North America Servo Motors and Drives Market Analysis and Forecast by Size, Share, Growth, Trends 2031

North America Servo Motors and Drives Market Size and Forecast (2021 - 2031), Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Component (Controller Modules, Electronic Amplifiers, Sensors, Encoders, and Others), Product Type (Servo Motor and Servo Drive), Brake Technology (Permanent Magnet, Spring, and Others), and Industry (Automotive and Transportation, Semiconductor and Consumer Electronics, Food Processing Industry, Textile Industry, and Others)

Report Date : Oct 2025
Report Code : TIPRE00041308

Category : Electronics and Semiconductor
Status : Published

Available Report Formats :
No. of Pages : 169

The North America servo motors and drives market size is expected to reach US$ 4,582.40 million by 2031 from US$ 3,432.82 million in 2024. The market is estimated to record a CAGR of 4.2% from 2024 to 2031.

Executive Summary and North America Servo Motors and Drives Market Analysis:

The US, Canada, and Mexico are among the major economies in North America. The region contributes a noteworthy share to the global servo motors and drives market owing to the growing investments by industries toward the adoption of automation solutions such as robots, computer numerical control (CNC) machines, automated guided vehicles (AGVs), conveyor systems, packaging machines, and pick-and-place systems. Servo motors enable high-speed mobility, allowing the robot to work fast while maintaining precision. Many industries, such as automotive, electronics, and manufacturing, are increasingly adopting robots to automate repetitive tasks, reduce manual work, and improve workers' safety at hazardous locations. For instance, according to the International Federation of Robotics (IFR) data published in April 2024, industries in the US, Canada, and Mexico are investing in the adoption and installation of robots for automating industrial processes. Automotive, electrical, electronics, and manufacturing are the major industries in North America that are investing significantly in robotics technologies, increasing the demand for servo motors and drives to precisely maintain and control the speed, position, and motion of robotic parts. US's automotive market sales increased by 1%, with a record of 14,678 robots installed in 2023, which increased by 47% with 14,472 units installed in 2022. In 2023, automotive and component manufacturers account for 33% of all industrial robot deployments in the country. Similarly, robot installations in Canada increased by 43% to 4,616 units in 2023. The automotive industry accounted for 55% of the country's robot installations, and sales of the automotive sector increased by 99%, with 2,549 units installed in 2023. On the other hand, the number of robots installed in Mexico's manufacturing industry reached 5,868 units in the automotive industry in 2023. The automotive industry is the largest adopter of robots in the country, accounting for 69% of total installations in which sales totaled 4,068 units in 2023. The growing adoption of automation solutions such as robots and the expansion of the automotive and electronics industry surged the adoption of servo motors and drives in the automotive and electronics production lines. Servo motors and drives are used in automotive manufacturing lines to maintain consistent precision, ensure repetitive actions for robots, and decrease errors. Robots in the automotive industry perform tasks such as part installation, assembling, welding operations, quality inspection, painting, and coating application. Servo motors and drives allow robots to handle repetitive tasks continuously to ensure smooth and jerky-free motion, allowing robots to react in real-time to any positional changes by optimizing efficiency and maintaining the quality of processes.

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North America Servo Motors and Drives Market: Strategic Insights

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North America Servo Motors and Drives Market Segmentation Analysis:

Key segments that contributed to the derivation of the North America servo motors and drives market analysis are component, product type, brake technology, and industry.

Based on component, the North America servo motors and drives market is segmented into controller modules, electronic amplifiers, sensors, encoders, other. The controller modules segment held the largest share of the market in 2024.

By product type, the North America servo motors and drives market is bifurcated into servo motor and servo drive. The servo motor segment held a larger share of the market in 2024.

Based on brake technology, the North America servo motors and drives market is segmented into permanent magnet, spring, and others. The permanent magnet segment held the largest share of the market in 2024.

Based on industry, the North America servo motors and drives market is segmented into automotive and transportation, semiconductor and consumer electronics, food processing industry, textile industry, and others. The automotive and transportation segment held the largest share of the market in 2024.

