders. This increased affordability is stimulating demand in the market.
Electric Scooters Market Future Trends
- Increased Focus on Safety and Regulatory Compliance: As the electric scooter market grows, there is a heightened focus on ensuring the safety of these vehicles and complying with evolving regulations. Manufacturers are investing in advanced safety features, such as improved braking systems, collision avoidance technologies, and rider protection gear, to address safety concerns and meet regulatory requirements. This trend is crucial for building consumer trust and facilitating the widespread adoption of electric scooters.
- Emergence of Sustainable and Modular Designs: There is a growing trend towards the development of electric scooters with sustainable and modular designs. Manufacturers are exploring the use of renewable, recyclable, and environmentally friendly materials in their products, as well as designing scooters with interchangeable or upgradable components. This shift towards sustainability and modularity aligns with the broader emphasis on environmental consciousness and the desire for more durable and customizable mobility solutions.
Electric Scooters Market Opportunities
- Expansion of Shared Mobility Services: The rise of shared mobility services presents a significant opportunity for the electric scooter market. Many cities are introducing e-scooter sharing programs to provide residents and tourists with convenient access to electric scooters without the need for ownership. Companies that specialize in electric scooter rentals can capitalize on this trend by offering flexible, user-friendly models that cater to the needs of shared mobility services. This business model can drive increased scooter usage and broaden market reach.
- Government Initiatives and Incentives: Government initiatives aimed at promoting eco-friendly transportation solutions provide a favorable environment for the electric scooter market. Many governments are implementing policies and incentives, such as subsidies, tax credits, and infrastructure development, to encourage the adoption of electric vehicles, including scooters. Collaborating with government bodies to develop dedicated scooter lanes, charging stations, and parking facilities can create a supportive ecosystem for electric scooters, enhancing market opportunities.
Market Report Scope
Key Selling Points
- Comprehensive Coverage: The report comprehensively covers the analysis of products, services, types, and end users of the Electric Scooters 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 Electric Scooters 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.
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.
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 Electric Scooters Market include Yadea Technology Group Co. Ltd, Zhejiang Luyuan Electric Vehicle Co Ltd, Niu Technologies, Mahendra GenZe, Hero Electric, Vmoto Limited, Amper Vehicles, Govecs Group, BMW Motorrad International, Gogoro Inc.
The Electric Scooters Market is estimated to witness a CAGR of 16.4% from 2023 to 2031
Rise of Shared Mobility Services is the key future trend of the Electric Scooters Market
The major factors driving the Electric Scooters Market are:Rising Environmental Consciousness#Urbanization and Traffic Congestion
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 Electric Scooters Market - By Battery
1.3.2 Electric Scooters Market - By Voltage
1.3.3 Electric Scooters Market - By Technology
1.3.4 Electric Scooters Market - By Region
1.3.4.1 By Country
2. KEY TAKEAWAYS
3. RESEARCH METHODOLOGY
4. ELECTRIC SCOOTERS 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 SCOOTERS 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 SCOOTERS MARKET - GLOBAL MARKET ANALYSIS
6.1. ELECTRIC SCOOTERS - GLOBAL MARKET OVERVIEW
6.2. ELECTRIC SCOOTERS - GLOBAL MARKET AND FORECAST TO 2028
6.3. MARKET POSITIONING/MARKET SHARE
7. ELECTRIC SCOOTERS MARKET - REVENUE AND FORECASTS TO 2028 - BATTERY
7.1. OVERVIEW
7.2. BATTERY MARKET FORECASTS AND ANALYSIS
7.3. SEALED LEAD ACID
7.3.1. Overview
7.3.2. Sealed Lead Acid Market Forecast and Analysis
7.4. LITHIUM-ION
7.4.1. Overview
7.4.2. Lithium-ion Market Forecast and Analysis
8. ELECTRIC SCOOTERS MARKET - REVENUE AND FORECASTS TO 2028 - VOLTAGE
8.1. OVERVIEW
8.2. VOLTAGE MARKET FORECASTS AND ANALYSIS
8.3. 36 V
8.3.1. Overview
8.3.2. 36 V Market Forecast and Analysis
8.4. 48 V
8.4.1. Overview
8.4.2. 48 V Market Forecast and Analysis
8.5. 60 V
8.5.1. Overview
