Fleet Telematics Market - Size and Forecast [2024-2031]
The Fleet Telematics Market is expected to register a CAGR of 9.8% from 2023 to 2031, with a market size expanding from US$ XX million in 2023 to US$ XX Million by 2031.
The market is segmented into by Type, Application and Vehicle Type. The type segment is divided tino Embedded, Tethered, Integrated. Based on Application, the market is segmented into Infotainment, Remote Diagnosis, Navigation, Safety and Security, Others. Based on vehicle type, the market is divided into Passenger Cars, Light Commercial Vehicles, Heavy Commercial Vehicles
Source: https://www.theinsightpartners.com/reports/fleet-telematics-market.
The report Fleet Telematics 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.
Fleet Telematics Market Segmentation
Type- Embedded
- Tethered
- Integrated
- Infotainment
- Remote Diagnosis
- Navigation
- Safety and Security
- Others
- Passenger Cars
- Light Commercial Vehicles
- Heavy Commercial Vehicles
- 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
Fleet Telematics Market Growth Drivers- Growing Automotive Manfuacturing and Sales: increasing automotive manfuacturing and sales across the globe one of the factors that is drivingh the market growth. For instance, according to theInternational Organization of Motor Vehicle Manufacturers in 2024, the global vehicle sales reached 92.7 million units from 83 million units in 2021. Further, the consumers are increasingly prefering the connectivity solution as it provide detailed information on the vehicle as well as provides various features that enhances the driving experience. Thus, this increasing demand for the connectivity feature, the OEMs are increasingly integrating the Internet of Things (IoT) in the vehicles. SUch increasing demand and stable supply the fleet telematics market has grown significantly.
- Rising Fuel Prices and Environmental Concerns: Fuel cost is one of the major operational costs for the fleet operator. With increasing prices of fuel, the tendency to optimize fuel efficiency with a view to reducing the operating cost has been increasing lately. Fleet telematics systems can monitor the use of fuel in real-time and can provide insight on driver behavior and vehicle performance that could contribute to the saving of fuel. There is an increased concern about the fleet operation's environmental impact, which primarily relates to carbon emissions. Telematics can improve fuel efficiency and support green driving practices, thus minimizing the environmental footprint of the fleet.
- Increasing Adoption of IoT and Connected Technologies: One of the major drivers of the fleet telematics market is the adoption of Internet of Things (IoT) and connected technologies. The use of IoT sensors, GPS, and cloud-based platforms is what telematics systems rely on to offer the fleet manager information about a vehicle's location, condition, and performance in real-time. The increasing need for connected vehicles and the integration of IoT devices into daily activities allow fleet managers to get data on performance in different areas. The penetration of 5G networks is increasing, making connectivity faster and more reliable. This will enhance communication between vehicles and fleet management platforms and boost market growth.
- Advanced Driver Assistance Systems (ADAS) Integration: The integration of Advanced Driver Assistance Systems (ADAS) with fleet telematics is one of the key future trends. ADAS includes technologies such as lane-keeping assist, collision detection, and adaptive cruise control, which improve driver safety and help prevent accidents. As these technologies become more common in vehicles, fleet telematics systems will increasingly be integrated with ADAS to monitor and manage driver behavior more effectively. This will provide safety, decrease the costs of insurance, and help improve fleet performance; thus, it is a necessary aspect of the future of fleet telematics.
- Integration of Blockchain for Data Security: Data security and privacy are critical issues in fleet management. As fleets generate large volumes of data, the integrity of this data becomes vital. The integration of blockchain technology into telematics systems can offer a solution by providing secure, tamper-proof records of data transactions. This increases the credibility of telematics data, which is a factor of high importance for sectors requiring transparent reporting, including logistics, supply chain management, and insurance. The increased confidence in data accuracy and transparency through blockchain-based telematics systems will be an impetus for the growth of the market.
- Demand for Real-Time Data and Analytics: There is a growing demand for real-time data and advanced analytics to enhance fleet operations. Fleet managers need more actionable insights to drive data-driven decisions. Real-time monitoring, alerts, and data visualization tools through telematics solutions are highly in demand. Collecting and analyzing data such as vehicle speed, location, and fuel consumption can help optimize routes, reduce idle times, and improve driver performance. The growing demand for timely and accurate decision-making in fleet management offers a significant opportunity for telematics solution providers.