Market Report ScopeNorth America Servo Motors and Drives Market Outlook

The new generation of small servo drive systems is fueling the servo motors and drives market growth. These modern and compact technologies are designed to provide higher precision and greater energy efficiency, which are critical in applications such as robotics, automation, and packaging. The next generation and small servo drives enable smoother operation and reduce maintenance requirements of industries. The demand for cutting-edge technology, such as innovative algorithms, real-time feedback control, and improved heat management with a focus on lower operational expenses, encouraged market players to develop new-generation small servo drive systems. For instance, in January 2024, Siemens AG innovated the Sinamics S210 servo drive system with new hardware and software that are suitable for a larger range of applications. Siemens is updating the well-known Sinamics S210 servo drive system with a new hardware design and V6 software generation, expanding its range of applications. The servo drive system is ideal for high-dynamic applications with power outputs ranging from 50 W to 7 kW, such as packaging machines, pick-and-place applications, and digital printing. Moreover, as businesses demand greater precision, flexibility, and economy from automation, the use of high-performance servo systems such as the Sinamics S210 is increasing among industries. Moreover, the increasing focus of market players on product development to attract new customers is boosting the market. For instance, WITTENSTEIN SE's newly designed cyber simco drive 2 servo drives are 30% more compact and offer maximum connectivity with their multiple ethernet interfaces. They also include real-time CIP sync, decentralized intelligence, and STO safety features suitable for flexible programming of applications. Thus, the evolution of these advanced and compact servo drive systems is inextricably related to the overall expansion of the servo motors and drives market.

North America Servo Motors and Drives Market Country Insights

Based on country, the North America servo motors and drives market comprises the US, Canada, and Mexico. The US held the largest share in 2024.

The automotive sector leads servo motors and drives market growth in the US. According to the US Energy Information Administration data of August 2024, the US share of electric and hybrid car sales increased in the second quarter of 2024 from the first quarter. According to Wards Intelligence, the sale of hybrid vehicles, plug-in hybrid electric vehicles, and battery electric vehicles (BEVs) increased from 17.8% of total new light-duty vehicle (LDV) sales in Q1 to 18.7% in Q2 of 2024. Similarly, the sale of luxury electric vehicles accounted for 32.8% of total luxury sales in Q2 of 2024. Luxury car sales in the US accounted for 16.6% of the entire light-duty market in the year 2Q 2024, with luxury vehicles accounting for 73.8% of total battery electric sales, which consists of 8.3% of hybrid vehicle sales and 29.2% of plug-in hybrid vehicle sales. This surge reflects an increasing demand for sustainable, more energy-efficient vehicles. The growing EV adoption encourages market players to improve vehicle performance. In electric and modern vehicle production, servo motors are used for the assembly and operation of door mechanisms, such as powered sliding doors, trunk lids, and window lifters. The precise control of servo motors ensures the smooth and consistent operation of its components. Furthermore, the growing adoption of EVs and autonomous vehicles among consumers is expected to flourish in the servo motors and drives market in the near future.

North America Servo Motors and Drives Market Company Profiles

Some of the key players operating in the market include ABB Ltd, Delta Electronics Inc, Fanuc Corp, Mitsubishi Electric Corp, Fuji Electric Co Ltd, Nidec Corp, Rockwell Automation Inc, Schneider Electric SE, Siemens AG, and Yaskawa Electric Corp, among others. These players are adopting various strategies such as expansion, product innovation, and mergers and acquisitions to provide innovative products to their consumers and increase their market share.

North America Servo Motors and Drives Market Research Methodology:

The following methodology has been followed for the collection and analysis of data presented in this report:

Secondary Research

The research process begins with comprehensive secondary research, utilizing both internal and external sources to gather qualitative and quantitative data for each market. Commonly referenced secondary research sources include, but are not limited to:

Company websites, annual reports, financial statements, broker analyses, and investor presentations.

