The Asia Pacific ground engaging tools market is expected to grow from US$ 668.86 million in 2021 to US$ 1,496.46 million by 2028; it is estimated to register a CAGR of 10.4% from 2021 to 2028.
Strong demand for ground engaging tools continues in the mining industry as the industry inclines toward using large equipment with greater production capacity. Therefore, the large-scale adoption of ground engaging tools ensures machine efficiency and reduces damage. Manufacturers such as Tata, Hitachi, and Caterpillar provide tough, engaging tool solutions for excavators, loaders, and bulldozers. Alloy steel and heat-treated tools ensure consistency of quality, durability, and strength under the most demanding terrain. Further, innovations in ground engaging tools increase the life expectancy of machine parts and decrease the overall cost of machine ownership. For instance, the forged ground engaging tool is a new technology designed to extend the wheel excavator bucket teeth life. Advancements such as wear-resistant, lightweight, and high-performance in ground engaging tools and special mounting mechanisms during field operations are anticipated to impact the Asia Pacific ground engaging tools market positively.
Impact of COVID-19 Pandemic on Asia Pacific Ground Engaging Tools Market
In 2020, the discontinuation of several infrastructure projects hampered the growth of the Asia Pacific ground engaging tools market in China and India. However, with the mitigation of the adverse effects of the COVID-19 crisis, OEMs are evaluating long-term supply chains to ensure rapid market recovery. Large mining companies are installing OEM bucket teeth and adaptors; and they are sourcing matching bucket teeth from suppliers to fit these adaptors. The use of ground engaging tools is anticipated to rise in remote mining sites in Australia and at many large and small sites in Indonesia, which will propel the Asia Pacific ground engaging tools market growth in the coming years
Market Insight–Growth of Construction Equipment Industry in India Drives Asia Pacific Ground Engaging Tools Market Growth
According to the India Brand Equity Foundation (IBEF.org), India is expected to become the third-largest construction market worldwide by 2022. The Government of India (GOI) aims to invest a sum of US$ 777.73 billion across various infrastructure projects for sustainable development in the country by 2022. In Union Budget 2021, the government announced initiatives such as “Housing for All” and “Smart Cities Mission.” In March 2021, a bill was passed to set up the National Bank for Financing Infrastructure and Development (NaBFID) to fund new infrastructure projects. Such data assures a significant growth in the construction equipment and heavy-duty machinery sales in the coming years in India.
Application Segment Insights
Based on application, the Asia Pacific ground engaging tools market is segmented into excavators, loaders, bulldozers, and others. The excavators segment held the largest share in the Asia Pacific ground engaging tools market in 2021. It is also anticipated to grow at the highest CAGR during the forecast period. The rapid growth in the excavators market is fuelling the demand for ground engaging tools more frequently to extend the lifespan of machines and reduce operating costs, maintenance costs, fuel costs, and downtime. The presence of manufacturers, such as Caterpillar and Hitachi, offering these tools with high-quality design and materials for excavators, loaders, and bulldozers are propelling the segment growth in this region.
Asia Pacific Ground Engaging Tools Market, by Application (% share)
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Tools Type Segment Insights
Based on tools type, the Asia Pacific ground engaging tools market is segmented into bucket teeth, adapters, lips shrouds, side cutter, ripper shanks, and others. The bucket teeth segment held the largest share in the Asia Pacific ground engaging tools market in 2021. It is anticipated to grow at the highest CAGR during the forecast period. The rising demand for bucket teeth and adapters to provide protection and increase equipment performance boosts sales in India, China, and many Southeast Asian nations. The growing need for excavator and loader buckets for several tasks, such as digging through the ground, is one of the major driving factors for the growth of the bucket teeth segment in this region.
End-Use Segment Insights
Based on end-use, the Asia Pacific ground engaging tools market is segmented into construction, mining, and others. The construction segment held the largest share in the Asia Pacific ground engaging tools market in 2021, and it is anticipated to grow at the highest CAGR during the forecast period. India and China have observed a rapid rise in construction industries and infrastructure projects. Ground engaging tools are witnessing high demand in the forestry, mining, and agricultural sector to enhance the performance of equipment used for crop cultivation and extraction of minerals. Such factors are boosting product sales across various industries in Asia Pacific during the forecast period.