- Expansion of Electric and Autonomous Fleets: Electric vehicles and autonomous fleets will open up new avenues for growth in the fleet telematics market. More companies will start adopting EVs in their fleets to save fuel costs and reduce emissions, thereby increasing the demand for specific telematics systems that cater to EVs. Such systems can monitor the health of the battery, charging stations, and energy consumption to optimize the operation of electric fleets. Moreover, the emergence of autonomous vehicles opens opportunities for telematics systems to be integrated with more advanced technologies, such as autonomous driving, vehicle-to-vehicle (V2V) communication, and vehicle-to-infrastructure (V2I) systems. Fleet telematics providers can benefit from these emerging markets by developing solutions that cater to electric and autonomous vehicles.
Market Report Scope
Key Selling Points
- Comprehensive Coverage: The report comprehensively covers the analysis of products, services, types, and end users of the Fleet Telematics 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 Fleet Telematics 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.
REGIONAL FRAMEWORK
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Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
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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
The Fleet Telematics Market is estimated to witness a CAGR of 9.8% from 2023 to 2031
The major factors driving the fleet telematics market are: Rising Fuel Prices and Environmental Concerns and Increasing Adoption of IoT and Connected Technologies
Advanced Driver Assistance Systems (ADAS) Integration is the key future trend of the Fleet Telematics Market
The leading players includes AT&T Inc, Geo Tab Inc., Robert Bosch GmbH, Continental AG, Harman International, Aptiv Plc, Verizon, TomTom N.V, Visteon Corporation, MiX Telematics among others
The report can be delivered in PDF/PPT format; we can also share excel dataset based on the request.
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.
1. INTRODUCTION
1.1. SCOPE OF THE STUDY
1.2. THE INSIGHT PARTNERS RESEARCH REPORT GUIDANCE
1.3. MARKET SEGMENTATION
1.3.1 Fleet Telematics Market - By Type
1.3.2 Fleet Telematics Market - By Application
1.3.3 Fleet Telematics Market - By Vehicle Type
1.3.4 Fleet Telematics Market - By Region
1.3.4.1 By Country
2. KEY TAKEAWAYS
3. RESEARCH METHODOLOGY
4. FLEET TELEMATICS 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. FLEET TELEMATICS 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. FLEET TELEMATICS MARKET - GLOBAL MARKET ANALYSIS
6.1. FLEET TELEMATICS - GLOBAL MARKET OVERVIEW
6.2. FLEET TELEMATICS - GLOBAL MARKET AND FORECAST TO 2028
6.3. MARKET POSITIONING/MARKET SHARE
7. FLEET TELEMATICS MARKET - REVENUE AND FORECASTS TO 2028 - TYPE
7.1. OVERVIEW
7.2. TYPE MARKET FORECASTS AND ANALYSIS
7.3. EMBEDDED
7.3.1. Overview
7.3.2. Embedded Market Forecast and Analysis
7.4. TETHERED
7.4.1. Overview
7.4.2. Tethered Market Forecast and Analysis
7.5. INTEGRATED
7.5.1. Overview
7.5.2. Integrated Market Forecast and Analysis
8. FLEET TELEMATICS MARKET - REVENUE AND FORECASTS TO 2028 - APPLICATION
8.1. OVERVIEW
8.2. APPLICATION MARKET FORECASTS AND ANALYSIS
8.3. INFOTAINMENT
8.3.1. Overview
8.3.2. Infotainment Market Forecast and Analysis
8.4. REMOTE DIAGNOSIS
8.4.1. Overview
8.4.2. Remote Diagnosis Market Forecast and Analysis
8.5. NAVIGATION
8.5.1. Overview
8.5.2. Navigation Market Forecast and Analysis
8.6. SAFETY AND SECURITY
8.6.1. Overview
8.6.2. Safety and Security Market Forecast and Analysis
8.7. OTHERS
8.7.1. Overview
8.7.2. Others Market Forecast and Analysis
9. FLEET TELEMATICS MARKET - REVENUE AND FORECASTS TO 2028 - VEHICLE TYPE
9.1. OVERVIEW
9.2. VEHICLE TYPE MARKET FORECASTS AND ANALYSIS
9.3. PASSENGER CARS
9.3.1. Overview
9.3.2. Passenger Cars Market Forecast and Analysis
9.4. LIGHT COMMERCIAL VEHICLES
9.4.1. Overview
9.4.2. Light Commercial Vehicles Market Forecast and Analysis
9.5. HEAVY COMMERCIAL VEHICLES
9.5.1. Overview
9.5.2. Heavy Commercial Vehicles Market Forecast and Analysis
10. FLEET TELEMATICS MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