Industry trade journals and other relevant publications.

Government documents, statistical databases, and market reports.

News articles, press releases, and webcasts specific to companies operating in the market.

Note:

All financial data included in the Company Profiles section has been standardized to USD. For companies reporting in other currencies, figures have been converted to USD using the relevant exchange rates for the corresponding year.

Primary Research

The Insight Partners conducts a significant number of primary interviews each year with industry stakeholders and experts to validate its data analysis and gain valuable insights. These research interviews are designed to:

Validate and refine findings from secondary research.

Enhance the expertise and market understanding of the analysis team.

Gain insights into market size, trends, growth patterns, competitive dynamics, and future prospects.

Primary research is conducted via email interactions and telephone interviews, encompassing various markets, categories, segments, and sub-segments across different regions. Participants typically include:

Industry stakeholders: Vice Presidents, business development managers, market intelligence managers, and national sales managers

External experts: Valuation specialists, research analysts, and key opinion leaders with industry-specific expertise

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 Report Guidance

1.2 Market Segmentation

2. Executive Summary

2.1 Key Insights

2.2 Market Attractiveness

3. Research Methodology

3.1 Secondary Research

3.2 Primary Research

3.2.1 Hypothesis formulation:

3.2.2 Macro-economic factor analysis:

3.2.3 Developing base number:

3.2.4 Data Triangulation:

3.2.5 Country level data:

4. North America Servo Motors and Drives Market Landscape

4.1 Overview

4.2 Ecosystem Analysis

4.2.1 Raw Materials and Components Suppliers

4.2.2 Manufacturers

4.2.3 End Users

4.2.4 List of Vendors in the Value Chain

5. North America Servo Motors and Drives Market - Key Market Dynamics

5.1 Market Drivers

5.1.1 High Demand for Industrial Automation Solutions

5.1.2 Surge in Product Development by Manufacturers

5.1.3 Rise in Demand from Automotive Industry

5.2 Market Restraints

5.2.1 Availability of Substitute Products

5.3 Market Opportunities

5.3.1 Development of AI-Power Servo Motors

5.4 Future Trends

5.4.1 Demand for Next-Generation Servo Drives

5.5 Impact of Drivers and Restraints:

6. Servo Motors and Drives Market - North America Analysis

6.1 North America Servo Motors and Drives Market Revenue (US$ Million), 2021-2031

6.2 North America Servo Motors and Drives Market Forecast Analysis

7. North America Servo Motors and Drives Market Analysis - by Component

7.1 Controller Modules

7.1.1 Overview

7.1.2 Controller Modules: North America Servo Motors and Drives Market - Revenue and Forecast, 2021-2031 (US$ Million)

7.2 Electronic Amplifiers

7.2.1 Overview

7.2.2 Electronic Amplifiers: North America Servo Motors and Drives Market - Revenue and Forecast, 2021-2031 (US$ Million)