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Asia Pacific Ground Engaging Tools Market: Strategic Insights
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Customize Research To Suit Your Requirement
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Asia Pacific Ground Engaging Tools 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.
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Companies operating in the Asia Pacific ground engaging tools market focus on strategies such as mergers, acquisitions, and market initiatives to maintain their market positions. A few of the notable developments by key players are listed below:
- In November 2021, CNH Industrial N.V. announced that it had completed its acquisition of Raven Industries, Inc, a leader in precision agriculture technology. The acquisition is a significant step forward in CNH Industrial’s digital transformation and builds on long-standing cooperation.
- In November 2020, CR announced the acquisition of GET Trakka, and its associated intellectual property. GET Trakka is a pioneer in the mining sector, with the only field-proven solution for dependable sensor-based GET (Ground Engaging Tools) loss detection, data processing, and reporting tools to improve maintenance and productivity.
The report segments the Asia Pacific Ground Engaging Tools market as follows:
The Asia Pacific ground engaging tools market is segmented on the basis of application, tools type, and end-use. Based on application, the market is categorized into excavators, loaders, bulldozers, and others. Based on tools type, the Asia Pacific ground engaging tools market is segmented into bucket teeth, adapters, lips shrouds, side cutter, ripper shanks, and others. Based on end-use, the market is categorized into construction, mining, and others.
Asia Pacific Ground Engaging Tools Market – Company Profiles
- BEML INDIA
- CATERPILLAR INC
- CNH INDUSTRIAL
- JCB INDIA LIMITED
- JOHN DEERE
- KOMATSU
- LARSEN AND TOUBRO
- LIEBHERR
- SANY GROUP
- TATA HITACHI
- ESCO TOOL
- BRADKEN
- CQMS RAZER PTY LTD
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.
TABLE OF CONTENTS
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. Ground Engaging Tools Market Landscape
4.1 Market Overview
4.2 PORTER’S FIVE FORCES ANALYSIS
4.2.1 ASIA-PACIFIC
4.2.2 Bargaining Power of Buyers
4.2.3 Bargaining Power of Suppliers
4.2.4 Threat to New Entrants
4.2.5 Threat to Substitutes
4.2.6 Competitive Rivalry
4.3 Ecosystem Analysis
4.4 Expert Opinion
5. Ground Engaging Tools Market – Key Market Dynamics
5.1 Market Drivers
5.1.1 Growth of Construction Equipment Industry in India
5.1.2 Surge in Compact Excavator Sales
5.2 Market Restraints
5.2.1 Complex Engineering and Metal Fabrication Processes
5.3 Market Opportunities
5.3.1 Manufacturing Competitiveness in ASEAN to unveil new production and sales opportunities
5.4 Future Trends
5.4.1 Tilt Rotator and Hydraulic Power Technologies based Earthmoving Equipment and Parts
5.5 Impact Analysis of Drivers and Restraints
6. Ground Engaging Tools Market – Asia-Pacific Analysis
6.1 Ground Engaging Tools Market- Asia-Pacific Overview
6.2 Asia-Pacific Ground Engaging Tools Market – Revenue and Forecast to 2028 (US$ Million)
6.3 Asia-Pacific Ground Engaging Tools Market: Market Positioning – Five Key Players
7. Ground Engaging Tools Market Analysis –By Application
7.1 Overview
7.2 Ground Engaging Tools Market Breakdown, By Application, 2021 & 2028
7.3 Excavators
7.3.1 Overview
7.3.2 Excavators: Asia Pacific Ground Engaging Tools Market – Revenue and Forecast to 2028 (US$ Million)
7.4 Loaders
7.4.1 Overview
7.4.2 Loaders: Asia Pacific Ground Engaging Tools Market – Revenue and Forecast to 2028 (US$ Million)
7.5 Bulldozers
7.5.1 Overview
7.5.2 Bulldozers: Asia Pacific Ground Engaging Tools Market – Revenue and Forecast to 2028 (US$ Million)
