India Commercial Car Care Products Market to Grow at a CAGR of 12.3% to reach US$ 513.86 million from 2022 to 2028
The India commercial car care products market is expected to grow from US$ 228.68 million in 2021 to US$ 513.86 million by 2028; it is estimated to grow at a CAGR of 12.3% from 2022 to 2028.
In India, a resurgence in new and used vehicle sales, aided by a rise in travel rates, is expected to boost the demand for auto maintenance products rapidly further influencing the demand in the India commercial car care products market. India Automotive Mission Plan 2016-26 is a collaborative endeavor by the Indian government and the Indian automotive industry to develop a path for the sector's development. India is a major vehicle exporter with excellent export growth prospects. Furthermore, various initiatives by the Indian government and key automotive manufacturers in the Indian market are predicted to propel the country to the forefront of the global two-wheeler and four-wheeler industries by the end of 2022.
This is predicted to enhance the demand for commercial car care products in the India commercial car care products market. For example, 3M gained 3.28% growth when the company resumed its Technological City plant operations in Bangalore on Wednesday, May 19, 2021. Moreover, Turtle Wax India plans to quadruple revenues in 2022. The company is optimistic about growth from its on-ground Car Care Studios, which extended to 14 locations by the end of March to reach 30 locations by December 2022. Such operations are positively impacting the India commercial car care products market
Impact of COVID-19 Pandemic on India Commercial Car Care Products Market
The abrupt emergence of the COVID-19 pandemic in India forced the shutdown of vehicle manufacturing plants, affecting the demand for commercial car care products. Moreover, the country also isolated its import and export of critical raw chemicals and products for numerous automotive car care products, impacting various end-user industries' supply chains. The overall expansion of several associated automobile subsystems and car products, including the India commercial car care products market, is influenced by automotive sales in India. According to the Automotive Component Manufacturers Association ACMA, the total revenue of India's auto component business fell by 3% in March 2021. While car sales and manufacturing recovered in the second half of 2021, the first quarter of 2022 was once again plagued by difficulties, owing to the pandemic. Other areas, such as automotive aftermarkets, imports, and exports, also declined. At the same time, auto component exports fell by 8% to US$ 13.3 billion from 2020 to 2021.
Market Insights:
Increase in Sales of Second-Hand Cars
Market Insights:
Increase in Sales of Second-Hand Cars
As a result of consumers' demand for high-quality automobiles at low prices, the market for used cars has grown tremendously contributing to the growth in the India commercial car care products market. Pollutants that cause vehicle paint and interiors to deteriorate are more likely to be detected in second-hand cars. An automobile may require car care products due to deterioration by sun rays, tree resin, road asphalt, sand, gravel, de-icing chemicals, bird guano, and other airborne contaminants. As a result, there is a higher demand in India commercial car care products market ; they assist in maintaining a used car's interiors, clean the exterior, extend the life of a vehicle, and add value to a used vehicle. According to the Volkswagen India Study for the pre-owned cars market, the used automobile industry has an unstructured environment, and organized dealers account for only 25% of the sales. However, due to coordinated efforts by large competitors and an increased willingness of customers to pay a premium for dependable automobiles, organized dealers' market share is expected to climb to 45% by 2025. Maruti Suzuki True Value and Mahindra First Choice, with 1,252 shops and over 1,700 touchpoints, top the organized sector. Volkswagen is also present in the market with its Das WeltAuto (DWA) network, which handles the acquisition and sale of pre-owned passenger vehicles from all manufacturers, as reported by AutoCar India in 2021. All these factors are contributing to the growth of the India commercial car care products market.
