Power Tools Market Growth Report | 2021 to 2031
The Power Tools Market is expected to register a CAGR of 2.8% from 2023 to 2031, with a market size expanding from US$ XX Million in 2023 to US$ XX Million by 2031.
Power Tools Market report covers analysis By Mode (Electric, Pneumatic, Others); Type (Drilling and Fastening, Sawing, Demolition, Material Removal); End-user (Residential, Commercial , Industrial) , and Geography (North America, Europe, Asia Pacific, and South and Central America)
Purpose of the ReportThe report Power Tools 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.
Power Tools Market Segmentation
Mode- Electric
- Pneumatic
- Drilling and Fastening
- Sawing
- Demolition
- Material Removal
- Residential
- Commercial
- Industrial
- 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
Power Tools Market Growth Drivers- DIY and Home Renovation Boost Power Tool Demand: Some of the major factors driving the global market for power tools are increases in DIY activities and home renovation. Since more people want to make improvements to their homes, demand for flexible and user-friendly power tools is rising. About 45% of the consumers take up some form of DIY activity and this increases the power tool market share by a lot. The recent market reports show that it is this trend inspiring innovation. For this reason, the producers introduce various products responding to consumer needs
- Construction and Manufacturing Growth Drives Market: The greatest growth of the sectors relating to construction and manufacturing across the globe contributes to the increase in the market of power tools. With flourishing infrastructure projects, there is a need for efficient and durable power tools. This upward trend is shifting the face of market trends since companies are looking to invest in such innovational solutions that would improve their productivity and meet the rigorous demands for their industrial applications.
- Advanced Technology Revolutionizes Power Tools: Avant-garde technology in power tools has revolutionized the market space and thus led to the transformation in the growth of the market to a large extent. With cordless designs, intelligent features, and more powerful battery technologies, tools have transformed into much more effective and easier-to-use forms.
- Investment in Battery Tech Extends Tool Efficiency: Leaders have been investing in the latest in battery technologies with goals of extending run-time and reducing charging time. More than 65% of contractors have indicated to recent surveys that flexibility on the job site defines preferred usage for cordless tools. A SWOT analysis reveals opportunities to innovate based on more amplified competition manufactured amongst sellers to meet rising consumer preferences
- Smart Technologies Transform Power Tool Usage: Smart technologies are increasingly being integrated into power tools. Companies develop tools which have an IoT capability that enables remote checking of performance and maintenance needs. According to 2023 data, 40% of consumers are interested in smart features which can enhance efficiency. A PEST analysis will indicate how this technology enhances consumer interest and brings about new market strategies within the key players who focus on smart tool innovations.
- Sustainability Drives Growth in Power Tools Market: Sustainability is a characteristic of the market that assumes a critical priority in power tools wherein manufacturers are emphasizing much on 'green' materials and energy-efficient technologies. Half of the power tool manufacturers, or about 50%, are turning green, ensuring that their products will meet legislative demand and consumer expectations. This trend goes in the direction of the larger societal pressure for cleaner products and practices.
- Eco-Conscious Consumers Favor Green Products: Sustainability is the new buzz word in the power tools market, and henceforth, will provide a massive growth opportunity for producers. More than 40 percent consumers living in North America believe it is important that products are environmentally friendly. Companies, which follow sustainable practices, have an upper hand over their competitors. A competitive analysis shows that companies that use recycled and energy-efficient material have won over more and more eco-conscious customers. This trend is rewriting the landscape of the industry in a way that allows companies to differentiate themselves and meet the growing demand for sustainable solutions across different geographies.
- Safety Features Enhance Power Tool Appeal: Power tools with high-end safety features are a major differentiation play in the growth opportunity. Increasing consciousness among professionals to increase their safety in the workplace will provide a considerable opportunity for manufacturers who implement mechanisms like automatic shut-off and anti-kickback features.
Market Report Scope
Key Selling Points
- Comprehensive Coverage: The report comprehensively covers the analysis of products, services, types, and end users of the Power Tools 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 Power Tools 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
Have a question?
Naveen
Naveen will walk you through a 15-minute call to present the report’s content and answer all queries if you have any.
Speak to Analyst
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
- Request discounts available for Start-Ups & Universities
- 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
This text is related
to country scope.
