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The global construction equipment market was valued at USD 190.23 billion in 2022 and growing at a CAGR of 8.7% from 2023 to 2032. The prospering construction industry and the introduction of modern automation technology is anticipated to positively impact the construction equipment market. The expanding infrastructure projects across developed and developing countries, rapid urbanization & industrialization, and urbanization are the prominent factors propelling market revenue development. The construction equipment market is engaged in the manufacturing and distributing of various heavy equipment/machinery, including excavators, loaders, bulldozers, cranes and other types of machinery. There is an increase in demand for construction equipment across end-user sectors, including industrial, residential and commercial sectors owing to the rising demand for infrastructure development across the regions. Governments worldwide are also making large expenditures in infrastructure expansion, which is anticipated to fuel market revenue growth. For instance, the Smart Cities Project, launched by the Indian government in 2015, aims to build 100 smart cities across the country, which will increase demand for construction equipment in the upcoming years.
Construction equipment refers to a broad category of specialized tools, machinery and equipment utilized in the construction industry to execute various activities such as concrete pouring, demolition, material handling, excavation, and road building. These necessary types of equipment contribute considerably to construction projects' efficiency, safety, and productivity, making them a cornerstone of modern construction practices. Implementing and integrating advanced technology into construction equipment has revolutionized the global construction industry, allowing engineers and skilled professionals to complete complex projects faster and more precisely. Construction equipment is a crucial set of tools designed for the construction sector. Each type of equipment/machinery is designed to perform specific tasks, optimizing the construction process and decreasing the need for manual labour. These machinery and tools are diversified and versatile, meeting the varying needs of various construction projects, such as high-rise structures, large-scale mining activities and transportation infrastructure development. The elemental goal of construction equipment is to increase production efficiency and eventually speed up the processes by performing impracticable, dangerous, or time-consuming activities for human workers alone.
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Rising Demand for Construction Equipment in Mining Activities- The mining activities in developing and developed regions worldwide are growing in the present scenario. Increasing demand for construction equipment in mining activities is the primary factor influencing market growth and development. There existed stable economic growth in developed and developing nations, so there has been a strong demand for minerals, including gold, silver, copper, iron, aluminum and other minerals and metals. This factor has augmented the demand for construction equipment across the globe. Furthermore, the growing demand for excavators in the oil and gas and construction industries is predicted to grow surface mining equipment significantly. The mining industry has grown substantially due to the increased application of compact excavators. Furthermore, product development and research and development (R&D) operations are prospered by leading mining equipment manufacturers for underground mining applications. Thus, these factors are escalating the market growth.
High Ownership Costs Associated- The most significant aspect of the construction equipment ownership costs is the initial capital investment required to purchase the machinery. Bulldozers, excavators, and other types of machinery are considered high-value assets that frequently necessitate a significant capital outlay. This upfront expense might be a substantial disincentive for small and medium-sized construction enterprises or contractors with limited financials. As a result, they may choose alternatives such as leasing or renting equipment, which may not always be the most feasible option in the long-term scenario. Regular maintenance is required for construction equipment to guarantee optimal performance and lifetime. Maintenance expenditures include:
These costs can be significant, particularly for complicated and sophisticated machinery. Furthermore, unexpected construction equipment breakdowns can lead to downtime, delaying project completion and increasing operational costs.
Technological Advancements- In the present scenario, technology has become essential for organizations engaged in the construction industry as automation is continuously gaining momentum. Key players are focusing on decreasing operational costs along with equipment maintenance upkeep. Furthermore, the industry has witnessed a big-scale adoption and implementation of several technological advancements, including smart sensors, robotics & automation, and other technologies to enhance operational effectiveness. For instance, in January 2019, ABB Ltd. launched the Ability Smart Sensor for assessing the condition of mounted bearings to prevent downtime in mining during material handling. The demand for environmentally friendly equipment owing to sustainability is anticipated to rise exponentially. There is a persistent shift to renewable energy, which has increased the demand for minerals and thereby increased mining activities. This state of affairs has enabled companies to bolster their commercial enterprise to offer extra-effective devices with a minor environmental impact. For instance, the advanced control technologies in the Autonomous Haulage System (AHS) of Komatsu Ltd. reduce fuel consumption, tire wear and emission. Thus these factors are anticipated to provide lucrative growth opportunities in the forthcoming years.