Product Segment Insight
Based on product, the India commercial car care products market is segmented into chain & carburetor spray, silicon spray, windshield glass cleaner, pressure washers & steam cleaners, polish wax, clay bars & sponges, brake cleaners and bleeding kits, dashboard cleaners, WD 40, engine D-greaser, car interior cleaners, tire dresser, battery terminal cleaner/ spray, engine contact cleaner, engine foam cleaner, engine shine & protector, engine oil flush for 2 & 4-wheeler, radiator flush, engine oil additive cleaner, fuel injector cleaner, engine fuel treatment additive cleaner, additive flusher, contact cleaners, adhesive cleaner, and others. The car interior cleaners segment led the India commercial car care products market with the largest share in 2021.
India Commercial Car Care Products Market, by Category (% share)
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Note: The outer circle represents the market size for 2028, and the inner circle represents the market size for 2021.
Category Segment Insights
Based on category, the India commercial car care products market is segmented into interior and exterior. The exterior segment accounted for a major share of the India commercial car care products market in 2021. The market for the exterior segment is anticipated to grow at a faster CAGR during the forecast period.
End-User Insights
Based on end-user, the India commercial car care products market is segmented into original equipment suppliers (OES) and independent aftermarket (IAM). The original equipment suppliers (OES) segment accounted for a major market share in 2021.
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India Commercial Car Care Products 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.
India Commercial Car Care Products Market: Strategic Insights
Naveen
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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.
Speak to Analyst
Companies operating in the India commercial car care products market adopt strategies such as mergers and acquisitions and market initiatives to maintain their market positions. A few of the notable developments by key players in the India commercial car care products market report are listed below:
- In February 2022, 3M acquired the technology assets of LeanTec. The acquisition reflects 3M's commitment to its "connected Bodyshop," one of its active digital platforms which integrates data collecting and analysis with product platforms to capitalize on evolving requirements and trends.
- In March 2020, Turtle Wax expanded into India to take advantage of the burgeoning auto maintenance market. Turtle Wax currently sells various automobile maintenance goods, including exterior and interior cleaning solutions, but it has no plans to open its own store. Instead, the corporation will concentrate on expanding its national footprint.
The report segments the India commercial car care products market as follows:
Based on product, the India commercial car care products market is segmented into chain and carburetor spray, silicon spray, windshield glass cleaner, pressure washers and steam cleaners, polish wax, clay bars and sponges, brake cleaners and bleeding kits, dashboard cleaners, WD 40, engine D-greaser, car interior cleaners, tire dresser, battery terminal cleaner/ spray, engine contact cleaner, engine foam cleaner, engine shine and protector, engine oil flush for 2 and 4-wheeler, radiator flush, engine oil additive cleaner, fuel injector cleaner, engine fuel treatment additive cleaner, additive flusher, contact cleaners, adhesive cleaner, and others. The car interior cleaners segment led the market with the largest share in 2021. In terms of category, the market is segmented into interior and exterior. The exterior segment led the market with a larger share in 2021. Based on end user, the market is segmented into original equipment suppliers (OES) and independent aftermarket (IAM). The original equipment suppliers (OES) segment led the India commercial car care products market with a larger share in 2021.
India Commercial Car Care Products Market – Company Profiles
India Commercial Car Care Products Market – Company Profiles
- 3M
- Shell Plc
- Auto Bros
- Pidilite Industries Ltd.
- Twin Tech India Pvt. Ltd
- Clensta International
- Miracle
- Kangaroo Auto Care
- Green Duck Industries
- Wavex
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.