8.5.2. 60 V Market Forecast and Analysis
8.6. 72 V
8.6.1. Overview
8.6.2. 72 V Market Forecast and Analysis
9. ELECTRIC SCOOTERS MARKET - REVENUE AND FORECASTS TO 2028 - TECHNOLOGY
9.1. OVERVIEW
9.2. TECHNOLOGY MARKET FORECASTS AND ANALYSIS
9.3. PLUG-IN
9.3.1. Overview
9.3.2. Plug-In Market Forecast and Analysis
9.4. BATTERY
9.4.1. Overview
9.4.2. Battery Market Forecast and Analysis
10. ELECTRIC SCOOTERS MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
10.1. NORTH AMERICA
10.1.1 North America Electric Scooters Market Overview
10.1.2 North America Electric Scooters Market Forecasts and Analysis
10.1.3 North America Electric Scooters Market Forecasts and Analysis - By Battery
10.1.4 North America Electric Scooters Market Forecasts and Analysis - By Voltage
10.1.5 North America Electric Scooters Market Forecasts and Analysis - By Technology
10.1.6 North America Electric Scooters Market Forecasts and Analysis - By Countries
10.1.6.1 United States Electric Scooters Market
10.1.6.1.1 United States Electric Scooters Market by Battery
10.1.6.1.2 United States Electric Scooters Market by Voltage
10.1.6.1.3 United States Electric Scooters Market by Technology
10.1.6.2 Canada Electric Scooters Market
10.1.6.2.1 Canada Electric Scooters Market by Battery
10.1.6.2.2 Canada Electric Scooters Market by Voltage
10.1.6.2.3 Canada Electric Scooters Market by Technology
10.1.6.3 Mexico Electric Scooters Market
10.1.6.3.1 Mexico Electric Scooters Market by Battery
10.1.6.3.2 Mexico Electric Scooters Market by Voltage
10.1.6.3.3 Mexico Electric Scooters Market by Technology
10.2. EUROPE
10.2.1 Europe Electric Scooters Market Overview
10.2.2 Europe Electric Scooters Market Forecasts and Analysis
10.2.3 Europe Electric Scooters Market Forecasts and Analysis - By Battery
10.2.4 Europe Electric Scooters Market Forecasts and Analysis - By Voltage
10.2.5 Europe Electric Scooters Market Forecasts and Analysis - By Technology
10.2.6 Europe Electric Scooters Market Forecasts and Analysis - By Countries
10.2.6.1 Germany Electric Scooters Market
10.2.6.1.1 Germany Electric Scooters Market by Battery
10.2.6.1.2 Germany Electric Scooters Market by Voltage
10.2.6.1.3 Germany Electric Scooters Market by Technology
10.2.6.2 France Electric Scooters Market
10.2.6.2.1 France Electric Scooters Market by Battery
10.2.6.2.2 France Electric Scooters Market by Voltage
10.2.6.2.3 France Electric Scooters Market by Technology
10.2.6.3 Italy Electric Scooters Market
10.2.6.3.1 Italy Electric Scooters Market by Battery
10.2.6.3.2 Italy Electric Scooters Market by Voltage
10.2.6.3.3 Italy Electric Scooters Market by Technology
10.2.6.4 United Kingdom Electric Scooters Market
10.2.6.4.1 United Kingdom Electric Scooters Market by Battery
10.2.6.4.2 United Kingdom Electric Scooters Market by Voltage
10.2.6.4.3 United Kingdom Electric Scooters Market by Technology
10.2.6.5 Russia Electric Scooters Market
10.2.6.5.1 Russia Electric Scooters Market by Battery
10.2.6.5.2 Russia Electric Scooters Market by Voltage
10.2.6.5.3 Russia Electric Scooters Market by Technology
10.2.6.6 Rest of Europe Electric Scooters Market
10.2.6.6.1 Rest of Europe Electric Scooters Market by Battery
10.2.6.6.2 Rest of Europe Electric Scooters Market by Voltage
10.2.6.6.3 Rest of Europe Electric Scooters Market by Technology
10.3. ASIA-PACIFIC
10.3.1 Asia-Pacific Electric Scooters Market Overview
10.3.2 Asia-Pacific Electric Scooters Market Forecasts and Analysis
10.3.3 Asia-Pacific Electric Scooters Market Forecasts and Analysis - By Battery
10.3.4 Asia-Pacific Electric Scooters Market Forecasts and Analysis - By Voltage
10.3.5 Asia-Pacific Electric Scooters Market Forecasts and Analysis - By Technology
10.3.6 Asia-Pacific Electric Scooters Market Forecasts and Analysis - By Countries
10.3.6.1 Australia Electric Scooters Market
10.3.6.1.1 Australia Electric Scooters Market by Battery
10.3.6.1.2 Australia Electric Scooters Market by Voltage
10.3.6.1.3 Australia Electric Scooters Market by Technology
10.3.6.2 China Electric Scooters Market
10.3.6.2.1 China Electric Scooters Market by Battery
10.3.6.2.2 China Electric Scooters Market by Voltage
10.3.6.2.3 China Electric Scooters Market by Technology
10.3.6.3 India Electric Scooters Market
10.3.6.3.1 India Electric Scooters Market by Battery
10.3.6.3.2 India Electric Scooters Market by Voltage
10.3.6.3.3 India Electric Scooters Market by Technology
10.3.6.4 Japan Electric Scooters Market
10.3.6.4.1 Japan Electric Scooters Market by Battery
10.3.6.4.2 Japan Electric Scooters Market by Voltage