10.1. NORTH AMERICA
10.1.1 North America Fleet Telematics Market Overview
10.1.2 North America Fleet Telematics Market Forecasts and Analysis
10.1.3 North America Fleet Telematics Market Forecasts and Analysis - By Type
10.1.4 North America Fleet Telematics Market Forecasts and Analysis - By Application
10.1.5 North America Fleet Telematics Market Forecasts and Analysis - By Vehicle Type
10.1.6 North America Fleet Telematics Market Forecasts and Analysis - By Countries
10.1.6.1 United States Fleet Telematics Market
10.1.6.1.1 United States Fleet Telematics Market by Type
10.1.6.1.2 United States Fleet Telematics Market by Application
10.1.6.1.3 United States Fleet Telematics Market by Vehicle Type
10.1.6.2 Canada Fleet Telematics Market
10.1.6.2.1 Canada Fleet Telematics Market by Type
10.1.6.2.2 Canada Fleet Telematics Market by Application
10.1.6.2.3 Canada Fleet Telematics Market by Vehicle Type
10.1.6.3 Mexico Fleet Telematics Market
10.1.6.3.1 Mexico Fleet Telematics Market by Type
10.1.6.3.2 Mexico Fleet Telematics Market by Application
10.1.6.3.3 Mexico Fleet Telematics Market by Vehicle Type
10.2. EUROPE
10.2.1 Europe Fleet Telematics Market Overview
10.2.2 Europe Fleet Telematics Market Forecasts and Analysis
10.2.3 Europe Fleet Telematics Market Forecasts and Analysis - By Type
10.2.4 Europe Fleet Telematics Market Forecasts and Analysis - By Application
10.2.5 Europe Fleet Telematics Market Forecasts and Analysis - By Vehicle Type
10.2.6 Europe Fleet Telematics Market Forecasts and Analysis - By Countries
10.2.6.1 Germany Fleet Telematics Market
10.2.6.1.1 Germany Fleet Telematics Market by Type
10.2.6.1.2 Germany Fleet Telematics Market by Application
10.2.6.1.3 Germany Fleet Telematics Market by Vehicle Type
10.2.6.2 France Fleet Telematics Market
10.2.6.2.1 France Fleet Telematics Market by Type
10.2.6.2.2 France Fleet Telematics Market by Application
10.2.6.2.3 France Fleet Telematics Market by Vehicle Type
10.2.6.3 Italy Fleet Telematics Market
10.2.6.3.1 Italy Fleet Telematics Market by Type
10.2.6.3.2 Italy Fleet Telematics Market by Application
10.2.6.3.3 Italy Fleet Telematics Market by Vehicle Type
10.2.6.4 United Kingdom Fleet Telematics Market
10.2.6.4.1 United Kingdom Fleet Telematics Market by Type
10.2.6.4.2 United Kingdom Fleet Telematics Market by Application
10.2.6.4.3 United Kingdom Fleet Telematics Market by Vehicle Type
10.2.6.5 Russia Fleet Telematics Market
10.2.6.5.1 Russia Fleet Telematics Market by Type
10.2.6.5.2 Russia Fleet Telematics Market by Application
10.2.6.5.3 Russia Fleet Telematics Market by Vehicle Type
10.2.6.6 Rest of Europe Fleet Telematics Market
10.2.6.6.1 Rest of Europe Fleet Telematics Market by Type
10.2.6.6.2 Rest of Europe Fleet Telematics Market by Application
10.2.6.6.3 Rest of Europe Fleet Telematics Market by Vehicle Type
10.3. ASIA-PACIFIC
10.3.1 Asia-Pacific Fleet Telematics Market Overview
10.3.2 Asia-Pacific Fleet Telematics Market Forecasts and Analysis
10.3.3 Asia-Pacific Fleet Telematics Market Forecasts and Analysis - By Type
10.3.4 Asia-Pacific Fleet Telematics Market Forecasts and Analysis - By Application
10.3.5 Asia-Pacific Fleet Telematics Market Forecasts and Analysis - By Vehicle Type
10.3.6 Asia-Pacific Fleet Telematics Market Forecasts and Analysis - By Countries
10.3.6.1 Australia Fleet Telematics Market
10.3.6.1.1 Australia Fleet Telematics Market by Type
10.3.6.1.2 Australia Fleet Telematics Market by Application
10.3.6.1.3 Australia Fleet Telematics Market by Vehicle Type
10.3.6.2 China Fleet Telematics Market
10.3.6.2.1 China Fleet Telematics Market by Type
10.3.6.2.2 China Fleet Telematics Market by Application
10.3.6.2.3 China Fleet Telematics Market by Vehicle Type
10.3.6.3 India Fleet Telematics Market
10.3.6.3.1 India Fleet Telematics Market by Type
10.3.6.3.2 India Fleet Telematics Market by Application
10.3.6.3.3 India Fleet Telematics Market by Vehicle Type
10.3.6.4 Japan Fleet Telematics Market
10.3.6.4.1 Japan Fleet Telematics Market by Type
10.3.6.4.2 Japan Fleet Telematics Market by Application
10.3.6.4.3 Japan Fleet Telematics Market by Vehicle Type
10.3.6.5 South Korea Fleet Telematics Market
10.3.6.5.1 South Korea Fleet Telematics Market by Type
