Automotive Wind Tunnel market is expected to grow from US$ 544.8 Mn in 2017 to US$ 1557.5 Mn by 2025 at a CAGR of 14.2% between 2017 and 2025.
The automotive wind tunnel offers two types of testing for the vehicles, which are model scale testing and full-scale testing. Asian countries such as India, China, Japan, and Korea are providing significant opportunities for the growth of the automotive wind tunnel market. Growing urbanization and increasing disposable income of the population is leading to increasing demand for vehicles in several regions. This is leading to high production of the vehicles. For providing a better product in the market, the automobile manufacturers are increasing demanding for automotive wind tunnels for the testing purpose and improving performance and efficiency of the vehicles.
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Automotive Wind Tunnel Market: Strategic Insights
Market Size Value in US$ 544.8 Million in 2017 Market Size Value by US$ 1557.5 Million by 2025 Growth rate CAGR of 14.2% from 2018-2025 Forecast Period 2018-2025 Base Year 2018
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Automotive Wind Tunnel Market: Strategic Insights
| Market Size Value in | US$ 544.8 Million in 2017 |
| Market Size Value by | US$ 1557.5 Million by 2025 |
| Growth rate | CAGR of 14.2% from 2018-2025 |
| Forecast Period | 2018-2025 |
| Base Year | 2018 |
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Also, less air resistance help reduce emissions and increase fuel efficiency along with engines’ power output, generally by bringing down the engine size. Various emission standards set up by governments and various organizations, such as EURO 6 in European Union, Environment Protection Agency (EPA) in North America, and Bharat Stage Emission Standards in India, have led toward compliance to these standards by vehicle manufacturers in their respective regions. All these standards focus on lower the emission of carbon dioxide (CO2), nitrogen monoxide (NOx), particulate matter (PM), and nonmethane hydrocarbons (NMHC) among others. The aforementioned standards of emission have led to the invention of new technologies aiming to reduce the emission of these harmful gasses from vehicles’ combustion engine.
The only factor that can act as a restraint in the growth of the Automotive Wind Tunnel Market is the high capital requirement for offering high-end manufacturing capabilities. As the capital required for maintaining such production standards is high, only few players can fulfill the demands of OEMs, restraining the Automotive Wind Tunnel market growth.
The overall Automotive Wind Tunnel market size has been derived using both primary and secondary source. The research process begins with an exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the market. It also provides the overview and forecast for the global automotive wind tunnel market based on all the segmentation provided with respect to five major reasons such as North America, Europe, Asia-Pacific, Middle East and Africa, and South America. Also, primary interview were conducted with industry participants and commentators in order to validate data and analysis. The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers and national sales managers, and external consultant such as valuation experts, research analysts and key opinion leaders specializing in the Automotive Wind Tunnel market.
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Design Types ; Testing Type ; Component Type and Application
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina
Table of Contents
1 Table of Contents 2
1.1 List of Tables 8
1.2 List of Figures 10
2 Introduction 12
2.1 Scope of the Study 12
