North America Wire Harness Market to Grow at a CAGR of 5.3% to reach US$ 34.14 billion from 2022 to 2030
The North America wire harness market is expected to grow from US$ 22.63 billion in 2022 to, US$ 34.14 billion by 2030; it is estimated to register a CAGR of 5.3% from 2022 to 2030.
Analyst Perspective:
The major stakeholders in the North America wire harness market ecosystem include component suppliers, wire harness manufacturers, and end users. The demand for wire harnesses is driven by factors such as booming automobile sector across the region, technological advancements in appliance manufacturing, and increasing demand for wire harnesses to achieve electric connectivity. Fujikura Ltd.; Motherson Group; Nexans; Sumitomo Electric Industries, Ltd.; and Yazaki Corporation are among the major wire harness market players operating in the ecosystem. The organic and inorganic developments done by wire harness manufacturers led to the wire harness market growth. In March 2021, Lear acquired M&N Plastics, a plastic components for automotive electrical distribution manufacturer and injection molding specialist. This acquisition extends Lear's capacity to produce high-voltage wire harnesses. The major end users of the North America wire harness market ecosystem are automobile, agriculture, appliances, and others. Thus, the increasing adoption of wire harness by these industries has propelled the North America wire harness market growth.
Market Overview:
Wire harness (also known as cable harness) are used to transmit electrical power and signals in industries such as automobile, food & beverage, agriculture, and electronics. The North America wire harness market players are compelled to follow stringent regulations and standards. One such standard is IPC/WHMA-A-620 Revision D, introduced by IPC and Wiring Harness Manufacturer’s Association (WHMA), for the acceptance and requirements of wire harness assemblies. Further, governments’ encouragement in various industries is one of the factors contributing to the North America wire harness market growth. Based on material, the North America wire harness market is segmented into PVC, vinyl, thermoplastic elastomer, polyurethane, and polyethylene. Wire harnesses manufactured using these materials can withstand varied environmental conditions; thus, end users purchase wire harnesses as per the need. For instance, a wire harness made of polyethylene is suitable for use in moist environments, as polyethylene can resist moisture.
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North America Wire Harness Market: Strategic Insights
Market Size Value in US$ 22.63 billion in 2022 Market Size Value by US$ 34.14 billion by 2030 Growth rate CAGR of 5.3% from 2022 to 2030 Forecast Period 2022-2030 Base Year 2022
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North America Wire Harness Market: Strategic Insights
| Market Size Value in | US$ 22.63 billion in 2022 |
| Market Size Value by | US$ 34.14 billion by 2030 |
| Growth rate | CAGR of 5.3% from 2022 to 2030 |
| Forecast Period | 2022-2030 |
| Base Year | 2022 |
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Market Driver:
North America has been experiencing a significant increase in wire and cable consumption lately. The growing need for renewable energy is accelerating the use of wires and cables. For instance, in 2022, about 4,243 billion kWh (or about 4.24 trillion kWh) of electricity was generated at utility-scale electricity generation facilities in the US. About 18% of electricity was generated from nuclear energy and nearly 22% from renewable energy sources. According to the US Energy Information Administration, an additional 58 billion kWh of electricity generation was from small-scale solar photovoltaic systems in 2022.Therefore, the growing need for renewable energy, and the increasing electricity generation is bossting the North America wire harness market growth.
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Segmental Analysis: By Material
Polyvinyl chloride is a thermoplastic material known for its versatility and perhaps the most commonly used wire/cable material. PVC has a good combination of properties, which explains why it is popularly used for cable insulation and sheathing. PVC is durable, UV resistant, can resist water and chemicals. Although other materials are gradually replacing it, PVC compounds are still the most widely used polymeric materials in the global cable industry, and in 2018, it accounted for 53% of the total global tonnage. Several companies in the North America wire harness market offer PVC-composed wire harnesses for different applications. For instance, Dongguan Yixian Electronic Tech., Co., Ltd. offers customized wire harnesses for automobile, home appliances, and motorcycle applications.