7.3 Sensors

7.3.1 Overview

7.3.2 Sensors: North America Servo Motors and Drives Market - Revenue and Forecast, 2021-2031 (US$ Million)

7.4 Encoders

7.4.1 Overview

7.4.2 Encoders: North America Servo Motors and Drives Market - Revenue and Forecast, 2021-2031 (US$ Million)

7.5 Others

7.5.1 Overview

7.5.2 Others: North America Servo Motors and Drives Market - Revenue and Forecast, 2021-2031 (US$ Million)

8. North America Servo Motors and Drives Market Analysis - by Product Type

8.1 Servo Motor

8.1.1 Overview

8.1.2 Servo Motor: North America Servo Motors and Drives Market - Revenue and Forecast, 2021-2031 (US$ Million)

8.2 Servo Drive

8.2.1 Overview

8.2.2 Servo Drive: North America Servo Motors and Drives Market - Revenue and Forecast, 2021-2031 (US$ Million)

9. North America Servo Motors and Drives Market Analysis - by Brake Technology

9.1 Permanent Magnet

9.1.1 Overview

9.1.2 Permanent Magnet: North America Servo Motors and Drives Market - Revenue and Forecast, 2021-2031 (US$ Million)

9.2 Spring

9.2.1 Overview

9.2.2 Spring: North America Servo Motors and Drives Market - Revenue and Forecast, 2021-2031 (US$ Million)

9.3 Others

9.3.1 Overview

9.3.2 Others: North America Servo Motors and Drives Market - Revenue and Forecast, 2021-2031 (US$ Million)

10. North America Servo Motors and Drives Market Analysis - by Industry

10.1 Automotive and Transportation

10.1.1 Overview

10.1.2 Automotive and Transportation: North America Servo Motors and Drives Market - Revenue and Forecast, 2021-2031 (US$ Million)

10.2 Semiconductor and Consumer Electronics

10.2.1 Overview

10.2.2 Semiconductor and Consumer Electronics: North America Servo Motors and Drives Market - Revenue and Forecast, 2021-2031 (US$ Million)

10.3 Food Processing Industry

10.3.1 Overview

10.3.2 Food Processing Industry: North America Servo Motors and Drives Market - Revenue and Forecast, 2021-2031 (US$ Million)