The regions analyzed for the market include Europe, North America, South America, Asia Pacific, and Middle East & Africa. Asia Pacific emerged as the largest market for the global construction equipment market, with a 44.0% share of the market revenue in 2022. The region is expected to grow at the highest CAGR during the forecast period. The regional growth and development is being fueled by rapid industrialization, large-scale infrastructural projects and significant construction investments. Additionally, the regional market players engage in various market strategies such as mergers, acquisitions, partnerships, and strategic alliances to maintain their competitive edge.
Asia Pacific Region Construction Equipment Market Share in 2022 - 44.0%
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The type segment is divided into earth moving machinery, material handling machinery, concrete & road construction machinery and others. The earth moving machinery segment dominated the market, with a market share of around 53% in 2022. Excavators, loaders, and others are the prominent machinery types considered under the earth-moving equipment product category. The government's vision of supporting transport by spending considerably on infrastructural projects, such as creating a well-connected and robust road network, is augmenting the segment's growth. Furthermore, the extensive necessity for digging in limited locations during construction has resulted in the widespread use of excavators, which has contributed significantly to the expansion of the global market. Furthermore, government laws concerning emissions and noise are encouraging the development of less noisy and environmentally friendly excavators, which is projected to fuel the growth of this market in the coming years.
The application segment is divided into industrial, residential and commercial. The residential segment dominated the market, with a market share of around 47% in 2022. Population growth, urbanization, and housing demand drive the residential sector's contribution to the global construction equipment market. The construction projects within the residential sector include housing developments, apartment complexes, and individual residential units. Population expansion, followed by rapid urbanization, has boosted the demand for residential real estate. Loaders, concrete mixers and excavators are considered to be essential machinery for the construction of residential projects. Governments and corporate organizations are investing in affordable housing programs to address housing shortages and give housing solutions to low-income people. This factor has resulted in tremendous residential construction activity across developing nations. This is expected to impact the development of the global market positively.
The distribution channel segment is divided into OEM and aftermarket. The OEM segment dominated the market, with a market share of around 55% in 2022. OEMs offer various construction equipment, such as excavators, bulldozers, cranes, loaders, and specialized machinery for diverse construction applications. The diverse product portfolio of the OEMs enables them to meet a wide range of customer needs and demands per project specifications. Within the construction industry, established OEMs have influential reputations followed by brand recognition. Customers often favor reputable companies because of their dependability, quality of the product that OEMs offer, and after-sales services. These factors are boosting the segment's growth and development.
Report Description:
| Attribute | Description |
|---|---|
| Market Size | Revenue (USD Billion) |
| Market size value in 2022 | USD 190.23 Billion |
| Market size value in 2032 | USD 438.10 Billion |
| CAGR (2023 to 2032) | 8.7% |
| Historical data | 2019-2021 |
| Base Year | 2022 |
| Forecast | 2023-2032 |
| Region | The regions analyzed for the market are Asia Pacific, Europe, South America, North America, and Middle East & Africa. Furthermore, the regions are further analyzed at the country level. |
| Segments | Type, Application, Distribution Channel |
As per The Brainy Insights, the market size of the global construction equipment market was valued at USD 190.23 billion in 2022 to USD 438.10 billion by 2032.
Global construction equipment market is growing at a CAGR of 8.7% during the forecast period 2023-2032.
The market's growth will be influenced by the rising demand for construction equipment within the mining activities.
The lack of skilled workforce hampers the market growth.