North America Wire Harness Market Revenue and Forecast to 2030 (US$ Million)
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Regional Analysis:
In North America, the US is one of the primary markets for wire harnesses. The country boasts a robust presence in the automotive and aerospace sectors, which are major end users of wire harnesses. For instance, the US automobile industry produced about 9.17 million cars in 2021. The numbers include passenger cars, light commercial vehicles, heavy trucks, and long-distance buses.
Similarly, based on the report by Airbus, North American airlines have ordered more than 2,500 commercial aircraft for domestic and international passenger services and freight and freight transport. In the future, North American airlines are expected to require ~5,600 additional aircraft. Thus, the growing production of vehicles and airplanes will increase the demand for wire harness connectors and terminals, which is anticipated to boost the market growth over the forecast period.
Key Player Analysis:
Fujikura Ltd.; Furukawa Electric Co. Ltd.; Lear; LEONI; Motherson Group; Nexans; Sumitomo Electric Industries, Ltd; THB Group; Yazaki Corporation; and Yura Corporation are among the key North America wire harness market players.
Recent Developments:
Inorganic and organic strategies such as mergers and acquisitions are highly adopted by companies in the North America wire harness market. The North America wire harness market players are mainly focused on the development of advanced and efficient systems. A few recent key market developments are listed below:
- In 2021, Lear acquired M&N Plastics, Michigan-based engineered plastic components for automotive electrical distribution manufacturer and injection moulding specialist. This acquisition extends Lear's capacity to produce high-voltage wire harnesses.
- In 2020, The Schleuniger Group acquired Cirris Systems Corp., a leading wire harness testing equipment supplier, to strengthen its position in the cables, harnesses, and connectors market.
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Product Type, Material, End User, and Country
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 North America wire harness market was US$ 22.63 billion in the year 2022 and is expected to grow at a CAGR of 5.3 %, during 2022 - 2030.
Growing Technological Innovations in Automobiles is driving the North America wire harness.
The lightweight wire harness in the North America wire harness market is experiencing significant growth due to benefits such as reduced weight, improved durability, and reduced cost.
US is anticipated to grow with the highest CAGR over the forecast period.
The US held the largest market share in 2022, followed by Canada.
The key players, holding majority shares, in North America Wire Harness market includes Fujikura Ltd.; Furukawa Electric Co. Ltd.; Lear; LEONI; Motherson Group; Nexans; Sumitomo Electric Industries, Ltd; THB Group; Yazaki Corporation; Yura Corporation.
1. Introduction
1.1 Study Scope
1.2 The Insight Partners Research Report Guidance
1.3 Market Segmentation
2. Key Takeaways
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. North America Wire Harness Market Landscape
4.1 Market Overview
4.2 North America PEST Analysis
4.3 Ecosystem Analysis
4.4 Expert Opinions
5. North America Wire Harness Market – Key Market Dynamics
5.1 Market Drivers
5.1.1 Growing Technological Innovations in Automobiles
5.1.2 Increasing Wire and Cable Consumption
5.2 Market Restraints
5.2.1 Corrosion Susceptible
5.3 Market Opportunities
5.3.1 Technological Advancements in Food & Beverages and Agriculture
5.4 Future Trends
5.4.1 Increasing Usage of Lightweight Wire Harness
5.5 Impact Analysis of Drivers and Restraints
6. Wire Harness Market – North America Market Analysis
6.1 North America Wire Harness Market Overview
6.2 North America Wire Harness Market Revenue Forecast and Analysis
7. North America Wire Harness Market Analysis – By Component
7.1 Overview
7.2 North America Wire Harness Market, By Component (2022 and 2030)