2.2 The Insight Partners Research Report Guidance 12
3 Key Takeaways 14
4 Market Landscape 17
4.1 Market Segmentation 17
4.1.1 Global Automotive Wind Tunnel Market – By Design Type 18
4.1.2 Global Automotive Wind Tunnel Market – By Testing Type 18
4.1.3 Global Automotive Wind Tunnel Market – By Component 19
4.1.4 Global Automotive Wind Tunnel Market – By Application 19
4.1.5 Global Automotive Wind Tunnel Market – By Geography 19
5 Global Automotive Wind tunnel Market – Key Industry Dynamics 21
5.1 Key Market Drivers 21
5.1.1 Robust growth in passenger car production globally is fueling the revenue growth 21
5.1.2 Increasing adoption of methods to reduce vehicle pollution and fuel consumption level 22
5.2 Key Market Restraints/Challenges 23
5.2.1 High capital requirement for offering high-end manufacturing capabilities 23
5.3 Key Market Opporunities 24
5.3.1 Asian Countries primarily China, Japan, Korea, and India represent significant revenue growth opportunity for global suppliers 24
6 Automotive Wind Tunnel Market – Global 25
6.1 Global Automotive Wind Tunnel Market Overview 25
6.2 Global Automotive Wind Tunnel Market Forecast and Analysis 25
7 Global Automotive Wind Tunnel Market Analysis – By Design Type 27
7.1 Overview 27
7.2 Open Circuit Wind Tunnels 28
7.2.1 Overview 28
7.2.2 Global Open Circuit Market Revenue and Forecasts to 2025 (US$ Mn) 28
7.3 Closed Circuit Wind Tunnel 30
7.3.1 Overview 30
7.3.2 Global Closed Circuit Market Revenue and Forecasts to 2025 (US$ Mn) 30
8 Global Automotive Wind Tunnel Market Analysis – By Testing Type 32
8.1 Overview 32
8.2 Model Scale Testing 33
8.2.1 Overview 33
8.2.2 Global Model Scale Testing Market Revenue and Forecasts to 2025 (US$ Mn) 33
8.3 Full Scale Testing 35
8.3.1 Overview 35
8.3.2 Global Full Scale Testing Market Revenue and Forecasts to 2025 (US$ Mn) 35
9 Global Automotive Wind Tunnel Market Analysis – By Application 36
9.1 Overview 36
9.2 Cars 37
9.2.1 Overview 37
9.2.2 Global Cars Market Revenue and Forecasts to 2025 (US$ Mn) 37
9.3 Trucks 39
9.3.1 Overview 39
9.3.2 Global Trucks Market Revenue and Forecasts to 2025 (US$ Mn) 39
9.4 Motorclcyes 41
9.4.1 Overview 41
9.4.2 Global Motorcycle Market Revenue and Forecasts to 2025 (US$ Mn) 41
10 Global Automotive Wind Tunnel Market – Geographical Analysis 42
10.1 Overview 42
10.2 North America Automotive Wind tunnel Market Revenue and Forecasts to 2025 43
10.2.1 Overview 43
10.2.2 North America Automotive Wind Tunnel Market Revenue and Forecasts to 2025 (US$ Mn) 43
10.2.3 North America Automotive Wind Tunnel Market Breakdown by Key Countries 45
10.2.3.1 U.S. Automotive Wind Tunnel Market Revenue and Forecasts to 2025 (US$ Mn) 46
10.2.3.2 Canada Automotive Wind Tunnel Market Revenue and Forecasts to 2025 (US$ Mn) 47
10.2.3.3 Mexico Automotive Wind Tunnel Market Revenue and Forecasts to 2025 (US$ Mn) 48
10.2.4 North America Automotive Wind Tunnel Market Breakdown by Design Type 48
10.2.5 North America Automotive Wind Tunnel Market Breakdown by Testing Type 49
10.2.6 North America Automotive Wind Tunnel Market Breakdown by Component Type 50
10.2.7 North America Automotive Wind Tunnel Market Breakdown by Application 51
10.3 Europe Automotive Wind tunnel Market Revenue and Forecasts to 2025 53
10.3.1 Overview 53
10.3.2 Europe Automotive Wind Tunnel Market Revenue and Forecasts to 2025 (US$ Mn) 53
10.3.3 Europe Automotive Wind Tunnel Market Breakdown by Key Countries 55
10.3.3.1 France Automotive Wind Tunnel Market Revenue and Forecasts to 2025 (US$ Mn) 56
10.3.3.2 Germany Automotive Wind Tunnel Market Revenue and Forecasts to 2025 (US$ Mn) 57
10.3.3.3 U.K Automotive Wind Tunnel Market Revenue and Forecasts to 2025 (US$ Mn) 58
10.3.3.4 Italy Automotive Wind Tunnel Market Revenue and Forecasts to 2025 (US$ Mn) 59