10.4 Textile Industry

10.4.1 Overview

10.4.2 Textile Industry: North America Servo Motors and Drives Market - Revenue and Forecast, 2021-2031 (US$ Million)

10.5 Others

10.5.1 Overview

10.5.2 Others: North America Servo Motors and Drives Market - Revenue and Forecast, 2021-2031 (US$ Million)

11. North America Servo Motors and Drives Market - Country Analysis

11.1 North America

11.1.1 North America Servo Motors and Drives Market - Revenue and Forecast Analysis - by Country

11.1.1.1 North America Servo Motors and Drives Market - Revenue and Forecast Analysis - by Country

11.1.1.2 United States: North America Servo Motors and Drives Market - Revenue and Forecast, 2021-2031 (US$ Million)

11.1.1.2.1 United States: North America Servo Motors and Drives Market Share - by Component

11.1.1.2.2 United States: North America Servo Motors and Drives Market Share - by Product Type

11.1.1.2.3 United States: North America Servo Motors and Drives Market Share - by Brake Technology

11.1.1.2.4 United States: North America Servo Motors and Drives Market Share - by Industry

11.1.1.3 Canada: North America Servo Motors and Drives Market - Revenue and Forecast, 2021-2031 (US$ Million)

11.1.1.3.1 Canada: North America Servo Motors and Drives Market Share - by Component

11.1.1.3.2 Canada: North America Servo Motors and Drives Market Share - by Product Type

11.1.1.3.3 Canada: North America Servo Motors and Drives Market Share - by Brake Technology

11.1.1.3.4 Canada: North America Servo Motors and Drives Market Share - by Industry

11.1.1.4 Mexico: North America Servo Motors and Drives Market - Revenue and Forecast, 2021-2031 (US$ Million)

11.1.1.4.1 Mexico: North America Servo Motors and Drives Market Share - by Component

11.1.1.4.2 Mexico: North America Servo Motors and Drives Market Share - by Product Type

11.1.1.4.3 Mexico: North America Servo Motors and Drives Market Share - by Brake Technology

11.1.1.4.4 Mexico: North America Servo Motors and Drives Market Share - by Industry

12. Competitive Landscape

12.1 Heat Map Analysis by Key Players

12.2 Company Positioning and Concentration

13. Industry Landscape

13.1 Overview

13.2 Market Initiative

13.3 Product News & Company News

13.4 Collaboration and Mergers & Acquisitions

14. Company Profiles

14.1 ABB Ltd

14.1.1 Key Facts

14.1.2 Business Description

14.1.3 Products and Services

14.1.4 Financial Overview

14.1.5 SWOT Analysis

14.1.6 Key Developments

14.2 Delta Electronics Inc

14.2.1 Key Facts

14.2.2 Business Description

14.2.3 Products and Services

14.2.4 Financial Overview

14.2.5 SWOT Analysis

14.2.6 Key Developments

14.3 Fanuc Corp

14.3.1 Key Facts

14.3.2 Business Description

14.3.3 Products and Services

14.3.4 Financial Overview

14.3.5 SWOT Analysis

14.3.6 Key Developments

14.4 Fuji Electric Co Ltd

14.4.1 Key Facts

14.4.2 Business Description

14.4.3 Products and Services

14.4.4 Financial Overview

14.4.5 1.4.4 SWOT Analysis

14.4.6 Key Developments

14.5 Mitsubishi Electric Corp

14.5.1 Key Facts

14.5.2 Business Description

14.5.3 Products and Services

14.5.4 Financial Overview

14.5.5 SWOT Analysis

14.5.6 Key Developments

14.6 Nidec Corp

14.6.1 Key Facts

14.6.2 Business Description

14.6.3 Products and Services

14.6.4 Financial Overview

14.6.5 SWOT Analysis

14.6.6 Key Developments

14.7 Rockwell Automation Inc

14.7.1 Key Facts

14.7.2 Business Description

14.7.3 Products and Services

14.7.4 Financial Overview

14.7.5 SWOT Analysis

14.7.6 Key Developments

14.8 Schneider Electric SE

14.8.1 Key Facts

14.8.2 Business Description

14.8.3 Products and Services

14.8.4 Financial Overview

14.8.5 SWOT Analysis

14.8.6 Key Developments

14.9 Siemens AG

14.9.1 Key Facts

14.9.2 Business Description

14.9.3 Products and Services

14.9.4 Financial Overview

14.9.5 SWOT Analysis

14.9.6 Key Developments

14.10 Yaskawa Electric Corp

14.10.1 Key Facts

14.10.2 Business Description

14.10.3 Products and Services

14.10.4 Financial Overview

14.10.5 SWOT Analysis

14.10.6 Key Developments

15. Appendix

15.1 Word Index

15.2 About the Insight Partners

List of Tables

Table 1. North America Servo Motors and Drives Market Segmentation

Table 2. List of Vendors

Table 3. North America Servo Motors and Drives Market - Revenue and Forecast, 2021-2031 (US$ Million)

Table 4. North America Servo Motors and Drives Market - Revenue and Forecast, 2021-2031 (US$ Million) - by Component

Table 5. North America Servo Motors and Drives Market - Revenue and Forecast, 2021-2031 (US$ Million) - by Product Type

Table 6. North America Servo Motors and Drives Market - Revenue and Forecast, 2021-2031 (US$ Million) - by Brake Technology

Table 7. North America Servo Motors and Drives Market - Revenue and Forecast, 2021-2031 (US$ Million) - by Industry

Table 8. North America Servo Motors and Drives Market - Revenue and Forecast, 2021-2031 (US$ Million) - by Country

Table 9. United States: North America Servo Motors and Drives Market - Revenue and Forecast, 2021 - 2031 (US$ Million) - by Component

Table 10. United States: North America Servo Motors and Drives Market - Revenue and Forecast, 2021 - 2031 (US$ Million) - by Product Type

Table 11. United States: North America Servo Motors and Drives Market - Revenue and Forecast, 2021 - 2031 (US$ Million) - by Brake Technology

Table 12. United States: North America Servo Motors and Drives Market - Revenue and Forecast, 2021 - 2031 (US$ Million) - by Industry

Table 13. Canada: North America Servo Motors and Drives Market - Revenue and Forecast, 2021 - 2031 (US$ Million) - by Component

Table 14. Canada: North America Servo Motors and Drives Market - Revenue and Forecast, 2021 - 2031 (US$ Million) - by Product Type

Table 15. Canada: North America Servo Motors and Drives Market - Revenue and Forecast, 2021 - 2031 (US$ Million) - by Brake Technology

Table 16. Canada: North America Servo Motors and Drives Market - Revenue and Forecast, 2021 - 2031 (US$ Million) - by Industry