7.6 Others
7.6.1 Overview
7.6.2 Others: Asia Pacific Ground Engaging Tools Market – Revenue and Forecast to 2028 (US$ Million)
8. Ground Engaging Tools Market Analysis – By Tools Type
8.1 Overview
8.2 Ground Engaging Tools Market Breakdown, By Tools type, 2021 & 2028
8.3 Bucket Teeth
8.3.1 Overview
8.3.2 Bucket Teeth: Asia Pacific Ground Engaging Tools Market – Revenue and Forecast to 2028 (US$ Million)
8.4 Adapters
8.4.1 Overview
8.4.2 Adapters: Asia Pacific Ground Engaging Tools Market – Revenue and Forecast to 2028 (US$ Million)
8.5 Lips Shrouds
8.5.1 Overview
8.5.2 Lips Shrouds: Asia Pacific Ground Engaging Tools Market – Revenue and Forecast to 2028 (US$ Million)
8.6 Side Cutter
8.6.1 Overview
8.6.2 Side Cutter: Asia Pacific Ground Engaging Tools Market – Revenue and Forecast to 2028 (US$ Million)
8.7 Ripper Shanks
8.7.1 Overview
8.7.2 Ripper Shanks: Asia Pacific Ground Engaging Tools Market – Revenue and Forecast to 2028 (US$ Million)
8.8 Others
8.8.1 Overview
8.8.2 Others: Asia Pacific Ground Engaging Tools Market – Revenue and Forecast to 2028 (US$ Million)
9. Ground Engaging Tools Market Analysis – By End-Use
9.1 Overview
9.2 Ground Engaging Tools Market, by End-use (2021 and 2028)
9.4 Construction
9.4.1 Overview
9.4.2 Construction: Asia Pacific Ground Engaging Tools Market – Revenue and Forecast to 2028 (US$ Million)
9.6 Mining
9.6.1 Overview
9.6.2 Mining: Asia Pacific Ground Engaging Tools Market – Revenue and Forecast to 2028 (US$ Million)
9.7 Others
9.7.1 Overview
9.7.2 Others: Asia Pacific Ground Engaging Tools Market – Revenue and Forecast to 2028 (US$ Million)
10. Ground Engaging Tools Market – Country Analysis
10.1 Overview
10.1.1 Asia-Pacific Ground Engaging Tools Market- by Key Country
10.1.1.1 Australia Ground Engaging Tools Market, Revenue and Forecast to 2028 (US$ million)
10.1.1.1.1 Australia Ground Engaging Tools Market Breakdown, By Application
10.1.1.1.2 Australia Ground Engaging Tools Market Breakdown, By Tools Type
10.1.1.1.3 Australia Ground Engaging Tools Market Breakdown, By End-Use
10.1.1.2 China Ground Engaging Tools Market, Revenue and Forecast to 2028 (US$ million)
10.1.1.2.1 China Ground Engaging Tools Market Breakdown, By Application
10.1.1.2.2 China Ground Engaging Tools Market Breakdown, By Tools Type
10.1.1.2.3 China Ground Engaging Tools Market Breakdown, By End-Use
10.1.1.3 India Ground Engaging Tools Market, Revenue and Forecast to 2028 (US$ million)
10.1.1.3.1 India Ground Engaging Tools Market Breakdown, By Application
10.1.1.3.2 India Ground Engaging Tools Market Breakdown, By Tools Type
10.1.1.3.3 India Ground Engaging Tools Market Breakdown, By End-Use
10.1.1.4 Japan Ground Engaging Tools Market, Revenue and Forecast to 2028 (US$ million)
10.1.1.4.1 Japan Ground Engaging Tools Market Breakdown, By Application
10.1.1.4.2 Japan Ground Engaging Tools Market Breakdown, By Tools Type
10.1.1.4.3 Japan Ground Engaging Tools Market Breakdown, By End-Use
10.1.1.5 South Korea Ground Engaging Tools Market, Revenue and Forecast to 2028 (US$ million)
10.1.1.5.1 South Korea Ground Engaging Tools Market Breakdown, By Application
10.1.1.5.2 South Korea Ground Engaging Tools Market Breakdown, By Tools Type
10.1.1.5.3 South Korea Ground Engaging Tools Market Breakdown, By End-Use
10.1.1.6 Rest of APAC Ground Engaging Tools Market, Revenue and Forecast to 2028 (US$ million)
10.1.1.6.1 Rest of APAC Ground Engaging Tools Market Breakdown, By Application
10.1.1.6.2 Rest of APAC Ground Engaging Tools Market Breakdown, By Tools Type
10.1.1.6.3 Rest of APAC Ground Engaging Tools Market Breakdown, By End-Use
11. Ground Engaging Tools Market- COVID-19 Impact Analysis
12. Industry Landscape
12.1 Overview
12.2 Market Initiative
12.3 Merger and Acquisition
13. Company Profiles
13.1 Liebherr
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 Caterpillar Inc.