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. Commercial car care products Market Landscape
4.1 Market Overview
4.2 PEST Analysis
4.2.1 India
4.3 Ecosystem Analysis
4.4 Expert Opinions
5. Commercial Car Care Products Market – Key Market Dynamics
5.1 Market Drivers
5.1.1 Increase in Sales of Second-Hand Cars
5.1.2 Government Initiatives Influencing Automotive Industry
5.2 Market Restraints
5.2.1 Use of Hazardous Chemicals
5.3 Market Opportunities
5.3.1 Rising Investments in Automotive Aftermarket
5.4 Future Trends
5.4.1 Growing Adoption of Electric Vehicles
6. Commercial Car Care Products– India Market Analysis
6.1 Commercial car care products: India Market Overview
6.2 Commercial Car Care Products Market – Revenue and Forecast to 2028 (US$ Million)
6.3 Market Positioning – India Market Players Ranking
7. Commercial Car Care Products Market Analysis – By Product
7.1 Overview
7.2 Commercial car care products Market, By Product (2021 and 2028)
7.3 Chain and Carburettor Spray
7.3.1 Overview
7.3.2 Chain and carburettor spray: Commercial Car Care Products Market – Revenue and Forecast to 2028 (US$ Million)
7.4 Silicon Spray
7.4.1 Overview
7.4.2 Silicon spray: Commercial Car Care Products Market – Revenue and Forecast to 2028 (US$ Million)
7.5 Windshield Glass Cleaner
7.5.1 Overview
7.5.2 Windshield Glass Cleaner: Commercial Car Care Products Market – Revenue and Forecast to 2028 (US$ Million)
7.6 Pressure Washers and Steam Cleaners
7.6.1 Overview
7.6.2 Pressure Washers and Steam Cleaners: Commercial Car Care Products Market – Revenue and Forecast to 2028 (US$ Million)
7.7 Polish Wax
7.7.1 Overview
7.7.2 Polish Wax: Commercial Car Care Products Market – Revenue and Forecast to 2028 (US$ Million)
7.8 Clay Bars and Sponges
7.8.1 Overview
7.8.2 Clay Bars and Sponges: Commercial Car Care Products Market – Revenue and Forecast to 2028 (US$ Million)
7.9 Brake Cleaners and Bleeding Kits
7.9.1 Overview
7.9.2 Brake Cleaners and Bleeding Kits: Commercial Car Care Products Market – Revenue and Forecast to 2028 (US$ Million)
7.10 Dashboard cleaners
7.10.1 Overview
7.10.2 Dashboard cleaners: Commercial Car Care Products Market – Revenue and Forecast to 2028 (US$ Million)
7.11 WD 40
7.11.1 Overview
7.11.2 WD 40: Commercial Car Care Products Market – Revenue and Forecast to 2028 (US$ Million)
7.12 Engine D-Greaser
7.12.1 Overview
7.12.2 Engine D-Greaser: Commercial Car Care Products Market – Revenue and Forecast to 2028 (US$ Million)
7.13 Car Interior Cleaners
7.13.1 Overview
7.13.2 Car Interior Cleaners: Commercial Car Care Products Market – Revenue and Forecast to 2028 (US$ Million)
7.14 Tyre Dresser
7.14.1 Overview
7.14.2 Tyre Dresser: Commercial Car Care Products Market – Revenue and Forecast to 2028 (US$ Million)
7.15 Battery Terminal Cleaner/ Spray
7.15.1 Overview
7.15.2 Battery Terminal Cleaner/ Spray: Commercial Car Care Products Market – Revenue and Forecast to 2028 (US$ Million)
7.16 Engine Contact and Foam Cleaner
7.16.1 Overview
7.16.2 Engine Contact and Foam Cleaner: Commercial Car Care Products Market – Revenue and Forecast to 2028 (US$ Million)
7.17 Engine Shine and Protector
7.17.1 Overview
7.17.2 Engine Shine and Protector: Commercial Car Care Products Market – Revenue and Forecast to 2028 (US$ Million)
7.18 Engine Oil Flush for 2 and 4-wheeler
7.18.1 Overview
7.18.2 Engine oil flush for 2 and 4-wheeler: Commercial Car Care Products Market – Revenue and Forecast to 2028 (US$ Million)
7.19 Radiator Flush
7.19.1 Overview
7.19.2 Radiator Flush: Commercial Car Care Products Market – Revenue and Forecast to 2028 (US$ Million)
7.20 Engine Oil Additive Cleaner