10.3.3.5 Spain Automotive Wind Tunnel Market Revenue and Forecasts to 2025 (US$ Mn) 60
10.3.4 Europe Automotive Wind Tunnel Market Breakdown by Design Type 61
10.3.5 Europe Automotive Wind Tunnel Market Breakdown by Testing type 61
10.3.6 Europe Automotive Wind Tunnel Market Breakdown by Component Type 62
10.3.7 Europe Automotive Wind Tunnel Market Breakdown by Application 63
10.4 Asia Pacific (APAC) Automotive Wind tunnel Market Revenue and Forecasts to 2025 65
10.4.1 Overview 65
10.4.2 Asia Pacific Automotive Wind Tunnel Market Revenue and Forecasts to 2025 (US$ Mn) 65
10.4.3 Asia Pacific Automotive Wind Tunnel Market Breakdown by Key Countries 67
10.4.3.1 China Automotive Wind Tunnel Market Revenue and Forecasts to 2025 (US$ Mn) 68
10.4.3.2 India Automotive Wind Tunnel Market Revenue and Forecasts to 2025 (US$ Mn) 69
10.4.3.3 South Korea Automotive Wind Tunnel Market Revenue and Forecasts to 2025 (US$ Mn) 70
10.4.4 Asia Pacific Automotive Wind Tunnel Market Breakdown by Design Type 71
10.4.5 Asia Pacific Automotive Wind Tunnel Market Breakdown by Testing Type 71
10.4.6 Asia Pacific Automotive Wind Tunnel Market Breakdown by Component Type 72
10.4.7 Asia Pacific Automotive Wind Tunnel Market Breakdown by Application 73
10.5 Middle East & Africa (MEA) Automotive Wind tunnel Market Revenue and Forecasts to 2025 75
10.5.1 Overview 75
10.5.2 Middle East and Africa Automotive Wind Tunnel Market Revenue and Forecasts to 2025 (US$ Mn) 75
10.5.3 Middle East and Africa Automotive Wind Tunnel Market Breakdown by Key Countries 77
10.5.3.1 GCC Countries Automotive Wind Tunnel Market Revenue and Forecasts to 2025 (US$ Mn) 78
10.5.3.2 UAE Automotive Wind Tunnel Market Revenue and Forecasts to 2025 (US$ Mn) 79
10.5.3.3 Africa Automotive Wind Tunnel Market Revenue and Forecasts to 2025 (US$ Mn) 80
10.5.4 Middle East and Africa Automotive Wind Tunnel Market Breakdown by Design Type 80
10.5.5 Middle East and Africa Automotive Wind Tunnel Market Breakdown by Testing Type 81
10.5.6 Middle East and Africa Automotive Wind Tunnel Market Breakdown by Component Type 81
10.5.7 Middle East and Africa Automotive Wind Tunnel Market Breakdown by Application 82
10.6 South America Automotive Wind tunnel Market Revenue and Forecasts to 2025 84
10.6.1 Overview 84
10.6.2 South America Automotive Wind Tunnel Market Revenue and Forecasts to 2025 (US$ Mn) 84
10.6.3 South America Automotive Wind Tunnel Market Breakdown by Key Countries 86
10.6.3.1 Brazil Automotive Wind Tunnel Market Revenue and Forecasts to 2025 (US$ Mn) 87
10.6.4 South America Automotive Wind Tunnel Market Breakdown by Design Type 87
10.6.5 South America Automotive Wind Tunnel Market Breakdown by Testing Type 88
10.6.6 South America Automotive Wind Tunnel Market Breakdown by Component Type 88
11 Industry Landscape 90
11.1 Market Initiative 90
11.2 Merger and Acquisition 91
12 Competitive Landscape 92
12.1 Competitive Product Mapping 92
12.2 Market Positioning – Global Top 5 Players Ranking 93
13 Global Automotive Wind tunnel Market – Key Company Profiles 95
13.1 A2 Wind Tunnel 95
13.1.1 Key Facts 95
13.1.2 Business Description 95
13.1.3 Financial Overview 95
13.1.4 SWOT Analysis 96
13.1.5 Key Developments 98
13.2 AUDI AG 99
13.2.1 Key Facts 99
13.2.2 Business Description 99
13.2.3 Financial Overview 100
13.2.4 SWOT Analysis 101
13.2.5 Key Developments 102
13.3 Auto Research Center 103
13.3.1 Key Facts 103
13.3.2 Business Description 103
13.3.3 Financial Overview 104
13.3.4 SWOT Analysis 104
13.3.5 Key Developments 106
13.4 DNW 107
13.4.1 Key Facts 107
13.4.2 Business Description 107
13.4.3 Financial Overview 107
13.4.4 SWOT Analysis 108
13.4.5 Key Developments 110
13.5 FKFS 111
13.5.1 Key Facts 111
13.5.2 Business Description 111
13.5.3 Financial Overview 111