Table 17. Mexico: North America Servo Motors and Drives Market - Revenue and Forecast, 2021 - 2031 (US$ Million) - by Component

Table 18. Mexico: North America Servo Motors and Drives Market - Revenue and Forecast, 2021 - 2031 (US$ Million) - by Product Type

Table 19. Mexico: North America Servo Motors and Drives Market - Revenue and Forecast, 2021 - 2031 (US$ Million) - by Brake Technology

Table 20. Mexico: North America Servo Motors and Drives Market - Revenue and Forecast, 2021 - 2031 (US$ Million) - by Industry

Table 21. List of Abbreviation

List of Figures

Figure 1. North America Servo Motors and Drives Market Segmentation - Country

Figure 2. North America Servo Motors and Drives Market - Key Market Dynamics

Figure 3. Impact Analysis of Drivers and Restraints

Figure 4. North America Servo Motors and Drives Market Revenue (US$ Million), 2021-2031

Figure 5. North America Servo Motors and Drives Market Share (%) - by Component (2024 and 2031)

Figure 6. Controller Modules: North America Servo Motors and Drives Market - Revenue and Forecast, 2021-2031 (US$ Million)

Figure 7. Electronic Amplifiers: North America Servo Motors and Drives Market - Revenue and Forecast, 2021-2031 (US$ Million)

Figure 8. Sensors: North America Servo Motors and Drives Market - Revenue and Forecast, 2021-2031 (US$ Million)

Figure 9. Encoders: North America Servo Motors and Drives Market - Revenue and Forecast, 2021-2031 (US$ Million)

Figure 10. Others: North America Servo Motors and Drives Market - Revenue and Forecast, 2021-2031 (US$ Million)

Figure 11. North America Servo Motors and Drives Market Share (%) - by Product Type (2024 and 2031)

Figure 12. Servo Motor: North America Servo Motors and Drives Market - Revenue and Forecast, 2021-2031 (US$ Million)

Figure 13. Servo Drive: North America Servo Motors and Drives Market - Revenue and Forecast, 2021-2031 (US$ Million)

Figure 14. North America Servo Motors and Drives Market Share (%) - by Brake Technology (2024 and 2031)

Figure 15. Permanent Magnet: North America Servo Motors and Drives Market - Revenue and Forecast, 2021-2031 (US$ Million)

Figure 16. Spring: North America Servo Motors and Drives Market - Revenue and Forecast, 2021-2031 (US$ Million)

Figure 17. Others: North America Servo Motors and Drives Market - Revenue and Forecast, 2021-2031 (US$ Million)

Figure 18. North America Servo Motors and Drives Market Share (%) - by Industry (2024 and 2031)

Figure 19. Automotive and Transportation: North America Servo Motors and Drives Market - Revenue and Forecast, 2021-2031 (US$ Million)

Figure 20. Semiconductor and Consumer Electronics: North America Servo Motors and Drives Market - Revenue and Forecast, 2021-2031 (US$ Million)

Figure 21. Food Processing Industry: North America Servo Motors and Drives Market - Revenue and Forecast, 2021-2031 (US$ Million)

Figure 22. Textile Industry: North America Servo Motors and Drives Market - Revenue and Forecast, 2021-2031 (US$ Million)

Figure 23. Others: North America Servo Motors and Drives Market - Revenue and Forecast, 2021-2031 (US$ Million)

Figure 24. North America Servo Motors and Drives Market Breakdown, by Key Countries, 2024 and 2031 (%)

Figure 25. United States: North America Servo Motors and Drives Market - Revenue and Forecast, 2021- 2031 (US$ Million)

Figure 26. Canada: North America Servo Motors and Drives Market - Revenue and Forecast, 2021- 2031 (US$ Million)

Figure 27. Mexico: North America Servo Motors and Drives Market - Revenue and Forecast, 2021- 2031 (US$ Million)

Figure 28. Heat Map Analysis by Key Players

Figure 29. Company Positioning and Concentration

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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:

Research Methodology

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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