Frequently Asked Questions
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 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.
Key companies in this market are: AIMCO, Atlas Copco, Hilti Corporation, KYOCERA Industrial Tools Corporation, Makita U S A Inc, Panasonic Life Solutions India Pvt Ltd, Robert Bosch Tool Corporation, Snap, on Incorporated
The Power Tools Market is expected to register a CAGR of 2.8% from 2023-2031.
Key future trends in this market are - Rise in DIY projects, Increased demand in construction, Advancements in cordless technology
The major factors impacting the Power Tools Market are: Growing DIY Culture and Home Renovation Trends, Expansion of Construction and Manufacturing Industries, and Technological Innovations in Power Tool Designs
1. INTRODUCTION
1.1. SCOPE OF THE STUDY
1.2. THE INSIGHT PARTNERS RESEARCH REPORT GUIDANCE
1.3. MARKET SEGMENTATION
1.3.1 Power Tools Market - By Mode
1.3.2 Power Tools Market - By Type
1.3.3 Power Tools Market - By End-user
1.3.4 Power Tools Market - By Region
1.3.4.1 By Country
2. KEY TAKEAWAYS
3. RESEARCH METHODOLOGY
4. POWER TOOLS 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. POWER TOOLS 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. POWER TOOLS MARKET - GLOBAL MARKET ANALYSIS
6.1. POWER TOOLS - GLOBAL MARKET OVERVIEW
6.2. POWER TOOLS - GLOBAL MARKET AND FORECAST TO 2028
6.3. MARKET POSITIONING/MARKET SHARE
7. POWER TOOLS MARKET - REVENUE AND FORECASTS TO 2028 - MODE
7.1. OVERVIEW
7.2. MODE MARKET FORECASTS AND ANALYSIS
7.3. ELECTRIC
7.3.1. Overview
7.3.2. Electric Market Forecast and Analysis
7.4. PNEUMATIC
7.4.1. Overview
7.4.2. Pneumatic Market Forecast and Analysis
7.5. OTHERS
7.5.1. Overview
7.5.2. Others Market Forecast and Analysis
8. POWER TOOLS MARKET - REVENUE AND FORECASTS TO 2028 - TYPE
8.1. OVERVIEW
8.2. TYPE MARKET FORECASTS AND ANALYSIS
8.3. DRILLING AND FASTENING
8.3.1. Overview
8.3.2. Drilling and Fastening Market Forecast and Analysis
8.4. SAWING
8.4.1. Overview
8.4.2. Sawing Market Forecast and Analysis
8.5. DEMOLITION
8.5.1. Overview
8.5.2. Demolition Market Forecast and Analysis
8.6. MATERIAL REMOVAL
8.6.1. Overview
8.6.2. Material Removal Market Forecast and Analysis
9. POWER TOOLS MARKET - REVENUE AND FORECASTS TO 2028 - END-USER
9.1. OVERVIEW
9.2. END-USER MARKET FORECASTS AND ANALYSIS
9.3. RESIDENTIAL
9.3.1. Overview
9.3.2. Residential Market Forecast and Analysis
9.4. COMMERCIAL
9.4.1. Overview
9.4.2. Commercial Market Forecast and Analysis
9.5. INDUSTRIAL
9.5.1. Overview
9.5.2. Industrial Market Forecast and Analysis
10. POWER TOOLS MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
10.1. NORTH AMERICA
10.1.1 North America Power Tools Market Overview
10.1.2 North America Power Tools Market Forecasts and Analysis
10.1.3 North America Power Tools Market Forecasts and Analysis - By Mode
10.1.4 North America Power Tools Market Forecasts and Analysis - By Type
10.1.5 North America Power Tools Market Forecasts and Analysis - By End-user
10.1.6 North America Power Tools Market Forecasts and Analysis - By Countries
10.1.6.1 United States Power Tools Market
10.1.6.1.1 United States Power Tools Market by Mode
10.1.6.1.2 United States Power Tools Market by Type
10.1.6.1.3 United States Power Tools Market by End-user
10.1.6.2 Canada Power Tools Market
10.1.6.2.1 Canada Power Tools Market by Mode
10.1.6.2.2 Canada Power Tools Market by Type
10.1.6.2.3 Canada Power Tools Market by End-user
10.1.6.3 Mexico Power Tools Market