7.3 Wire Harness Connector
7.3.1 Overview
7.3.2 Wire Harness Connector: North America Wire Harness Market – Revenue and Forecast to 2030 (US$ Million)
7.4 Wire Harness Terminal
7.4.1 Overview
7.4.2 Wire Harness Terminal: North America Wire Harness Market – Revenue and Forecast to 2030 (US$ Million)
7.5 Others
7.5.1 Overview
7.5.2 Others: North America Wire Harness Market – Revenue and Forecast to 2030 (US$ Million)
8. North America Wire Harness Market Analysis – By Material
8.1 Overview
8.2 North America Wire Harness Market, By Material (2022 and 2030)
8.3 PVC
8.3.1 Overview
8.3.2 PVC: North America Wire Harness Market – Revenue and Forecast to 2030 (US$ Million)
8.4 Vinyl
8.4.1 Overview
8.4.2 Vinyl: North America Wire Harness Market – Revenue and Forecast to 2030 (US$ Million)
8.5 Thermoplastic Elastomer
8.5.1 Overview
8.5.2 Thermoplastic Elastomer: North America Wire Harness Market – Revenue and Forecast to 2030 (US$ Million)
8.6 Polyurethane
8.6.1 Overview
8.6.2 Polyurethane: North America Wire Harness Market – Revenue and Forecast to 2030 (US$ Million)
8.7 Polyethylene
8.7.1 Overview
8.7.2 Polyethylene: North America Wire Harness Market – Revenue and Forecast to 2030 (US$ Million)
9. North America Wire Harness Market Analysis – By End User
9.1 Overview
9.2 North America Wire Harness Market, By End User (2022 and 2030)
9.3 Automotive
9.3.1 Overview
9.3.2 Automotive: North America Wire Harness Market – Revenue and Forecast to 2030 (US$ Million)
9.3.2.1 Two-Wheelers
9.3.2.2 Two-Wheelers: North America Wire Harness Market – Revenue and Forecast to 2030 (US$ Million)
9.3.2.3 Construction Vehicles
9.3.2.4 Construction Vehicles: North America Wire Harness Market – Revenue and Forecast to 2030 (US$ Million)
9.3.2.5 Passenger Cars
9.3.2.6 Passenger Cars: North America Wire Harness Market – Revenue and Forecast to 2030 (US$ Million)
9.3.2.7 Commercial Vehicles
9.3.2.8 Commercial Vehicles: North America Wire Harness Market – Revenue and Forecast to 2030 (US$ Million)
9.4 Marine
9.4.1 Overview
9.4.2 Marine: North America Wire Harness Market – Revenue and Forecast to 2030 (US$ Million)
9.5 Aerospace & Defense
9.5.1 Overview
9.5.2 Aerospace & Defense: North America Wire Harness Market – Revenue and Forecast to 2030 (US$ Million)
9.6 Consumer Durables
9.6.1 Overview
9.6.2 Consumer Durables: North America Wire Harness Market – Revenue and Forecast to 2030 (US$ Million)
9.7 Medical
9.7.1 Overview
9.7.2 Medical: North America Wire Harness Market – Revenue and Forecast to 2030 (US$ Million)
9.8 Agriculture
9.8.1 Overview
9.8.2 Agriculture: North America Wire Harness Market – Revenue and Forecast to 2030 (US$ Million)
9.9 Industrial
9.9.1 Overview
9.9.2 Industrial: North America Wire Harness Market – Revenue and Forecast to 2030 (US$ Million)
9.10 Others
9.10.1 Overview
9.10.2 Others: North America Wire Harness Market – Revenue and Forecast to 2030 (US$ Million)
10. North America Wire Harness Market – Country Analysis
10.1 Overview
10.1.1 North America Wire Harness Market- by Key Country
10.1.1.1 US: Wire Harness Market – Revenue and Forecast to 2030 (US$ Million)
10.1.1.1.1 US: Wire Harness Market- by Component
10.1.1.1.2 US: Wire Harness Market- By Material
10.1.1.1.3 US: Wire Harness Market- By End User
10.1.1.1.4 US: Wire Harness Market- By Automotive
10.1.1.2 Canada: Wire Harness Market – Revenue and Forecast to 2030 (US$ Million)
10.1.1.2.1 Canada: Wire Harness Market- by Component
10.1.1.2.2 Canada: Wire Harness Market- By Material
10.1.1.2.3 Canada: Wire Harness Market- By End User
10.1.1.2.4 Canada: Wire Harness Market- By Automotive
10.1.1.3 Mexico: Wire Harness Market – Revenue and Forecast to 2030 (US$ Million)
10.1.1.3.1 Mexico: Wire Harness Market- by Component
10.1.1.3.2 Mexico: Wire Harness Market- By Material
10.1.1.3.3 Mexico: Wire Harness Market- By End User
10.1.1.3.4 Mexico: Wire Harness Market- By Automotive
11. Industry Landscape
11.1 Market Initiative
11.2 Merger and Acquisition
11.3 New Development
12. Company Profile
12.1 DRÄXLMAIER Group
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 Fujikura Ltd.
