Outboard Motors Market Insights and Growth by 2031
The Outboard Motors Market is expected to register a CAGR of 4.5% 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 engine type, ignition type, application, and power. Based on engine type, the market is segmented into 2-Stroke, 4-Stroke. Based on ignition type, the market is divided into Electric, Manual. and Based on application, the market is segmented into Commercial, Diving, Recreational, Military. Based on power, the market is segmented into Low, Mid, High.
Purpose of the ReportThe report Outboard Motors 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.
Outboard Motors Market Segmentation
By Engine Type- 2-Stroke
- 4-Stroke;
- Electric
- Manual;
- Commercial
- Diving
- Recreational
- Military
- Low
- Mid
- High;
- Low
- Mid
- High;
Strategic Insights
Outboard Motors Market Growth Drivers- Rising Boating Activities: The boating activities have risen across the coastal areas and lakes and, consequently risen demand for outboard motors. Added to this, there is growing desire to indulge in leisurely activities in water, leading to the increased demand for an efficient outboard motor. The growing technological advancement in the boat manufacturing sector is also fueling the growth of the onboard motors market. Additionally, the development in marine activities and increasing proliferation of advanced boats is fueling the demand for onboard motors across the globe.
- Technological Developments: The technology on outboard motors is also evolving and in a very positive direction, owing to lighter, more efficient fuel-burning engines. These give better performance and therefore attract more consumers. For instance, some of the recent trends even resulted in eliminating almost half of the weight from a 200-hp engine, which weighs nearly 800 pounds. This has made the product significantly more attractive to the owner of the boat. Additionally, enhanced attributes like improved energy management and implementation of smart systems are offering lucrative opportunities for the market.
- The Growing Development in the Emerging Markets: There is a substantial grwoth opportunity for development in emerging nations such as Asia Pacific, and Latin American countries where the adoption of onboard motors is still at growing phase. As these regions are experiencing financial development, the demand for individual and commercial vehicles is anticipated to grow, originating a bigger market for onboard motors. The growing emphasis on advanced technologies in the automotive sector is projected to drive the growth of the market. The disposable incomes have increased in developing economies and hence also the desire for leisure time activity. This is a strong opportunity from the perspective of outboard motor manufacturers for market expansion in such economies.
- Proliferation of Electric Outboard Motors: These have started to trend in popularity with consumers who would want to be environ-conscious. Many electric motors reduce noise and emission levels compared to their traditional counterparts. Some sea-worthy users have emphasized on the need to preserve marine life; this explains why companies such as Yamaha and Suzuki have started to come up with quite reliable and effective electric outboard motors, not forgetting EZ_8 models. The growing electrification trends in the automotive sector is anticipated to offer lucrative opportunities for the onboard motors market
- Growth in the E-commerce and Online Sales: The increase of electronic platforms for commerce is the driving innovation in the consumption of outboard motors. More customers are using online channels as more varieties of products are available to them at better prices through these channels. The increasing availability and accessability of automotive components and outboard motors is also one of the major growth opportunity provider for the market.
- Customization and After-Sales Services: There exists a room for companies to enable customization of outboard motors with extensive after-sales services. Customized products that align with the needs and requirements of customers and also act as an extension of after-sales service may assist companies in generating their revenues and maintain their customers. Thus, the outboard motors market can be said to have growth prospects, courtesy of the hike in recreation boating demand and technological innovations; however, one can also find trends such as the new shift toward electric motors and rising e-commerce as new opportunities for businesses in the sector.
- Growing Emphasis on Sustainability: There is a growing trend among manufacturing companies to emphasize sustainability and producing environemnt friendly parts is boosting the development of the market. This is reflected in the development of eco-friendly onboard motors that utilize renewable energy sources and materials. Thew growing demand for more sustainable and low carbon emission products is anticipated to drive the development of the onboard motors market across the globe. Governemnt of various nations are emphasizing on reducing carbon footprint from automotive sector which is also one of the major trends in the market.
Market Report Scope
Key Selling Points
- Comprehensive Coverage: The report comprehensively covers the analysis of products, services, types, and end users of the Outboard Motors 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 Outboard Motors 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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- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
- Request discounts available for Start-Ups & Universities
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
This text is related
to segments covered.
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
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to country scope.
Frequently Asked Questions
The Outboard Motors Market is estimated to witness a CAGR of 4.5% from 2023 to 2031
The major factors driving the Outboard Motors market are: Rising consumers spending on the recreational activities across the globe along with surge in boating activities drives the market growth.