13.5.4 SWOT Analysis 112
13.5.5 Key Developments 114
13.6 HORIBA MIRA Ltd. 115
13.6.1 Key Facts 115
13.6.2 Business Description 115
13.6.3 Financial Overview 116
13.6.4 SWOT Analysis 117
13.6.5 Key Developments 119
13.7 MAHLE GmbH 121
13.7.1 Key Facts 121
13.7.2 Business Description 121
13.7.3 Financial Overview 122
13.7.4 SWOT Analysis 122
13.7.5 Key Developments 124
13.8 Mercedes Benz (Daimler AG) 125
13.8.1 Key Facts 125
13.8.2 Business Description 125
13.8.3 Financial Overview 126
13.8.4 SWOT Analysis 127
13.8.5 Key Developments 129
13.9 Mitsubishi Heavy Industries Ltd. 130
13.9.1 Key Facts 130
13.9.2 Business Description 130
13.9.3 Financial Overview 131
13.9.4 SWOT Analysis 132
13.9.5 Key Developments 134
13.10 RUAG Holding AG 135
13.10.1 Key Facts 135
13.10.2 Business Description 135
13.10.3 Financial Overview 136
13.10.4 SWOT Analysis 136
13.10.5 Key Developments 139
14 Appendix 140
14.1 About The Insight Partners 140
14.2 Glossary of Terms 141
14.3 Methodology 141
14.3.1 Coverage 141
14.3.2 Secondary Research 142
14.3.3 Primary Research 142
14.4 Contact Us 144
14.5 Disclaimer 144
1.1 List of Tables
Table 1: Global Automotive Wind Tunnel Market Revenue and Forecasts to 2025 – (US$ Mn) 26
Table 2: North America Automotive Wind Tunnel Market Revenue and Forecasts to 2025 – By Design Type (US$ Mn) 49
Table 3: North America Automotive Wind Tunnel Market Revenue and Forecasts to 2025 – By Testing Type (US$ Mn) 50
Table 4: North America Automotive Wind Tunnel Market Revenue and Forecasts to 2025 – By Component Type (US$ Mn) 51
Table 5: North America Automotive Wind Tunnel Market Revenue and Forecasts to 2025 – By Application (US$ Mn) 52
Table 6: Europe Automotive Wind Tunnel Market Revenue and Forecasts to 2025 – By Design Type (US$ Mn) 61
Table 7: Europe Automotive Wind Tunnel Market Revenue and Forecasts to 2025 – By Testing Type (US$ Mn) 62
Table 8: Europe Automotive Wind Tunnel Market Revenue and Forecasts to 2025 – By Component Type (US$ Mn) 63
Table 9: Europe Automotive Wind Tunnel Market Revenue and Forecasts to 2025 – By Application (US$ Mn) 64
Table 10: Asia Pacific Automotive Wind Tunnel Market Revenue and Forecasts to 2025 – By Design Type (US$ Mn) 71
Table 11: Asia Pacific Automotive Wind Tunnel Market Revenue and Forecasts to 2025 – By Testing Type (US$ Mn) 72
Table 12: Asia Pacific Automotive Wind Tunnel Market Revenue and Forecasts to 2025 – By Component Type (US$ Mn) 73
Table 13: Asia Pacific Automotive Wind Tunnel Market Revenue and Forecasts to 2025 – By Application (US$ Mn) 74
Table 14: Middle East and Africa Automotive Wind Tunnel Market Revenue and Forecasts to 2025 – By Design Type (US$ Mn) 81
Table 15: Middle East and Africa Automotive Wind Tunnel Market Revenue and Forecasts to 2025 – By Testing Type (US$ Mn) 81
Table 16: Middle East and Africa Automotive Wind Tunnel Market Revenue and Forecasts to 2025 – By Component Type (US$ Mn) 82
Table 17: Middle East and Africa Automotive Wind Tunnel Market Revenue and Forecasts to 2025 – By Body Structure (US$ Mn) 83
Table 18: South America Automotive Wind Tunnel Market Revenue and Forecasts to 2025 – By Design Type (US$ Mn) 88
Table 19: South America Automotive Wind Tunnel Market Revenue and Forecasts to 2025 – By Testing type (US$ Mn) 88
Table 20: South America Automotive Wind Tunnel Market Revenue and Forecasts to 2025 – By Component Type (US$ Mn) 89
Table 21: Glossary of Terms, Automotive Wind tunnel Market 141
1.2 List of Figures
Figure 1: Open Circuit Market, Global Revenue (US$ Mn), 2017 & 2025 14
Figure 2: Full Scale Testing Market, Global Revenue (US$ Mn), 2017 & 2025 15
Figure 3: Cars Market, Global Revenue (US$ Mn), 2017 & 2025 16
Figure 4: Automotive Wind Tunnel Market Segmentation 17
Figure 5: Automotive Wind Tunnel Market Segmentation 18
