Heavy-Duty Trucks Market Insights and Growth by 2031
The heavy-duty trucks market is expected to register a CAGR of 8.3% during 2023–2031. The evolution of advanced technologies in the manufacturing and logistic sector and growing electrification in heavy duty trucks to reduce carbon emissions is likely to remain a key trend in the market.
Heavy-Duty Trucks Market Analysis
- The growing industrialization and manufacturing, the need for operational efficiency, and the development of the global supply chain are driving the expansion of heavy-duty trucks in the upcoming years.
- Industrial heavy duty trucks help in moving goods and help in reducing manual intervention. A growing focus on workplace safety is driving the demand for the heavy-duty trucks market.
- In December 2022, The United States Environment Protection Agency (EPA) claimed that it had completed the new heavy-duty vehicle regulation that would put the clean truck plan into effect.
- In order to safeguard public health and hasten the shift to low-carbon cars, the regulation reduces smog- and soot-forming emissions from these vehicles model year 2031.
Heavy-Duty Trucks Market Overview
- The global expansion of e-commerce is a key driving factor for the increasing demand for heavy-duty trucks.
- E-commerce relies on timely and reliable delivery, so warehouses need to have advanced systems in place for efficiently selecting, packing, and shipping goods. Industrial vehicles are essential for retrieving items for order fulfillment, loading outgoing orders for delivery, unloading incoming shipments, and storing goods in designated locations.
- Due to their efficiency and ease of transportation, these industries primarily invest in logistics and warehouses, which in turn is driving global market expansion for heavy-duty trucks.
- Additionally, the heavy-duty trucks market is expected to grow in the near future due to the high demand for these vehicles from the manufacturing, mining, railroad, and shipping industries.
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Heavy-Duty Trucks Market: Strategic Insights
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Customize Research To Suit Your Requirement
We can optimize and tailor the analysis and scope which is unmet through our standard offerings. This flexibility will help you gain the exact information needed for your business planning and decision making.
Heavy-Duty Trucks Market: Strategic Insights
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Naveen will walk you through a 15-minute call to present the report’s content and answer all queries if you have any.
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Heavy-Duty Trucks Market Drivers and Opportunities
Growth of Manufacturing and Logistic Sector to Favor the Market
- The continuous global trend of industrialization and logistic sector growth primarily drives the heavy-duty trucks market. The adoption of heavy-duty trucks is being driven by the need for effective material handling and logistics solutions as industries grow and production volumes rise.
- The demand for industrial vehicles is partly attributed to the supply chain’s subsequent optimization.
- Modern supply chain management depends heavily on efficient material handling and logistics, thereby, businesses are investing in automated and adaptable vehicles that can operate in the dynamic environments of warehouses and distribution centers.
Electrification of Industrial Trucks
- Industrial trucks that operate on batteries have become significant traction in recent years.
- The main benefit of battery-powered engines is their environmentally friendly design.
- These engines are ideal for industrial and warehouse projects because they emit fewer emissions.
- Therefore, as smart factories and battery-operated vehicles become more widely used in the material handling industries, digitalization and modularization will follow, further propelling market growth and generating enormous opportunities for the industry in the upcoming years.
Heavy-Duty Trucks Market Report Segmentation Analysis
Key segments that contributed to the derivation of the heavy-duty trucks market analysis are fuel and application.
- Based on fuel, the heavy-duty trucks market is diesel, natural gas, electric, and hybrid.
- Based on the application, the heavy-duty trucks market is divided into construction, industrial, agriculture, transportation and logistics, among others.
Heavy-Duty Trucks Market Share Analysis by Geography
- The heavy-duty trucks market report comprises a detailed analysis of five major geographic regions, which includes current and historical market size and forecasts for 2021 to 2031, covering North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA), and South & Central America.
- Each region is further sub-segmented into respective countries. This report provides analysis and forecasts of 18+ countries, covering heavy-duty trucks market dynamics such as drivers, trends, and opportunities that are impacting the markets at the regional level.
- Also, the report covers PEST analysis, which involves the study of major factors that influence the heavy-duty trucks market in these regions.
Heavy-Duty Trucks Market Report Scope
Heavy-Duty Trucks Market News and Recent Developments
The heavy-duty trucks market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the heavy-duty trucks market are listed below:
- Daimler Truck has a clear goal to lead the transformation to sustainable transportation and to address the challenges of tomorrow. The company is pursuing a vision of zero emissions and increased road safety by combining the two most promising technologies to deliver on that vision — battery-electric drive and integrated autonomous driving technology — in one semi-truck for the first time in its history. (Source: Daimler Truck, Press Release, May 2024)
Heavy-Duty Trucks Market Report Coverage and Deliverables
The “Heavy-Duty Trucks Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Heavy-duty trucks size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Heavy-duty trucks trends as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Heavy-duty trucks analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments in the heavy-duty trucks market
- Detailed company profiles
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
The global heavy-duty trucks market is expected to grow at a CAGR of 8.3% during the forecast period 2023 - 2031.