10.1.6.3.1 Mexico Power Tools Market by Mode
10.1.6.3.2 Mexico Power Tools Market by Type
10.1.6.3.3 Mexico Power Tools Market by End-user
10.2. EUROPE
10.2.1 Europe Power Tools Market Overview
10.2.2 Europe Power Tools Market Forecasts and Analysis
10.2.3 Europe Power Tools Market Forecasts and Analysis - By Mode
10.2.4 Europe Power Tools Market Forecasts and Analysis - By Type
10.2.5 Europe Power Tools Market Forecasts and Analysis - By End-user
10.2.6 Europe Power Tools Market Forecasts and Analysis - By Countries
10.2.6.1 Germany Power Tools Market
10.2.6.1.1 Germany Power Tools Market by Mode
10.2.6.1.2 Germany Power Tools Market by Type
10.2.6.1.3 Germany Power Tools Market by End-user
10.2.6.2 France Power Tools Market
10.2.6.2.1 France Power Tools Market by Mode
10.2.6.2.2 France Power Tools Market by Type
10.2.6.2.3 France Power Tools Market by End-user
10.2.6.3 Italy Power Tools Market
10.2.6.3.1 Italy Power Tools Market by Mode
10.2.6.3.2 Italy Power Tools Market by Type
10.2.6.3.3 Italy Power Tools Market by End-user
10.2.6.4 United Kingdom Power Tools Market
10.2.6.4.1 United Kingdom Power Tools Market by Mode
10.2.6.4.2 United Kingdom Power Tools Market by Type
10.2.6.4.3 United Kingdom Power Tools Market by End-user
10.2.6.5 Russia Power Tools Market
10.2.6.5.1 Russia Power Tools Market by Mode
10.2.6.5.2 Russia Power Tools Market by Type
10.2.6.5.3 Russia Power Tools Market by End-user
10.2.6.6 Rest of Europe Power Tools Market
10.2.6.6.1 Rest of Europe Power Tools Market by Mode
10.2.6.6.2 Rest of Europe Power Tools Market by Type
10.2.6.6.3 Rest of Europe Power Tools Market by End-user
10.3. ASIA-PACIFIC
10.3.1 Asia-Pacific Power Tools Market Overview
10.3.2 Asia-Pacific Power Tools Market Forecasts and Analysis
10.3.3 Asia-Pacific Power Tools Market Forecasts and Analysis - By Mode
10.3.4 Asia-Pacific Power Tools Market Forecasts and Analysis - By Type
10.3.5 Asia-Pacific Power Tools Market Forecasts and Analysis - By End-user
10.3.6 Asia-Pacific Power Tools Market Forecasts and Analysis - By Countries
10.3.6.1 Australia Power Tools Market
10.3.6.1.1 Australia Power Tools Market by Mode
10.3.6.1.2 Australia Power Tools Market by Type
10.3.6.1.3 Australia Power Tools Market by End-user
10.3.6.2 China Power Tools Market
10.3.6.2.1 China Power Tools Market by Mode
10.3.6.2.2 China Power Tools Market by Type
10.3.6.2.3 China Power Tools Market by End-user
10.3.6.3 India Power Tools Market
10.3.6.3.1 India Power Tools Market by Mode
10.3.6.3.2 India Power Tools Market by Type
10.3.6.3.3 India Power Tools Market by End-user
10.3.6.4 Japan Power Tools Market
10.3.6.4.1 Japan Power Tools Market by Mode
10.3.6.4.2 Japan Power Tools Market by Type
10.3.6.4.3 Japan Power Tools Market by End-user
10.3.6.5 South Korea Power Tools Market
10.3.6.5.1 South Korea Power Tools Market by Mode
10.3.6.5.2 South Korea Power Tools Market by Type
10.3.6.5.3 South Korea Power Tools Market by End-user
10.3.6.6 Rest of Asia-Pacific Power Tools Market
10.3.6.6.1 Rest of Asia-Pacific Power Tools Market by Mode
10.3.6.6.2 Rest of Asia-Pacific Power Tools Market by Type
10.3.6.6.3 Rest of Asia-Pacific Power Tools Market by End-user
10.4. MIDDLE EAST AND AFRICA
10.4.1 Middle East and Africa Power Tools Market Overview
10.4.2 Middle East and Africa Power Tools Market Forecasts and Analysis
10.4.3 Middle East and Africa Power Tools Market Forecasts and Analysis - By Mode
10.4.4 Middle East and Africa Power Tools Market Forecasts and Analysis - By Type