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 Lear Corporation
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 Sumitomo Electric Industries, 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 LEONI AG
12.5.1 Key Facts
12.5.2 Business Description
12.5.3 Products and Services
12.5.4 Financial Overview
12.5.5 SWOT Analysis
12.5.6 Key Developments
12.6 Yazaki Corporation
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 FURUKAWA ELECTRIC CO., 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 Motherson Sumi Systems Ltd.
12.8.1 Key Facts
12.8.2 Business Description
12.8.3 Products and Services
12.8.4 Financial Overview
12.8.5 SWOT Analysis
12.8.6 Key Developments
12.9 Kato Cable
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 YURA 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
12.11 Electrical Components International Inc
12.11.1 Key Facts
12.11.2 Business Description
12.11.3 Products and Services
12.11.4 Financial Overview
12.11.5 SWOT Analysis
12.11.6 Key Developments
12.12 PARK Manufacturing Corp
12.12.1 Key Facts
12.12.2 Business Description
12.12.3 Products and Services
12.12.4 Financial Overview
12.12.5 SWOT Analysis
12.12.6 Key Developments
12.13 KSM Electronics Inc
12.13.1 Key Facts
12.13.2 Business Description
12.13.3 Products and Services
12.13.4 Financial Overview
12.13.5 SWOT Analysis
12.13.6 Key Developments
12.14 Electrex Inc
12.14.1 Key Facts
12.14.2 Business Description
12.14.3 Products and Services
12.14.4 Financial Overview
12.14.5 SWOT Analysis
12.14.6 Key Developments
13. Appendix
13.1 About The Insight Partners
13.2 Word Index
LIST OF TABLES
Table 1. North America Wire Harness Market Revenue and Forecast to 2030 (US$ Million)
Table 2. US: Wire Harness Market- by Component –Revenue and Forecast to 2030 (US$ Million)
Table 3. US: Wire Harness Market- By Material –Revenue and Forecast to 2030 (US$ Million)
Table 4. US: Wire Harness Market- By End User –Revenue and Forecast to 2030 (US$ Million)
Table 5. US: Wire Harness Market- By Automotive –Revenue and Forecast to 2030 (US$ Million)
Table 6. Canada: Wire Harness Market- by Component –Revenue and Forecast to 2030 (US$ Million)
Table 7. Canada: Wire Harness Market- By Material –Revenue and Forecast to 2030 (US$ Million)
Table 8. Canada: Wire Harness Market- By End User –Revenue and Forecast to 2030 (US$ Million)
Table 9. Canada: Wire Harness Market- By Automotive –Revenue and Forecast to 2030 (US$ Million)
Table 10. Mexico: Wire Harness Market- by Component –Revenue and Forecast to 2030 (US$ Million)
Table 11. Mexico: Wire Harness Market- By Material –Revenue and Forecast to 2030 (US$ Million)
Table 12. Mexico: Wire Harness Market- By End User –Revenue and Forecast to 2030 (US$ Million)
Table 13. Mexico: Wire Harness Market- By Automotive –Revenue and Forecast to 2030 (US$ Million)
Table 14. List of Abbreviation
LIST OF FIGURES
Figure 1. North America Wire Harness Market Segmentation
Figure 2. North America Wire Harness Market Segmentation – By Country
Figure 3. North America Wire Harness Market Overview
Figure 4. North America Wire Harness Market, by Component
Figure 5. North America Wire Harness Market, by Material
Figure 6. North America Wire Harness Market, by Country
Figure 7. North America – PEST Analysis
Figure 8. North America Wire Harness Market- Ecosystem Analysis