The rapid technological advancement in the manufacturing and logistics sector is one of the major factors driving the heavy-duty trucks market.
The growing demand for electric industrial vehicles in the mining sector is anticipated to play a significant role in the global heavy-duty trucks market in the coming years.
The leading players operating in the heavy-duty trucks market are AB Volvo, Ashok Leyland Limited (Hinduja Group), The Mercedes-Benz Group AG, Dongfeng Commercial Vehicle Company Limited, Isuzu Motors Ltd., Iveco S.p.A., Volkswagen Group, and Tata Motors Limited.
The report can be delivered in PDF/PPT format; we can also share an excel dataset based on the request.
Some of the customization options available based on request are additional 3–5 company profiles and country-specific analysis of 3–5 countries of your choice. Customizations are to be requested/discussed before making final order confirmation, as our team would review the same and check the feasibility.
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 Heavy-Duty Trucks Market - By Application
1.3.2 Heavy-Duty Trucks Market - By Fuel
1.3.3 Heavy-Duty Trucks Market - By Region
1.3.3.1 By Country
2. KEY TAKEAWAYS
3. RESEARCH METHODOLOGY
4. HEAVY-DUTY TRUCKS 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. HEAVY-DUTY TRUCKS 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. HEAVY-DUTY TRUCKS MARKET - GLOBAL MARKET ANALYSIS
6.1. HEAVY-DUTY TRUCKS - GLOBAL MARKET OVERVIEW
6.2. HEAVY-DUTY TRUCKS - GLOBAL MARKET AND FORECAST TO 2028
6.3. MARKET POSITIONING/MARKET SHARE
7. HEAVY-DUTY TRUCKS MARKET - REVENUE AND FORECASTS TO 2028 - APPLICATION
7.1. OVERVIEW
7.2. APPLICATION MARKET FORECASTS AND ANALYSIS
7.3. CONSTRUCTION
7.3.1. Overview
7.3.2. Construction Market Forecast and Analysis
7.4. INDUSTRIAL
7.4.1. Overview
7.4.2. Industrial Market Forecast and Analysis
7.5. AGRICULTURE
7.5.1. Overview
7.5.2. Agriculture Market Forecast and Analysis
7.6. TRANSPORTATION AND LOGISTICS
7.6.1. Overview
7.6.2. Transportation and Logistics Market Forecast and Analysis
7.7. OTHERS
7.7.1. Overview
7.7.2. Others Market Forecast and Analysis
8. HEAVY-DUTY TRUCKS MARKET - REVENUE AND FORECASTS TO 2028 - FUEL
8.1. OVERVIEW
8.2. FUEL MARKET FORECASTS AND ANALYSIS
8.3. DIESEL
8.3.1. Overview
8.3.2. Diesel Market Forecast and Analysis
8.4. NATURAL GAS
8.4.1. Overview
8.4.2. Natural Gas Market Forecast and Analysis
8.5. ELECTRIC
8.5.1. Overview
8.5.2. Electric Market Forecast and Analysis
8.6. HYBRID
8.6.1. Overview
8.6.2. Hybrid Market Forecast and Analysis
9. HEAVY-DUTY TRUCKS MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
9.1. NORTH AMERICA
9.1.1 North America Heavy-Duty Trucks Market Overview
9.1.2 North America Heavy-Duty Trucks Market Forecasts and Analysis
9.1.3 North America Heavy-Duty Trucks Market Forecasts and Analysis - By Application
9.1.4 North America Heavy-Duty Trucks Market Forecasts and Analysis - By Fuel
9.1.5 North America Heavy-Duty Trucks Market Forecasts and Analysis - By Countries
9.1.5.1 United States Heavy-Duty Trucks Market
9.1.5.1.1 United States Heavy-Duty Trucks Market by Application
9.1.5.1.2 United States Heavy-Duty Trucks Market by Fuel
9.1.5.2 Canada Heavy-Duty Trucks Market
9.1.5.2.1 Canada Heavy-Duty Trucks Market by Application
9.1.5.2.2 Canada Heavy-Duty Trucks Market by Fuel
9.1.5.3 Mexico Heavy-Duty Trucks Market
9.1.5.3.1 Mexico Heavy-Duty Trucks Market by Application
9.1.5.3.2 Mexico Heavy-Duty Trucks Market by Fuel
9.2. EUROPE
9.2.1 Europe Heavy-Duty Trucks Market Overview