7.20.1 Overview
7.20.2 Engine Oil Additive Cleaner: Commercial Car Care Products Market – Revenue and Forecast to 2028 (US$ Million)
7.21 Fuel Injector Cleaner
7.21.1 Overview
7.21.2 Fuel Injector Cleaner: Commercial Car Care Products Market – Revenue and Forecast to 2028 (US$ Million)
7.22 Engine Fuel Treatment Additive Cleaner
7.22.1 Overview
7.22.2 Engine Fuel Treatment Additive Cleaner: Commercial Car Care Products Market – Revenue and Forecast to 2028 (US$ Million)
7.23 Additive Flusher
7.23.1 Overview
7.23.2 Additive Flusher: Commercial Car Care Products Market – Revenue and Forecast to 2028 (US$ Million)
7.24 Contact cleaners
7.24.1 Overview
7.24.2 Contact cleaners: Commercial Car Care Products Market – Revenue and Forecast to 2028 (US$ Million)
7.25 Adhesive Cleaner
7.25.1 Overview
7.25.2 Adhesive Cleaner: Commercial Car Care Products Market – Revenue and Forecast to 2028 (US$ Million)
7.26 Others
7.26.1 Overview
7.26.2 Others: Commercial Car Care Products Market – Revenue and Forecast to 2028 (US$ Million)
8. Commercial Car Care Products Market Analysis – By Category
8.1 Overview
8.2 Commercial car care products Market, By Category (2021 and 2028)
8.3 Interior
8.3.1 Overview
8.3.2 Interior: Commercial Car Care Products Market – Revenue and Forecast to 2028 (US$ Million)
8.4 Exterior
8.4.1 Overview
8.4.2 Exterior: Commercial Car Care Products Market – Revenue and Forecast to 2028 (US$ Million)
9. Commercial Car Care Products Market Analysis – By End User
9.1 Overview
9.2 Commercial car care products Market, By End User (2021 and 2028)
9.3 Original Equipment Suppliers (OES)
9.3.1 Overview
9.3.2 Original Equipment Suppliers (OES): Commercial Car Care Products Market – Revenue and Forecast to 2028 (US$ Million)
9.4 Independent Aftermarket (IAM)
9.4.1 Overview
9.4.2 Independent Aftermarket (IAM): Commercial Car Care Products Market – Revenue and Forecast to 2028 (US$ Million)
10. Commercial Car Care Products Market - COVID-19 Impact Analysis
10.1 Overview
11. Industry Landscape
11.1 Market Initiative
11.2 Market Initiative
12. Company Profiles
12.1 3M
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 Shell plc
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 Miracle
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 Auto Bros
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 Pidilite Industries Limited
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 Twin Tech 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 Clensta International
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 Green Duck Industries
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 Wavex
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 Kangaroo Auto Care
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 Word Index
LIST OF TABLES
Table 1. Commercial Car Care Products Market – Revenue and Forecast to 2028 (US$ Million)
Table 2. List of Abbreviation
LIST OF FIGURES
Figure 1. Commercial car care products Market Segmentation
Figure 2. India Commercial car care products Market Overview
Figure 3. Commercial Car Care Products Market, by Product
Figure 4. Commercial Car Care Products Market, by Category
Figure 5. Commercial Car Care Products Market, by End User
Figure 6. India PEST Analysis
Figure 7. Commercial car care products Market: Ecosystem Analysis
Figure 8. Commercial car care products Market Impact Analysis of Drivers and Restraints
Figure 9. Commercial Car Care Products Market – Revenue and Forecast to 2028 (US$ Million)
Figure 10. Commercial car care products Market Revenue Share, by Product (2021 and 2028)