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 Deere & Company
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 Komatsu Ltd.
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 Larsen & Toubro Limited
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 Tata Hitachi Construction Machinery
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 Bradken
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 ESCO Group LLC
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 BEML Limited
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 JCB India Limited
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
13.11 Sany Group
13.11.1 Key Facts
13.11.2 Business Description
13.11.3 Products and Services
13.11.4 Financial Overview
13.11.5 SWOT Analysis
13.11.6 Key Developments
13.12 CNH Industrial N.V.
13.12.1 Key Facts
13.12.2 Business Description
13.12.3 Products and Services
13.12.4 Financial Overview
13.12.5 SWOT Analysis
13.12.6 Key Developments
13.13 CR Mining (CQMS RAZER PTY LTD)
13.13.1 Key Facts
13.13.2 Business Description
13.13.3 Products and Services
13.13.4 Financial Overview
13.13.5 SWOT Analysis
13.13.6 Key Developments
14. Appendix
14.1 About The Insight Partners
14.2 Word Index
LIST OF TABLES
Table 1. Ground Engaging Tools Market – Revenue, and Forecast to 2028 (US$ Million)
Table 2. Australia Ground Engaging Tools Market, Revenue and Forecast to 2028 – By Application (US$ million)
Table 3. Australia Ground Engaging Tools Market, Revenue and Forecast to 2028 – By Tools Type (US$ million)
Table 4. Australia Ground Engaging Tools Market, Revenue and Forecast to 2028 – By End-Use (US$ million)
Table 5. China Ground Engaging Tools Market, Revenue and Forecast to 2028 – By Application (US$ million)
Table 6. China Ground Engaging Tools Market, Revenue and Forecast to 2028 – By Tools Type (US$ million)
Table 7. China Ground Engaging Tools Market, Revenue and Forecast to 2028 – By End-Use (US$ million)
Table 8. India Ground Engaging Tools Market, Revenue and Forecast to 2028 – By Application (US$ million)
Table 9. India Ground Engaging Tools Market, Revenue and Forecast to 2028 – By Tools Type (US$ million)
Table 10. India Ground Engaging Tools Market, Revenue and Forecast to 2028 – By End-Use (US$ million)
Table 11. Japan Ground Engaging Tools Market, Revenue and Forecast to 2028 – By Application (US$ million)
Table 12. Japan Ground Engaging Tools Market, Revenue and Forecast to 2028 – By Tools Type (US$ million)
Table 13. Japan Ground Engaging Tools Market, Revenue and Forecast to 2028 – By End-Use (US$ million)
Table 14. South Korea Ground Engaging Tools Market, Revenue and Forecast to 2028 – By Application (US$ million)
Table 15. South Korea Ground Engaging Tools Market, Revenue and Forecast to 2028 – By Tools Type (US$ million)
Table 16. South Korea Ground Engaging Tools Market, Revenue and Forecast to 2028 – By End-Use (US$ million)
Table 17. Rest of APAC Ground Engaging Tools Market, Revenue and Forecast to 2028 – By Application (US$ million)
Table 18. Rest of APAC Ground Engaging Tools Market, Revenue and Forecast to 2028 – By Tools Type (US$ million)
Table 19. Rest of APAC Ground Engaging Tools Market, Revenue and Forecast to 2028 – By End-Use (US$ million)
Table 20. List of Abbreviation
LIST OF FIGURES
Figure 1. Asia-Pacific Ground Engaging Tools Market Segmentation