10.4.5 Middle East and Africa Power Tools Market Forecasts and Analysis - By End-user
10.4.6 Middle East and Africa Power Tools Market Forecasts and Analysis - By Countries
10.4.6.1 South Africa Power Tools Market
10.4.6.1.1 South Africa Power Tools Market by Mode
10.4.6.1.2 South Africa Power Tools Market by Type
10.4.6.1.3 South Africa Power Tools Market by End-user
10.4.6.2 Saudi Arabia Power Tools Market
10.4.6.2.1 Saudi Arabia Power Tools Market by Mode
10.4.6.2.2 Saudi Arabia Power Tools Market by Type
10.4.6.2.3 Saudi Arabia Power Tools Market by End-user
10.4.6.3 U.A.E Power Tools Market
10.4.6.3.1 U.A.E Power Tools Market by Mode
10.4.6.3.2 U.A.E Power Tools Market by Type
10.4.6.3.3 U.A.E Power Tools Market by End-user
10.4.6.4 Rest of Middle East and Africa Power Tools Market
10.4.6.4.1 Rest of Middle East and Africa Power Tools Market by Mode
10.4.6.4.2 Rest of Middle East and Africa Power Tools Market by Type
10.4.6.4.3 Rest of Middle East and Africa Power Tools Market by End-user
10.5. SOUTH AND CENTRAL AMERICA
10.5.1 South and Central America Power Tools Market Overview
10.5.2 South and Central America Power Tools Market Forecasts and Analysis
10.5.3 South and Central America Power Tools Market Forecasts and Analysis - By Mode
10.5.4 South and Central America Power Tools Market Forecasts and Analysis - By Type
10.5.5 South and Central America Power Tools Market Forecasts and Analysis - By End-user
10.5.6 South and Central America Power Tools Market Forecasts and Analysis - By Countries
10.5.6.1 Brazil Power Tools Market
10.5.6.1.1 Brazil Power Tools Market by Mode
10.5.6.1.2 Brazil Power Tools Market by Type
10.5.6.1.3 Brazil Power Tools Market by End-user
10.5.6.2 Argentina Power Tools Market
10.5.6.2.1 Argentina Power Tools Market by Mode
10.5.6.2.2 Argentina Power Tools Market by Type
10.5.6.2.3 Argentina Power Tools Market by End-user
10.5.6.3 Rest of South and Central America Power Tools Market
10.5.6.3.1 Rest of South and Central America Power Tools Market by Mode
10.5.6.3.2 Rest of South and Central America Power Tools Market by Type
10.5.6.3.3 Rest of South and Central America Power Tools Market by End-user
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. POWER TOOLS MARKET, KEY COMPANY PROFILES
12.1. AIMCO
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. ATLAS COPCO
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. HILTI 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. KYOCERA INDUSTRIAL TOOLS CORPORATION
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. MAKITA U.S.A., INC
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. PANASONIC LIFE SOLUTIONS INDIA PVT. LTD
12.6.1. Key Facts
12.6.2. Business Description
12.6.3. Products and Services
12.6.4. Financial Overview
12.6.5. SWOT Analysis
12.6.6. Key Developments
12.7. ROBERT BOSCH TOOL CORPORATION
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. SNAP - ON INCORPORATED
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. STANLEY BLACK AND DECKER, INC.
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. TECHTRONIC INDUSTRIES CO. LTD
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. AIMCO
2. Atlas Copco
3. Hilti Corporation
4. KYOCERA Industrial Tools Corporation
5. Makita U.S.A., Inc
6. Panasonic Life Solutions India Pvt. Ltd
7. Robert Bosch Tool Corporation
8. Snap - on Incorporated
9. Stanley Black and Decker, Inc.
10. Techtronic Industries Co. Ltd
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.
Get Free Sample For