9.2.2 Europe Heavy-Duty Trucks Market Forecasts and Analysis
9.2.3 Europe Heavy-Duty Trucks Market Forecasts and Analysis - By Application
9.2.4 Europe Heavy-Duty Trucks Market Forecasts and Analysis - By Fuel
9.2.5 Europe Heavy-Duty Trucks Market Forecasts and Analysis - By Countries
9.2.5.1 Germany Heavy-Duty Trucks Market
9.2.5.1.1 Germany Heavy-Duty Trucks Market by Application
9.2.5.1.2 Germany Heavy-Duty Trucks Market by Fuel
9.2.5.2 France Heavy-Duty Trucks Market
9.2.5.2.1 France Heavy-Duty Trucks Market by Application
9.2.5.2.2 France Heavy-Duty Trucks Market by Fuel
9.2.5.3 Italy Heavy-Duty Trucks Market
9.2.5.3.1 Italy Heavy-Duty Trucks Market by Application
9.2.5.3.2 Italy Heavy-Duty Trucks Market by Fuel
9.2.5.4 United Kingdom Heavy-Duty Trucks Market
9.2.5.4.1 United Kingdom Heavy-Duty Trucks Market by Application
9.2.5.4.2 United Kingdom Heavy-Duty Trucks Market by Fuel
9.2.5.5 Russia Heavy-Duty Trucks Market
9.2.5.5.1 Russia Heavy-Duty Trucks Market by Application
9.2.5.5.2 Russia Heavy-Duty Trucks Market by Fuel
9.2.5.6 Rest of Europe Heavy-Duty Trucks Market
9.2.5.6.1 Rest of Europe Heavy-Duty Trucks Market by Application
9.2.5.6.2 Rest of Europe Heavy-Duty Trucks Market by Fuel
9.3. ASIA-PACIFIC
9.3.1 Asia-Pacific Heavy-Duty Trucks Market Overview
9.3.2 Asia-Pacific Heavy-Duty Trucks Market Forecasts and Analysis
9.3.3 Asia-Pacific Heavy-Duty Trucks Market Forecasts and Analysis - By Application
9.3.4 Asia-Pacific Heavy-Duty Trucks Market Forecasts and Analysis - By Fuel
9.3.5 Asia-Pacific Heavy-Duty Trucks Market Forecasts and Analysis - By Countries
9.3.5.1 Australia Heavy-Duty Trucks Market
9.3.5.1.1 Australia Heavy-Duty Trucks Market by Application
9.3.5.1.2 Australia Heavy-Duty Trucks Market by Fuel
9.3.5.2 China Heavy-Duty Trucks Market
9.3.5.2.1 China Heavy-Duty Trucks Market by Application
9.3.5.2.2 China Heavy-Duty Trucks Market by Fuel
9.3.5.3 India Heavy-Duty Trucks Market
9.3.5.3.1 India Heavy-Duty Trucks Market by Application
9.3.5.3.2 India Heavy-Duty Trucks Market by Fuel
9.3.5.4 Japan Heavy-Duty Trucks Market
9.3.5.4.1 Japan Heavy-Duty Trucks Market by Application
9.3.5.4.2 Japan Heavy-Duty Trucks Market by Fuel
9.3.5.5 South Korea Heavy-Duty Trucks Market
9.3.5.5.1 South Korea Heavy-Duty Trucks Market by Application
9.3.5.5.2 South Korea Heavy-Duty Trucks Market by Fuel
9.3.5.6 Rest of Asia-Pacific Heavy-Duty Trucks Market
9.3.5.6.1 Rest of Asia-Pacific Heavy-Duty Trucks Market by Application
9.3.5.6.2 Rest of Asia-Pacific Heavy-Duty Trucks Market by Fuel
9.4. MIDDLE EAST AND AFRICA
9.4.1 Middle East and Africa Heavy-Duty Trucks Market Overview
9.4.2 Middle East and Africa Heavy-Duty Trucks Market Forecasts and Analysis
9.4.3 Middle East and Africa Heavy-Duty Trucks Market Forecasts and Analysis - By Application
9.4.4 Middle East and Africa Heavy-Duty Trucks Market Forecasts and Analysis - By Fuel
9.4.5 Middle East and Africa Heavy-Duty Trucks Market Forecasts and Analysis - By Countries
9.4.5.1 South Africa Heavy-Duty Trucks Market
9.4.5.1.1 South Africa Heavy-Duty Trucks Market by Application
9.4.5.1.2 South Africa Heavy-Duty Trucks Market by Fuel
9.4.5.2 Saudi Arabia Heavy-Duty Trucks Market
9.4.5.2.1 Saudi Arabia Heavy-Duty Trucks Market by Application
9.4.5.2.2 Saudi Arabia Heavy-Duty Trucks Market by Fuel
9.4.5.3 U.A.E Heavy-Duty Trucks Market
9.4.5.3.1 U.A.E Heavy-Duty Trucks Market by Application
9.4.5.3.2 U.A.E Heavy-Duty Trucks Market by Fuel
9.4.5.4 Rest of Middle East and Africa Heavy-Duty Trucks Market