10.3.6.5.2 South Korea Fleet Telematics Market by Application
10.3.6.5.3 South Korea Fleet Telematics Market by Vehicle Type
10.3.6.6 Rest of Asia-Pacific Fleet Telematics Market
10.3.6.6.1 Rest of Asia-Pacific Fleet Telematics Market by Type
10.3.6.6.2 Rest of Asia-Pacific Fleet Telematics Market by Application
10.3.6.6.3 Rest of Asia-Pacific Fleet Telematics Market by Vehicle Type
10.4. MIDDLE EAST AND AFRICA
10.4.1 Middle East and Africa Fleet Telematics Market Overview
10.4.2 Middle East and Africa Fleet Telematics Market Forecasts and Analysis
10.4.3 Middle East and Africa Fleet Telematics Market Forecasts and Analysis - By Type
10.4.4 Middle East and Africa Fleet Telematics Market Forecasts and Analysis - By Application
10.4.5 Middle East and Africa Fleet Telematics Market Forecasts and Analysis - By Vehicle Type
10.4.6 Middle East and Africa Fleet Telematics Market Forecasts and Analysis - By Countries
10.4.6.1 South Africa Fleet Telematics Market
10.4.6.1.1 South Africa Fleet Telematics Market by Type
10.4.6.1.2 South Africa Fleet Telematics Market by Application
10.4.6.1.3 South Africa Fleet Telematics Market by Vehicle Type
10.4.6.2 Saudi Arabia Fleet Telematics Market
10.4.6.2.1 Saudi Arabia Fleet Telematics Market by Type
10.4.6.2.2 Saudi Arabia Fleet Telematics Market by Application
10.4.6.2.3 Saudi Arabia Fleet Telematics Market by Vehicle Type
10.4.6.3 U.A.E Fleet Telematics Market
10.4.6.3.1 U.A.E Fleet Telematics Market by Type
10.4.6.3.2 U.A.E Fleet Telematics Market by Application
10.4.6.3.3 U.A.E Fleet Telematics Market by Vehicle Type
10.4.6.4 Rest of Middle East and Africa Fleet Telematics Market
10.4.6.4.1 Rest of Middle East and Africa Fleet Telematics Market by Type
10.4.6.4.2 Rest of Middle East and Africa Fleet Telematics Market by Application
10.4.6.4.3 Rest of Middle East and Africa Fleet Telematics Market by Vehicle Type
10.5. SOUTH AND CENTRAL AMERICA
10.5.1 South and Central America Fleet Telematics Market Overview
10.5.2 South and Central America Fleet Telematics Market Forecasts and Analysis
10.5.3 South and Central America Fleet Telematics Market Forecasts and Analysis - By Type
10.5.4 South and Central America Fleet Telematics Market Forecasts and Analysis - By Application
10.5.5 South and Central America Fleet Telematics Market Forecasts and Analysis - By Vehicle Type
10.5.6 South and Central America Fleet Telematics Market Forecasts and Analysis - By Countries
10.5.6.1 Brazil Fleet Telematics Market
10.5.6.1.1 Brazil Fleet Telematics Market by Type
10.5.6.1.2 Brazil Fleet Telematics Market by Application
10.5.6.1.3 Brazil Fleet Telematics Market by Vehicle Type
10.5.6.2 Argentina Fleet Telematics Market
10.5.6.2.1 Argentina Fleet Telematics Market by Type
10.5.6.2.2 Argentina Fleet Telematics Market by Application
10.5.6.2.3 Argentina Fleet Telematics Market by Vehicle Type
10.5.6.3 Rest of South and Central America Fleet Telematics Market
10.5.6.3.1 Rest of South and Central America Fleet Telematics Market by Type
10.5.6.3.2 Rest of South and Central America Fleet Telematics Market by Application
10.5.6.3.3 Rest of South and Central America Fleet Telematics Market by Vehicle 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. FLEET TELEMATICS MARKET, KEY COMPANY PROFILES
12.1. CTRACK
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. DAIMLER AG
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. DEERE AND 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. HARMAN INTERNATIONAL
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. KORE WIRELESS
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. LOCONAV
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. SAMSARA INC.
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. SPRINT GROUP HOLDINGS LIMITED
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. TRIMBLE
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. VERIZON
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. Ctrack
2. Daimler AG
3. Deere and Company
4. Harman International
5. KORE Wireless
6. Loconav
7. Samsara Inc.
8. Sprint Group Holdings Limited
9. Trimble
10. Verizon
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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