10.3.6.4.3 Japan Electric Scooters Market by Technology
10.3.6.5 South Korea Electric Scooters Market
10.3.6.5.1 South Korea Electric Scooters Market by Battery
10.3.6.5.2 South Korea Electric Scooters Market by Voltage
10.3.6.5.3 South Korea Electric Scooters Market by Technology
10.3.6.6 Rest of Asia-Pacific Electric Scooters Market
10.3.6.6.1 Rest of Asia-Pacific Electric Scooters Market by Battery
10.3.6.6.2 Rest of Asia-Pacific Electric Scooters Market by Voltage
10.3.6.6.3 Rest of Asia-Pacific Electric Scooters Market by Technology
10.4. MIDDLE EAST AND AFRICA
10.4.1 Middle East and Africa Electric Scooters Market Overview
10.4.2 Middle East and Africa Electric Scooters Market Forecasts and Analysis
10.4.3 Middle East and Africa Electric Scooters Market Forecasts and Analysis - By Battery
10.4.4 Middle East and Africa Electric Scooters Market Forecasts and Analysis - By Voltage
10.4.5 Middle East and Africa Electric Scooters Market Forecasts and Analysis - By Technology
10.4.6 Middle East and Africa Electric Scooters Market Forecasts and Analysis - By Countries
10.4.6.1 South Africa Electric Scooters Market
10.4.6.1.1 South Africa Electric Scooters Market by Battery
10.4.6.1.2 South Africa Electric Scooters Market by Voltage
10.4.6.1.3 South Africa Electric Scooters Market by Technology
10.4.6.2 Saudi Arabia Electric Scooters Market
10.4.6.2.1 Saudi Arabia Electric Scooters Market by Battery
10.4.6.2.2 Saudi Arabia Electric Scooters Market by Voltage
10.4.6.2.3 Saudi Arabia Electric Scooters Market by Technology
10.4.6.3 U.A.E Electric Scooters Market
10.4.6.3.1 U.A.E Electric Scooters Market by Battery
10.4.6.3.2 U.A.E Electric Scooters Market by Voltage
10.4.6.3.3 U.A.E Electric Scooters Market by Technology
10.4.6.4 Rest of Middle East and Africa Electric Scooters Market
10.4.6.4.1 Rest of Middle East and Africa Electric Scooters Market by Battery
10.4.6.4.2 Rest of Middle East and Africa Electric Scooters Market by Voltage
10.4.6.4.3 Rest of Middle East and Africa Electric Scooters Market by Technology
10.5. SOUTH AND CENTRAL AMERICA
10.5.1 South and Central America Electric Scooters Market Overview
10.5.2 South and Central America Electric Scooters Market Forecasts and Analysis
10.5.3 South and Central America Electric Scooters Market Forecasts and Analysis - By Battery
10.5.4 South and Central America Electric Scooters Market Forecasts and Analysis - By Voltage
10.5.5 South and Central America Electric Scooters Market Forecasts and Analysis - By Technology
10.5.6 South and Central America Electric Scooters Market Forecasts and Analysis - By Countries
10.5.6.1 Brazil Electric Scooters Market
10.5.6.1.1 Brazil Electric Scooters Market by Battery
10.5.6.1.2 Brazil Electric Scooters Market by Voltage
10.5.6.1.3 Brazil Electric Scooters Market by Technology
10.5.6.2 Argentina Electric Scooters Market
10.5.6.2.1 Argentina Electric Scooters Market by Battery
10.5.6.2.2 Argentina Electric Scooters Market by Voltage
10.5.6.2.3 Argentina Electric Scooters Market by Technology
10.5.6.3 Rest of South and Central America Electric Scooters Market
10.5.6.3.1 Rest of South and Central America Electric Scooters Market by Battery
10.5.6.3.2 Rest of South and Central America Electric Scooters Market by Voltage
10.5.6.3.3 Rest of South and Central America Electric Scooters Market by Technology
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 SCOOTERS MARKET, KEY COMPANY PROFILES
12.1. ECCITY MOTORCYCLES
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. GOGORO INC.
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. GOVECS AG
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. GENZE BY MAHINDRA
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. HONDA MOTOR COMPANY
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. JIANGSU XINRI E-VEHICLE CO.,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. OKINAWA AUTOTECH PVT. LTD.
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. PIAGGIO GROUP
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. SILENCE URBAN ECOMOBILITY
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. TVS MOTOR COMPANY
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. eccity motorcycles
2. Gogoro Inc.
3. GOVECS AG
4. GenZe by Mahindra
5. Honda Motor Company
6. Jiangsu Xinri E-Vehicle Co.,Ltd
7. Okinawa Autotech Pvt. Ltd.
8. Piaggio Group
9. Silence Urban Ecomobility
10. TVS Motor Company
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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