1. Introduction
1.1. Objectives of the Study
1.2. Market Definition
1.3. Research Scope
1.4. Currency
1.5. Key Target Audience
2. Research Methodology and Assumptions
3. Executive Summary
4. Premium Insights
4.1. Porter’s Five Forces Analysis
4.2. Value Chain Analysis
4.3. Top Investment Pockets
4.3.1. Market Attractiveness Analysis by Type
4.3.2. Market Attractiveness Analysis by Application
4.3.3. Market Attractiveness Analysis by Distribution Channel
4.3.4. Market Attractiveness Analysis by Region
4.4. Industry Trends
5. Market Dynamics
5.1. Market Evaluation
5.2. Drivers
5.2.1. Rising Demand for Construction Equipment in Mining Activities
5.3. Restraints
5.3.1. Lack of Skilled Workforce
5.4. Opportunities
5.4.1. Technological Advancements
6. Global Construction Equipment Market Analysis and Forecast, By Type
6.1. Segment Overview
6.2. Earth Moving Machinery
6.3. Material Handling Machinery
6.4. Concrete & Road Construction Machinery
6.5. Others
7. Global Construction Equipment Market Analysis and Forecast, By Application
7.1. Segment Overview
7.2. Industrial
7.3. Residential
7.4. Commercial
8. Global Construction Equipment Market Analysis and Forecast, By Distribution Channel
8.1. Segment Overview
8.2. OEM
8.3. Aftermarket
9. Global Construction Equipment Market Analysis and Forecast, By Regional Analysis
9.1. Segment Overview
9.2. North America
9.2.1. U.S.
9.2.2. Canada
9.2.3. Mexico
9.3. Europe
9.3.1. Germany
9.3.2. France
9.3.3. U.K.
9.3.4. Italy
9.3.5. Spain
9.4. Asia-Pacific
9.4.1. Japan
9.4.2. China
9.4.3. India
9.4.4. South Korea
9.4.5. Australia
9.5. South America
9.5.1. Brazil
9.5.2. Argentina
9.6. Middle East and Africa
9.6.1. UAE
9.6.2. South Africa
9.6.3. Saudi Arabia
10. Global Construction Equipment Market-Competitive Landscape
10.1. Overview
10.2. Market Share of Key Players in the Construction Equipment Market
10.2.1. Global Company Market Share
10.2.2. North America Company Market Share
10.2.3. Europe Company Market Share
10.2.4. APAC Company Market Share
10.3. Competitive Situations and Trends
10.3.1. Type Launches and Developments
10.3.2. Partnerships, Collaborations, and Agreements
10.3.3. Mergers & Acquisitions
10.3.4. Expansions
11. Company Profiles
11.1. AB Volvo
11.1.1. Business Overview
11.1.2. Company Snapshot
11.1.3. Company Market Share Analysis
11.1.4. Company Type Portfolio
11.1.5. Recent Developments
11.1.6. SWOT Analysis
11.2. Deere & Company
11.2.1. Business Overview
11.2.2. Company Snapshot
11.2.3. Company Market Share Analysis
11.2.4. Company Type Portfolio
11.2.5. Recent Developments
11.2.6. SWOT Analysis
11.3. Komatsu Ltd.
11.3.1. Business Overview
11.3.2. Company Snapshot
11.3.3. Company Market Share Analysis
11.3.4. Company Type Portfolio
11.3.5. Recent Developments
11.3.6. SWOT Analysis
11.4. Hitachi Construction Machinery Co. Ltd.
11.4.1. Business Overview
11.4.2. Company Snapshot
11.4.3. Company Market Share Analysis
11.4.4. Company Type Portfolio
11.4.5. Recent Developments
11.4.6. SWOT Analysis
11.5. Sany Group
11.5.1. Business Overview
11.5.2. Company Snapshot
11.5.3. Company Market Share Analysis
11.5.4. Company Type Portfolio
11.5.5. Recent Developments
11.5.6. SWOT Analysis
11.6. XCMG
11.6.1. Business Overview
11.6.2. Company Snapshot
11.6.3. Company Market Share Analysis
11.6.4. Company Type Portfolio
11.6.5. Recent Developments
11.6.6. SWOT Analysis
11.7. JCB
11.7.1. Business Overview
11.7.2. Company Snapshot
11.7.3. Company Market Share Analysis
11.7.4. Company Type Portfolio
11.7.5. Recent Developments
11.7.6. SWOT Analysis
11.8. Liebherr Group
11.8.1. Business Overview
11.8.2. Company Snapshot
11.8.3. Company Market Share Analysis
11.8.4. Company Type Portfolio
11.8.5. Recent Developments
11.8.6. SWOT Analysis
11.9. Zoomlion Heavy Industry Science & Technology Co. Ltd.
11.9.1. Business Overview
11.9.2. Company Snapshot
11.9.3. Company Market Share Analysis
11.9.4. Company Type Portfolio
11.9.5. Recent Developments
11.9.6. SWOT Analysis
11.10. Doosan Infracore Co. Ltd.
11.10.1. Business Overview
11.10.2. Company Snapshot
11.10.3. Company Market Share Analysis