9.4.5.4.1 Rest of Middle East and Africa Heavy-Duty Trucks Market by Application
9.4.5.4.2 Rest of Middle East and Africa Heavy-Duty Trucks Market by Fuel
9.5. SOUTH AND CENTRAL AMERICA
9.5.1 South and Central America Heavy-Duty Trucks Market Overview
9.5.2 South and Central America Heavy-Duty Trucks Market Forecasts and Analysis
9.5.3 South and Central America Heavy-Duty Trucks Market Forecasts and Analysis - By Application
9.5.4 South and Central America Heavy-Duty Trucks Market Forecasts and Analysis - By Fuel
9.5.5 South and Central America Heavy-Duty Trucks Market Forecasts and Analysis - By Countries
9.5.5.1 Brazil Heavy-Duty Trucks Market
9.5.5.1.1 Brazil Heavy-Duty Trucks Market by Application
9.5.5.1.2 Brazil Heavy-Duty Trucks Market by Fuel
9.5.5.2 Argentina Heavy-Duty Trucks Market
9.5.5.2.1 Argentina Heavy-Duty Trucks Market by Application
9.5.5.2.2 Argentina Heavy-Duty Trucks Market by Fuel
9.5.5.3 Rest of South and Central America Heavy-Duty Trucks Market
9.5.5.3.1 Rest of South and Central America Heavy-Duty Trucks Market by Application
9.5.5.3.2 Rest of South and Central America Heavy-Duty Trucks Market by Fuel
10. INDUSTRY LANDSCAPE
10.1. MERGERS AND ACQUISITIONS
10.2. AGREEMENTS, COLLABORATIONS AND JOIN VENTURES
10.3. NEW PRODUCT LAUNCHES
10.4. EXPANSIONS AND OTHER STRATEGIC DEVELOPMENTS
11. HEAVY-DUTY TRUCKS MARKET, KEY COMPANY PROFILES
11.1. AB VOLVO
11.1.1. Key Facts
11.1.2. Business Description
11.1.3. Products and Services
11.1.4. Financial Overview
11.1.5. SWOT Analysis
11.1.6. Key Developments
11.2. ASHOK LEYLAND LIMITED (HINDUJA GROUP)
11.2.1. Key Facts
11.2.2. Business Description
11.2.3. Products and Services
11.2.4. Financial Overview
11.2.5. SWOT Analysis
11.2.6. Key Developments
11.3. DAIMLER AG
11.3.1. Key Facts
11.3.2. Business Description
11.3.3. Products and Services
11.3.4. Financial Overview
11.3.5. SWOT Analysis
11.3.6. Key Developments
11.4. DONGFENG COMMERCIAL VEHICLE COMPANY LIMITED
11.4.1. Key Facts
11.4.2. Business Description
11.4.3. Products and Services
11.4.4. Financial Overview
11.4.5. SWOT Analysis
11.4.6. Key Developments
11.5. ISUZU MOTORS LTD.
11.5.1. Key Facts
11.5.2. Business Description
11.5.3. Products and Services
11.5.4. Financial Overview
11.5.5. SWOT Analysis
11.5.6. Key Developments
11.6. IVECO
11.6.1. Key Facts
11.6.2. Business Description
11.6.3. Products and Services
11.6.4. Financial Overview
11.6.5. SWOT Analysis
11.6.6. Key Developments
11.7. MAN SE
11.7.1. Key Facts
11.7.2. Business Description
11.7.3. Products and Services
11.7.4. Financial Overview
11.7.5. SWOT Analysis
11.7.6. Key Developments
11.8. PACCAR INC.
11.8.1. Key Facts
11.8.2. Business Description
11.8.3. Products and Services
11.8.4. Financial Overview
11.8.5. SWOT Analysis
11.8.6. Key Developments
11.9. SCANIA AB (VOLKSWAGEN GROUP)
11.9.1. Key Facts
11.9.2. Business Description
11.9.3. Products and Services
11.9.4. Financial Overview
11.9.5. SWOT Analysis
11.9.6. Key Developments
11.10. TATA MOTORS LIMITED
11.10.1. Key Facts
11.10.2. Business Description
11.10.3. Products and Services
11.10.4. Financial Overview
11.10.5. SWOT Analysis
11.10.6. Key Developments
12. APPENDIX
12.1. ABOUT THE INSIGHT PARTNERS
12.2. GLOSSARY OF TERMS
The List of Companies
1. AB Volvo
2. Ashok Leyland Limited (Hinduja Group)
3. Daimler AG
4. Dongfeng Commercial Vehicle Company Limited
5. Isuzu Motors Ltd.
6. Iveco
7. MAN SE
8. PACCAR Inc.
9. Scania AB (Volkswagen Group)
10. Tata Motors Limited
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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