High manufacturing costs of the outboard motors hinders the market growth.
The market players includes Minn Kota motors, Honda Motor Co. Inc., AB Volvo, Evinrude, Mercury Marine, Tohatsu Corporation, LEHR LLC, Yamaha Motor Co., Ltd., and Suzuki Motor Corporation. Evinrude, and Exxon Mobil Corp.
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 Outboard Motors Market - By Engine Type
1.3.2 Outboard Motors Market - By Power
1.3.3 Outboard Motors Market - By Ignition Type
1.3.4 Outboard Motors Market - By Application
1.3.5 Outboard Motors Market - By Region
1.3.5.1 By Country
2. KEY TAKEAWAYS
3. RESEARCH METHODOLOGY
4. OUTBOARD MOTORS 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. OUTBOARD MOTORS 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. OUTBOARD MOTORS MARKET - GLOBAL MARKET ANALYSIS
6.1. OUTBOARD MOTORS - GLOBAL MARKET OVERVIEW
6.2. OUTBOARD MOTORS - GLOBAL MARKET AND FORECAST TO 2028
6.3. MARKET POSITIONING/MARKET SHARE
7. OUTBOARD MOTORS MARKET - REVENUE AND FORECASTS TO 2028 - ENGINE TYPE
7.1. OVERVIEW
7.2. ENGINE TYPE MARKET FORECASTS AND ANALYSIS
7.3. 2-STROKE
7.3.1. Overview
7.3.2. 2-Stroke Market Forecast and Analysis
7.4. 4-STROKE
7.4.1. Overview
7.4.2. 4-Stroke Market Forecast and Analysis
8. OUTBOARD MOTORS MARKET - REVENUE AND FORECASTS TO 2028 - POWER
8.1. OVERVIEW
8.2. POWER MARKET FORECASTS AND ANALYSIS
8.3. LOW
8.3.1. Overview
8.3.2. Low Market Forecast and Analysis
8.4. MID
8.4.1. Overview
8.4.2. Mid Market Forecast and Analysis
8.5. HIGH
8.5.1. Overview
8.5.2. High Market Forecast and Analysis
9. OUTBOARD MOTORS MARKET - REVENUE AND FORECASTS TO 2028 - IGNITION TYPE
9.1. OVERVIEW
9.2. IGNITION TYPE MARKET FORECASTS AND ANALYSIS
9.3. ELECTRIC
9.3.1. Overview
9.3.2. Electric Market Forecast and Analysis
9.4. MANUAL
9.4.1. Overview
9.4.2. Manual Market Forecast and Analysis
10. OUTBOARD MOTORS MARKET - REVENUE AND FORECASTS TO 2028 - APPLICATION
10.1. OVERVIEW
10.2. APPLICATION MARKET FORECASTS AND ANALYSIS
10.3. COMMERCIAL
10.3.1. Overview
10.3.2. Commercial Market Forecast and Analysis
10.4. RECREATIONAL
10.4.1. Overview
10.4.2. Recreational Market Forecast and Analysis
10.5. MILITARY
10.5.1. Overview
10.5.2. Military Market Forecast and Analysis
11. OUTBOARD MOTORS MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
11.1. NORTH AMERICA
11.1.1 North America Outboard Motors Market Overview
11.1.2 North America Outboard Motors Market Forecasts and Analysis
11.1.3 North America Outboard Motors Market Forecasts and Analysis - By Engine Type
11.1.4 North America Outboard Motors Market Forecasts and Analysis - By Power
11.1.5 North America Outboard Motors Market Forecasts and Analysis - By Ignition Type
11.1.6 North America Outboard Motors Market Forecasts and Analysis - By Application
11.1.7 North America Outboard Motors Market Forecasts and Analysis - By Countries
11.1.7.1 United States Outboard Motors Market
11.1.7.1.1 United States Outboard Motors Market by Engine Type
11.1.7.1.2 United States Outboard Motors Market by Power
11.1.7.1.3 United States Outboard Motors Market by Ignition Type
11.1.7.1.4 United States Outboard Motors Market by Application
11.1.7.2 Canada Outboard Motors Market
11.1.7.2.1 Canada Outboard Motors Market by Engine Type
11.1.7.2.2 Canada Outboard Motors Market by Power
11.1.7.2.3 Canada Outboard Motors Market by Ignition Type
11.1.7.2.4 Canada Outboard Motors Market by Application
11.1.7.3 Mexico Outboard Motors Market
11.1.7.3.1 Mexico Outboard Motors Market by Engine Type
11.1.7.3.2 Mexico Outboard Motors Market by Power