Figure 11. Chain and Carburettor Spray: Commercial Car Care Products Market – Revenue and Forecast to 2028 (US$ Million)
Figure 12. Silicon spray: Commercial Car Care Products Market – Revenue and Forecast to 2028 (US$ Million)
Figure 13. Windshield glass cleaner: Commercial Car Care Products Market – Revenue and Forecast to 2028 (US$ Million)
Figure 14. Pressure Washers and Steam Cleaners: Commercial Car Care Products Market – Revenue and Forecast to 2028 (US$ Million)
Figure 15. Polish Wax: Commercial Car Care Products Market – Revenue and Forecast to 2028 (US$ Million)
Figure 16. Clay Bars and Sponges: Commercial Car Care Products Market – Revenue and Forecast to 2028 (US$ Million)
Figure 17. Brake Cleaners and Bleeding Kits: Commercial Car Care Products Market – Revenue and Forecast to 2028 (US$ Million)
Figure 18. Dashboard Cleaners: Commercial Car Care Products Market – Revenue and Forecast to 2028 (US$ Million)
Figure 19. WD 40: Commercial Car Care Products Market – Revenue and Forecast to 2028 (US$ Million)
Figure 20. Engine D-Greaser: Commercial Car Care Products Market – Revenue and Forecast to 2028 (US$ Million)
Figure 21. Car Interior Cleaners: Commercial Car Care Products Market – Revenue and Forecast to 2028 (US$ Million)
Figure 22. Tyre Dresser: Commercial Car Care Products Market – Revenue and Forecast to 2028 (US$ Million)
Figure 23. Battery Terminal Cleaner/ Spray: Commercial Car Care Products Market – Revenue and Forecast to 2028 (US$ Million)
Figure 24. Engine Contact and Foam Cleaner: Commercial Car Care Products Market – Revenue and Forecast to 2028 (US$ Million)
Figure 25. Engine Shine and Protector: Commercial Car Care Products Market – Revenue and Forecast to 2028 (US$ Million)
Figure 26. Engine oil flush for 2 and 4-wheeler: Commercial Car Care Products Market – Revenue and Forecast to 2028 (US$ Million)
Figure 27. Radiator Flush: Commercial Car Care Products Market – Revenue and Forecast to 2028 (US$ Million)
Figure 28. Engine Oil Additive Cleaner: Commercial Car Care Products Market – Revenue and Forecast to 2028 (US$ Million)
Figure 29. Fuel Injector Cleaner: Commercial Car Care Products Market – Revenue and Forecast to 2028 (US$ Million)
Figure 30. Engine Fuel Treatment Additive Cleaner: Commercial Car Care Products Market – Revenue and Forecast to 2028 (US$ Million)
Figure 31. Additive Flusher: Commercial Car Care Products Market – Revenue and Forecast to 2028 (US$ Million)
Figure 32. Contact cleaners: Commercial Car Care Products Market – Revenue and Forecast to 2028 (US$ Million)
Figure 33. Adhesive Cleaner: Commercial Car Care Products Market – Revenue and Forecast to 2028 (US$ Million)
Figure 34. Others: Commercial Car Care Products Market – Revenue and Forecast to 2028 (US$ Million)
Figure 35. Commercial car care products Market Revenue Share, by Category (2021 and 2028)
Figure 36. Interior: Commercial Car Care Products Market – Revenue and Forecast to 2028 (US$ Million)
Figure 37. Exterior: Commercial Car Care Products Market – Revenue and Forecast to 2028 (US$ Million)
Figure 38. Commercial car care products Market Revenue Share, by End User (2021 and 2028)
Figure 39. Original Equipment Suppliers (OES): Commercial Car Care Products Market – Revenue and Forecast to 2028 (US$ Million)
Figure 40. Independent Aftermarket (IAM): Commercial Car Care Products Market – Revenue and Forecast to 2028 (US$ Million)
- 3M
- Shell Plc
- Auto Bros
- Pidilite Industries Ltd.
- Twin Tech India Pvt. Ltd
- Clensta International
- Miracle
- Kangaroo Auto Care
- Green Duck Industries
- Wavex
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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