Figure 2. Asia-Pacific Ground Engaging Tools Market Segmentation – By Country
Figure 3. Asia-Pacific Ground Engaging Tools Market
Figure 4. Excavators held the Largest Market Share in 2021
Figure 5. Bucket Teeth held the Largest Market Share in 2021
Figure 6. Construction held the Largest Market Share in 2021
Figure 7. Asia-Pacific: Porter’s Five Forces Analysis
Figure 8. Ground Engaging Tools Market– Ecosystem Analysis
Figure 9. Expert Opinion
Figure 10. Ground Engaging Tools Market: Impact Analysis of Drivers and Restraints
Figure 11. Asia-Pacific Ground Engaging Tools Market – Revenue and Forecast to 2028 (US$ Million)
Figure 12. Asia-Pacific Ground Engaging Tools Market Breakdown, By Application, 2021 & 2028 (%)
Figure 13. Excavators: Asia Pacific Ground Engaging Tools Market – Revenue and Forecast to 2028 (US$ Million)
Figure 14. Loaders: Asia Pacific Ground Engaging Tools Market – Revenue and Forecast to 2028 (US$ Million)
Figure 15. Bulldozers Asia Pacific Ground Engaging Tools Market – Revenue and Forecast to 2028 (US$ Million)
Figure 16. Others: Asia Pacific Ground Engaging Tools Market – Revenue and Forecast to 2028 (US$ Million)
Figure 17. Ground Engaging Tools Market Breakdown, By Tools type, 2021 & 2028 (%)
Figure 18. Bucket Teeth: Asia Pacific Ground Engaging Tools Market – Revenue and Forecast to 2028 (US$ Million)
Figure 19. Adapters: Asia Pacific Ground Engaging Tools Market – Revenue and Forecast to 2028 (US$ Million)
Figure 20. Lips Shrouds: Asia Pacific Ground Engaging Tools Market – Revenue and Forecast to 2028 (US$ Million)
Figure 21. Side Cutter: Asia Pacific Ground Engaging Tools Market – Revenue and Forecast to 2028 (US$ Million)
Figure 22. Ripper Shanks: Asia Pacific Ground Engaging Tools Market – Revenue and Forecast to 2028 (US$ Million)
Figure 23. Others: Asia Pacific Ground Engaging Tools Market – Revenue and Forecast to 2028 (US$ Million)
Figure 24. Ground Engaging Tools Market Revenue Share, by End-Use (2021 and 2028)
Figure 25. Construction: Asia Pacific Ground Engaging Tools Market – Revenue and Forecast to 2028 (US$ Million)
Figure 26. Mining: Asia Pacific Ground Engaging Tools Market – Revenue and Forecast to 2028 (US$ Million)
Figure 27. Others: Asia Pacific Ground Engaging Tools Market – Revenue and Forecast to 2028 (US$ Million)
Figure 28. Asia-Pacific Ground Engaging Tools Market Revenue Share, By Key Country (2021 and 2028)
Figure 29. Australia Ground Engaging Tools Market, Revenue and Forecast To 2028 (US$ million)
Figure 30. China Ground Engaging Tools Market, Revenue and Forecast To 2028 (US$ million)
Figure 31. India Ground Engaging Tools Market, Revenue and Forecast To 2028 (US$ million)
Figure 32. Japan Ground Engaging Tools Market, Revenue and Forecast To 2028 (US$ million)
Figure 33. South Korea Ground Engaging Tools Market, Revenue and Forecast To 2028 (US$ million)
Figure 34. Rest of APAC Ground Engaging Tools Market, Revenue and Forecast To 2028 (US$ million)
Figure 35. Impact of COVID-19 Pandemic in Asia-Pacific Country Markets
- BEML INDIA
- CATERPILLAR INC
- CNH INDUSTRIAL
- JCB INDIA LIMITED
- JOHN DEERE
- KOMATSU
- LARSEN AND TOUBRO
- LIEBHERR
- SANY GROUP
- TATA HITACHI
- ESCO TOOL
- BRADKEN
- CQMS RAZER PTY 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.
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