11.1.7.3.3 Mexico Outboard Motors Market by Ignition Type
11.1.7.3.4 Mexico Outboard Motors Market by Application
11.2. EUROPE
11.2.1 Europe Outboard Motors Market Overview
11.2.2 Europe Outboard Motors Market Forecasts and Analysis
11.2.3 Europe Outboard Motors Market Forecasts and Analysis - By Engine Type
11.2.4 Europe Outboard Motors Market Forecasts and Analysis - By Power
11.2.5 Europe Outboard Motors Market Forecasts and Analysis - By Ignition Type
11.2.6 Europe Outboard Motors Market Forecasts and Analysis - By Application
11.2.7 Europe Outboard Motors Market Forecasts and Analysis - By Countries
11.2.7.1 Germany Outboard Motors Market
11.2.7.1.1 Germany Outboard Motors Market by Engine Type
11.2.7.1.2 Germany Outboard Motors Market by Power
11.2.7.1.3 Germany Outboard Motors Market by Ignition Type
11.2.7.1.4 Germany Outboard Motors Market by Application
11.2.7.2 France Outboard Motors Market
11.2.7.2.1 France Outboard Motors Market by Engine Type
11.2.7.2.2 France Outboard Motors Market by Power
11.2.7.2.3 France Outboard Motors Market by Ignition Type
11.2.7.2.4 France Outboard Motors Market by Application
11.2.7.3 Italy Outboard Motors Market
11.2.7.3.1 Italy Outboard Motors Market by Engine Type
11.2.7.3.2 Italy Outboard Motors Market by Power
11.2.7.3.3 Italy Outboard Motors Market by Ignition Type
11.2.7.3.4 Italy Outboard Motors Market by Application
11.2.7.4 United Kingdom Outboard Motors Market
11.2.7.4.1 United Kingdom Outboard Motors Market by Engine Type
11.2.7.4.2 United Kingdom Outboard Motors Market by Power
11.2.7.4.3 United Kingdom Outboard Motors Market by Ignition Type
11.2.7.4.4 United Kingdom Outboard Motors Market by Application
11.2.7.5 Russia Outboard Motors Market
11.2.7.5.1 Russia Outboard Motors Market by Engine Type
11.2.7.5.2 Russia Outboard Motors Market by Power
11.2.7.5.3 Russia Outboard Motors Market by Ignition Type
11.2.7.5.4 Russia Outboard Motors Market by Application
11.2.7.6 Rest of Europe Outboard Motors Market
11.2.7.6.1 Rest of Europe Outboard Motors Market by Engine Type
11.2.7.6.2 Rest of Europe Outboard Motors Market by Power
11.2.7.6.3 Rest of Europe Outboard Motors Market by Ignition Type
11.2.7.6.4 Rest of Europe Outboard Motors Market by Application
11.3. ASIA-PACIFIC
11.3.1 Asia-Pacific Outboard Motors Market Overview
11.3.2 Asia-Pacific Outboard Motors Market Forecasts and Analysis
11.3.3 Asia-Pacific Outboard Motors Market Forecasts and Analysis - By Engine Type
11.3.4 Asia-Pacific Outboard Motors Market Forecasts and Analysis - By Power
11.3.5 Asia-Pacific Outboard Motors Market Forecasts and Analysis - By Ignition Type
11.3.6 Asia-Pacific Outboard Motors Market Forecasts and Analysis - By Application
11.3.7 Asia-Pacific Outboard Motors Market Forecasts and Analysis - By Countries
11.3.7.1 Australia Outboard Motors Market
11.3.7.1.1 Australia Outboard Motors Market by Engine Type
11.3.7.1.2 Australia Outboard Motors Market by Power
11.3.7.1.3 Australia Outboard Motors Market by Ignition Type
11.3.7.1.4 Australia Outboard Motors Market by Application
11.3.7.2 China Outboard Motors Market
11.3.7.2.1 China Outboard Motors Market by Engine Type
11.3.7.2.2 China Outboard Motors Market by Power
11.3.7.2.3 China Outboard Motors Market by Ignition Type
11.3.7.2.4 China Outboard Motors Market by Application
11.3.7.3 India Outboard Motors Market
11.3.7.3.1 India Outboard Motors Market by Engine Type
11.3.7.3.2 India Outboard Motors Market by Power
11.3.7.3.3 India Outboard Motors Market by Ignition Type
11.3.7.3.4 India Outboard Motors Market by Application