11.10.4. Company Type Portfolio
11.10.5. Recent Developments
11.10.6. SWOT Analysis
11.11. Caterpillar Inc.
11.11.1. Business Overview
11.11.2. Company Snapshot
11.11.3. Company Market Share Analysis
11.11.4. Company Type Portfolio
11.11.5. Recent Developments
11.11.6. SWOT Analysis
11.12. Terex Corporation
11.12.1. Business Overview
11.12.2. Company Snapshot
11.12.3. Company Market Share Analysis
11.12.4. Company Type Portfolio
11.12.5. Recent Developments
11.12.6. SWOT Analysis
11.13. CNH Industrial
11.13.1. Business Overview
11.13.2. Company Snapshot
11.13.3. Company Market Share Analysis
11.13.4. Company Type Portfolio
11.13.5. Recent Developments
11.13.6. SWOT Analysis
11.14. Kobelco Construction Machinery Co.
11.14.1. Business Overview
11.14.2. Company Snapshot
11.14.3. Company Market Share Analysis
11.14.4. Company Type Portfolio
11.14.5. Recent Developments
11.14.6. SWOT Analysis
List of Table
1. Global Construction Equipment Market, By Type, 2019-2032 (USD Billion)
2. Global Earth Moving Machinery Construction Equipment Market, By Region, 2019-2032 (USD Billion)
3. Global Material Handling Machinery Construction Equipment Market, By Region, 2019-2032 (USD Billion)
4. Global Concrete & Road Construction Machinery Construction Equipment Market, By Region, 2019-2032 (USD Billion)
5. Global Others Construction Equipment Market, By Region, 2019-2032 (USD Billion)
6. Global Construction Equipment Market, By Application, 2019-2032 (USD Billion)
7. Global Industrial Construction Equipment Market, By Region, 2019-2032 (USD Billion)
8. Global Residential Construction Equipment Market, By Region, 2019-2032 (USD Billion)
9. Global Commercial Construction Equipment Market, By Region, 2019-2032 (USD Billion)
10. Global Construction Equipment Market, By Distribution Channel, 2019-2032 (USD Billion)
11. Global OEM Construction Equipment Market, By Region, 2019-2032 (USD Billion)
12. Global Aftermarket Construction Equipment Market, By Region, 2019-2032 (USD Billion)
13. Global Construction Equipment Market, By Region, 2019-2032 (USD Billion)
14. North America Construction Equipment Market, By Type, 2019-2032 (USD Billion)
15. North America Construction Equipment Market, By Application, 2019-2032 (USD Billion)
16. North America Construction Equipment Market, By Distribution Channel, 2019-2032 (USD Billion)
17. U.S. Construction Equipment Market, By Type, 2019-2032 (USD Billion)
18. U.S. Construction Equipment Market, By Application, 2019-2032 (USD Billion)
19. U.S. Construction Equipment Market, By Distribution Channel, 2019-2032 (USD Billion)
20. Canada Construction Equipment Market, By Type, 2019-2032 (USD Billion)
21. Canada Construction Equipment Market, By Application, 2019-2032 (USD Billion)
22. Canada Construction Equipment Market, By Distribution Channel, 2019-2032 (USD Billion)
23. Mexico Construction Equipment Market, By Type, 2019-2032 (USD Billion)
24. Mexico Construction Equipment Market, By Application, 2019-2032 (USD Billion)
25. Mexico Construction Equipment Market, By Distribution Channel, 2019-2032 (USD Billion)
26. Europe Construction Equipment Market, By Type, 2019-2032 (USD Billion)
27. Europe Construction Equipment Market, By Application, 2019-2032 (USD Billion)
28. Europe Construction Equipment Market, By Distribution Channel, 2019-2032 (USD Billion)
29. Germany Construction Equipment Market, By Type, 2019-2032 (USD Billion)
30. Germany Construction Equipment Market, By Application, 2019-2032 (USD Billion)
31. Germany Construction Equipment Market, By Distribution Channel, 2019-2032 (USD Billion)
32. France Construction Equipment Market, By Type, 2019-2032 (USD Billion)
33. France Construction Equipment Market, By Application, 2019-2032 (USD Billion)
34. France Construction Equipment Market, By Distribution Channel, 2019-2032 (USD Billion)
35. U.K. Construction Equipment Market, By Type, 2019-2032 (USD Billion)
36. U.K. Construction Equipment Market, By Application, 2019-2032 (USD Billion)
37. U.K. Construction Equipment Market, By Distribution Channel, 2019-2032 (USD Billion)
38. Italy Construction Equipment Market, By Type, 2019-2032 (USD Billion)