Figure 6: Global Passenger Car Production (2011-2016) 21
Figure 7: Automotive Wind tunnel Market (China, India, Japan & Korea) Increasing $ Opportunity 24
Figure 8: Global Automotive Wind Tunnel Market Breakdown by Design Type, 2017 & 2025 (%) 27
Figure 9: Open Circuit Wind Tunnel Market Revenue and Forecasts to 2025 (US$ Mn) 29
Figure 10: Closed Circuit Wind Tunnel Market Revenue and Forecasts to 2025 (US$ Mn) 31
Figure 11: Global Automotive Wind Tunnel Market Breakdown by Testing Type, 2017 & 2025 (%) 32
Figure 12: Model Scale Testing Market Revenue and Forecasts to 2025 (US$ Mn) 34
Figure 13: Full Scale Testing Market Revenue and Forecasts to 2025 (US$ Mn) 35
Figure 14: Global Automotive Wind Tunnel Market Breakdown by Component Position, 2017 & 2025 (%) 36
Figure 15: Global Cars Market Revenue and Forecasts to 2025 (US$ Mn) 38
Figure 16: Global Trucks Market Revenue and Forecasts to 2025 (US$ Mn) 40
Figure 17: Global Motorcycle Market Revenue and Forecasts to 2025 (US$ Mn) 41
Figure 18: Automotive Wind Tunnel Market, Global Breakdown by Regions, 2016 & 2025 (%) 42
Figure 19: North America Automotive Wind Tunnel Market Revenue and Forecasts to 2025 (US$ Mn) 44
Figure 20: North America Automotive Wind Tunnel Market Breakdown by Key Countries, 2016 & 2025(%) 45
Figure 21: U.S. Automotive Wind Tunnel Market Revenue and Forecasts to 2025 (US$ Mn) 46
Figure 22: Canada Automotive Wind Tunnel Market Revenue and Forecasts to 2025 (US$ Mn) 47
Figure 23: Mexico Automotive Wind Tunnel Market Revenue and Forecasts to 2025 (US$ Mn) 48
Figure 24: Europe Automotive Wind Tunnel Market Revenue and Forecasts to 2025 (US$ Mn) 54
Figure 25: Europe Automotive Wind Tunnel Market Breakdown by Key Countries, 2016 & 2025(%) 55
Figure 26: France Automotive Wind Tunnel Market Revenue and Forecasts to 2025 (US$ Mn) 56
Figure 27: Germany Automotive Wind Tunnel Market Revenue and Forecasts to 2025 (US$ Mn) 57
Figure 28: U.K Automotive Wind Tunnel Market Revenue and Forecasts to 2025 (US$ Mn) 58
Figure 29: Italy Automotive Wind Tunnel Market Revenue and Forecasts to 2025 (US$ Mn) 59
Figure 30: Spain Automotive Wind Tunnel Market Revenue and Forecasts to 2025 (US$ Mn) 60
Figure 31: Asia Pacific Automotive Wind Tunnel Market Revenue and Forecasts to 2025 (US$ Mn) 66
Figure 32: Asia Pacific Automotive Wind Tunnel Market Breakdown by Key Countries, 2016 & 2025(%) 67
Figure 33: China Automotive Wind Tunnel Market Revenue and Forecasts to 2025 (US$ Mn) 68
Figure 34: India Automotive Wind Tunnel Market Revenue and Forecasts to 2025 (US$ Mn) 69
Figure 35: South Korea Automotive Wind Tunnel Market Revenue and Forecasts to 2025 (US$ Mn) 70
Figure 36: Middle East and Africa Automotive Wind Tunnel Market Revenue and Forecasts to 2025 (US$ Mn) 76
Figure 37: Middle East and Africa Automotive Wind Tunnel Market Breakdown by Key Countries, 2017 & 2025(%) 77
Figure 38: GCC Countries Automotive Wind Tunnel Market Revenue and Forecasts to 2025 (US$ Mn) 78
Figure 39: UAE Automotive Wind Tunnel Market Revenue and Forecasts to 2025 (US$ Mn) 79
Figure 40: Africa Automotive Wind Tunnel Market Revenue and Forecasts to 2025 (US$ Mn) 80
Figure 41: South America Automotive Wind Tunnel Market Revenue and Forecasts to 2025 (US$ Mn) 85
Figure 42: South America Automotive Wind Tunnel Market Breakdown by Key Countries, 2016 & 2025(%) 86
Figure 43: Brazil Automotive Wind Tunnel Market Revenue and Forecasts to 2025 (US$ Mn) 87
The List of Companies
1. A2 Wind Tunnel
2. AUDI AG
3. Auto Research Center
4. DNW
5. FKFS
6. HORIBA MIRA Ltd.
7. MAHLE GmbH
8. Mercedes Benz (Daimler AG)
9. Mitsubishi Heavy Industries Ltd.
10. RUAG Holding AG
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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