11.3.7.4 Japan Outboard Motors Market
11.3.7.4.1 Japan Outboard Motors Market by Engine Type
11.3.7.4.2 Japan Outboard Motors Market by Power
11.3.7.4.3 Japan Outboard Motors Market by Ignition Type
11.3.7.4.4 Japan Outboard Motors Market by Application
11.3.7.5 South Korea Outboard Motors Market
11.3.7.5.1 South Korea Outboard Motors Market by Engine Type
11.3.7.5.2 South Korea Outboard Motors Market by Power
11.3.7.5.3 South Korea Outboard Motors Market by Ignition Type
11.3.7.5.4 South Korea Outboard Motors Market by Application
11.3.7.6 Rest of Asia-Pacific Outboard Motors Market
11.3.7.6.1 Rest of Asia-Pacific Outboard Motors Market by Engine Type
11.3.7.6.2 Rest of Asia-Pacific Outboard Motors Market by Power
11.3.7.6.3 Rest of Asia-Pacific Outboard Motors Market by Ignition Type
11.3.7.6.4 Rest of Asia-Pacific Outboard Motors Market by Application
11.4. MIDDLE EAST AND AFRICA
11.4.1 Middle East and Africa Outboard Motors Market Overview
11.4.2 Middle East and Africa Outboard Motors Market Forecasts and Analysis
11.4.3 Middle East and Africa Outboard Motors Market Forecasts and Analysis - By Engine Type
11.4.4 Middle East and Africa Outboard Motors Market Forecasts and Analysis - By Power
11.4.5 Middle East and Africa Outboard Motors Market Forecasts and Analysis - By Ignition Type
11.4.6 Middle East and Africa Outboard Motors Market Forecasts and Analysis - By Application
11.4.7 Middle East and Africa Outboard Motors Market Forecasts and Analysis - By Countries
11.4.7.1 South Africa Outboard Motors Market
11.4.7.1.1 South Africa Outboard Motors Market by Engine Type
11.4.7.1.2 South Africa Outboard Motors Market by Power
11.4.7.1.3 South Africa Outboard Motors Market by Ignition Type
11.4.7.1.4 South Africa Outboard Motors Market by Application
11.4.7.2 Saudi Arabia Outboard Motors Market
11.4.7.2.1 Saudi Arabia Outboard Motors Market by Engine Type
11.4.7.2.2 Saudi Arabia Outboard Motors Market by Power
11.4.7.2.3 Saudi Arabia Outboard Motors Market by Ignition Type
11.4.7.2.4 Saudi Arabia Outboard Motors Market by Application
11.4.7.3 U.A.E Outboard Motors Market
11.4.7.3.1 U.A.E Outboard Motors Market by Engine Type
11.4.7.3.2 U.A.E Outboard Motors Market by Power
11.4.7.3.3 U.A.E Outboard Motors Market by Ignition Type
11.4.7.3.4 U.A.E Outboard Motors Market by Application
11.4.7.4 Rest of Middle East and Africa Outboard Motors Market
11.4.7.4.1 Rest of Middle East and Africa Outboard Motors Market by Engine Type
11.4.7.4.2 Rest of Middle East and Africa Outboard Motors Market by Power
11.4.7.4.3 Rest of Middle East and Africa Outboard Motors Market by Ignition Type
11.4.7.4.4 Rest of Middle East and Africa Outboard Motors Market by Application
11.5. SOUTH AND CENTRAL AMERICA
11.5.1 South and Central America Outboard Motors Market Overview
11.5.2 South and Central America Outboard Motors Market Forecasts and Analysis
11.5.3 South and Central America Outboard Motors Market Forecasts and Analysis - By Engine Type
11.5.4 South and Central America Outboard Motors Market Forecasts and Analysis - By Power
11.5.5 South and Central America Outboard Motors Market Forecasts and Analysis - By Ignition Type
11.5.6 South and Central America Outboard Motors Market Forecasts and Analysis - By Application
11.5.7 South and Central America Outboard Motors Market Forecasts and Analysis - By Countries
11.5.7.1 Brazil Outboard Motors Market
11.5.7.1.1 Brazil Outboard Motors Market by Engine Type
11.5.7.1.2 Brazil Outboard Motors Market by Power
11.5.7.1.3 Brazil Outboard Motors Market by Ignition Type