Figure 9. North America Wire Harness Market Impact Analysis of Drivers and Restraints
Figure 10. North America Wire Harness Market Revenue Forecast and Analysis (US$ Million)
Figure 11. North America Wire Harness Market Revenue Share, by Component (2022 and 2030)
Figure 12. Wire Harness Connector: North America Wire Harness Market – Revenue and Forecast to 2030 (US$ Million)
Figure 13. Wire Harness Terminal: North America Wire Harness Market – Revenue and Forecast to 2030 (US$ Million)
Figure 14. Others: North America Wire Harness Market – Revenue and Forecast to 2030 (US$ Million)
Figure 15. North America Wire Harness Market Revenue Share, By Material (2022 and 2030)
Figure 16. PVC: North America Wire Harness Market – Revenue and Forecast to 2030 (US$ Million)
Figure 17. Vinyl: North America Wire Harness Market – Revenue and Forecast to 2030 (US$ Million)
Figure 18. Thermoplastic Elastomer: North America Wire Harness Market – Revenue and Forecast to 2030 (US$ Million)
Figure 19. Polyurethane: North America Wire Harness Market – Revenue and Forecast to 2030 (US$ Million)
Figure 20. Polyethylene: North America Wire Harness Market – Revenue and Forecast to 2030 (US$ Million)
Figure 21. North America Wire Harness Market Revenue Share, by End User (2022 and 2030)
Figure 22. Automotive: North America Wire Harness Market – Revenue and Forecast to 2030 (US$ Million)
Figure 23. Two-Wheelers: North America Wire Harness Market – Revenue and Forecast to 2030 (US$ Million)
Figure 24. Construction Vehicles: North America Wire Harness Market – Revenue and Forecast to 2030 (US$ Million)
Figure 25. Passenger Cars: North America Wire Harness Market – Revenue and Forecast to 2030 (US$ Million)
Figure 26. Commercial Vehicles: North America Wire Harness Market – Revenue and Forecast to 2030 (US$ Million)
Figure 27. Marine: North America Wire Harness Market – Revenue and Forecast to 2030 (US$ Million)
Figure 28. Aerospace & Defense: North America Wire Harness Market – Revenue and Forecast to 2030 (US$ Million)
Figure 29. Consumer Durables: North America Wire Harness Market – Revenue and Forecast to 2030 (US$ Million)
Figure 30. Medical: North America Wire Harness Market – Revenue and Forecast to 2030 (US$ Million)
Figure 31. Agriculture: North America Wire Harness Market – Revenue and Forecast to 2030 (US$ Million)
Figure 32. Industrial: North America Wire Harness Market – Revenue and Forecast to 2030 (US$ Million)
Figure 33. Others: North America Wire Harness Market – Revenue and Forecast to 2030 (US$ Million)
Figure 34. North America Wire Harness Market, by Key Country - Revenue (2022) (US$ Million)
Figure 35. North America Wire Harness Market Revenue Share, by Key Country (2022 and 2030)
Figure 36. US: Wire Harness Market – Revenue and Forecast to 2030 (US$ Million)
Figure 37. Canada: Wire Harness Market – Revenue and Forecast to 2030 (US$ Million)
Figure 38. Mexico: Wire Harness Market – Revenue and Forecast to 2030 (US$ Million)
The List of Companies - North America Wire Harness Market
- DRÄXLMAIER Group
- Fujikura Ltd.
- Lear Corporation
- Sumitomo Electric Industries, Ltd.
- LEONI AG
- Yazaki Corporation
- FURUKAWA ELECTRIC CO., LTD.
- Motherson Sumi Systems Ltd.
- Kato Cable
- YURA 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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