11.5.7.1.4 Brazil Outboard Motors Market by Application
11.5.7.2 Argentina Outboard Motors Market
11.5.7.2.1 Argentina Outboard Motors Market by Engine Type
11.5.7.2.2 Argentina Outboard Motors Market by Power
11.5.7.2.3 Argentina Outboard Motors Market by Ignition Type
11.5.7.2.4 Argentina Outboard Motors Market by Application
11.5.7.3 Rest of South and Central America Outboard Motors Market
11.5.7.3.1 Rest of South and Central America Outboard Motors Market by Engine Type
11.5.7.3.2 Rest of South and Central America Outboard Motors Market by Power
11.5.7.3.3 Rest of South and Central America Outboard Motors Market by Ignition Type
11.5.7.3.4 Rest of South and Central America Outboard Motors Market by Application
12. INDUSTRY LANDSCAPE
12.1. MERGERS AND ACQUISITIONS
12.2. AGREEMENTS, COLLABORATIONS AND JOIN VENTURES
12.3. NEW PRODUCT LAUNCHES
12.4. EXPANSIONS AND OTHER STRATEGIC DEVELOPMENTS
13. OUTBOARD MOTORS MARKET, KEY COMPANY PROFILES
13.1. COX POWERTRAIN LIMITED
13.1.1. Key Facts
13.1.2. Business Description
13.1.3. Products and Services
13.1.4. Financial Overview
13.1.5. SWOT Analysis
13.1.6. Key Developments
13.2. HONDA MOTOR CO., LTD.
13.2.1. Key Facts
13.2.2. Business Description
13.2.3. Products and Services
13.2.4. Financial Overview
13.2.5. SWOT Analysis
13.2.6. Key Developments
13.3. MERCURY MARINE
13.3.1. Key Facts
13.3.2. Business Description
13.3.3. Products and Services
13.3.4. Financial Overview
13.3.5. SWOT Analysis
13.3.6. Key Developments
13.4. POWERTEC OUTBOARDS
13.4.1. Key Facts
13.4.2. Business Description
13.4.3. Products and Services
13.4.4. Financial Overview
13.4.5. SWOT Analysis
13.4.6. Key Developments
13.5. SUZUKI MARINE
13.5.1. Key Facts
13.5.2. Business Description
13.5.3. Products and Services
13.5.4. Financial Overview
13.5.5. SWOT Analysis
13.5.6. Key Developments
13.6. TOHATSU CORPORATION
13.6.1. Key Facts
13.6.2. Business Description
13.6.3. Products and Services
13.6.4. Financial Overview
13.6.5. SWOT Analysis
13.6.6. Key Developments
13.7. TORQEEDO GMBH
13.7.1. Key Facts
13.7.2. Business Description
13.7.3. Products and Services
13.7.4. Financial Overview
13.7.5. SWOT Analysis
13.7.6. Key Developments
13.8. VOLVO PENTA
13.8.1. Key Facts
13.8.2. Business Description
13.8.3. Products and Services
13.8.4. Financial Overview
13.8.5. SWOT Analysis
13.8.6. Key Developments
13.9. YAMAHA MOTOR CO., LTD.
13.9.1. Key Facts
13.9.2. Business Description
13.9.3. Products and Services
13.9.4. Financial Overview
13.9.5. SWOT Analysis
13.9.6. Key Developments
13.10. YANMAR MARINE INTERNATIONAL
13.10.1. Key Facts
13.10.2. Business Description
13.10.3. Products and Services
13.10.4. Financial Overview
13.10.5. SWOT Analysis
13.10.6. Key Developments
14. APPENDIX
14.1. ABOUT THE INSIGHT PARTNERS
14.2. GLOSSARY OF TERMS
1.Cox Powertrain Limited
2.Honda Motor Co., Ltd.
3.Mercury Marine
4.Powertec Outboards
5.Suzuki Marine
6.Tohatsu Corporation
7.Torqeedo GmbH
8.Volvo Penta
9.Yamaha Motor Co., Ltd.
10.YANMAR Marine International
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.
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A typical research interview fulfils the following functions:
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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:
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- 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.
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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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