39. Italy Construction Equipment Market, By Application, 2019-2032 (USD Billion)
40. Italy Construction Equipment Market, By Distribution Channel, 2019-2032 (USD Billion)
41. Italy Construction Equipment Market, By Application, 2019-2032 (USD Billion)
42. Spain Construction Equipment Market, By Type, 2019-2032 (USD Billion)
43. Spain Construction Equipment Market, By Distribution Channel, 2019-2032 (USD Billion)
44. Spain Construction Equipment Market, By Application, 2019-2032 (USD Billion)
45. Asia Pacific Construction Equipment Market, By Type, 2019-2032 (USD Billion)
46. Asia Pacific Construction Equipment Market, By Application, 2019-2032 (USD Billion)
47. Asia Pacific Construction Equipment Market, By Distribution Channel, 2019-2032 (USD Billion)
48. Japan Construction Equipment Market, By Type, 2019-2032 (USD Billion)
49. Japan Construction Equipment Market, By Distribution Channel, 2019-2032 (USD Billion)
50. Japan Construction Equipment Market, By Application, 2019-2032 (USD Billion)
51. China Construction Equipment Market, By Type, 2019-2032 (USD Billion)
52. China Construction Equipment Market, By Distribution Channel, 2019-2032 (USD Billion)
53. China Construction Equipment Market, By Application, 2019-2032 (USD Billion)
54. India Construction Equipment Market, By Type, 2019-2032 (USD Billion)
55. India Construction Equipment Market, By Distribution Channel, 2019-2032 (USD Billion)
56. India Construction Equipment Market, By Application, 2019-2032 (USD Billion)
57. South Korea Construction Equipment Market, By Type, 2019-2032 (USD Billion)
58. South Korea Construction Equipment Market, By Application, 2019-2032 (USD Billion)
59. South Korea Construction Equipment Market, By Distribution Channel, 2019-2032 (USD Billion)
60. Australia Construction Equipment Market, By Type, 2019-2032 (USD Billion)
61. Australia Construction Equipment Market, By Distribution Channel, 2019-2032 (USD Billion)
62. Australia Construction Equipment Market, By Application, 2019-2032 (USD Billion)
63. South America Construction Equipment Market, By Type, 2019-2032 (USD Billion)
64. South America Construction Equipment Market, By Application, 2019-2032 (USD Billion)
65. South America Construction Equipment Market, By Distribution Channel, 2019-2032 (USD Billion)
66. Brazil Construction Equipment Market, By Type, 2019-2032 (USD Billion)
67. Brazil Construction Equipment Market, By Distribution Channel, 2019-2032 (USD Billion)
68. Brazil Construction Equipment Market, By Application, 2019-2032 (USD Billion)
69. Argentina Construction Equipment Market, By Type, 2019-2032 (USD Billion)
70. Argentina Construction Equipment Market, By Distribution Channel, 2019-2032 (USD Billion)
71. Argentina Construction Equipment Market, By Application, 2019-2032 (USD Billion)
72. Middle East and Africa Construction Equipment Market, By Type, 2019-2032 (USD Billion)
73. Middle East and Africa Construction Equipment Market, By Distribution Channel, 2019-2032 (USD Billion)
74. Middle East and Africa Construction Equipment Market, By Application, 2019-2032 (USD Billion)
75. UAE Construction Equipment Market, By Type, 2019-2032 (USD Billion)
76. UAE Construction Equipment Market, By Distribution Channel, 2019-2032 (USD Billion)
77. UAE Construction Equipment Market, By Application, 2019-2032 (USD Billion)
78. South Africa Construction Equipment Market, By Type, 2019-2032 (USD Billion)
79. South Africa Construction Equipment Market, By Distribution Channel, 2019-2032 (USD Billion)
80. South Africa Construction Equipment Market, By Application, 2019-2032 (USD Billion)
81. Saudi Arabia Construction Equipment Market, By Type, 2019-2032 (USD Billion)
82. Saudi Arabia Construction Equipment Market, By Distribution Channel, 2019-2032 (USD Billion)
83. Saudi Arabia Construction Equipment Market, By Application, 2019-2032 (USD Billion)
List of Figures
1. Global Construction Equipment Market Segmentation
2. Construction Equipment Market: Research Methodology
3. Market Size Estimation Methodology: Bottom-Up Approach
4. Market Size Estimation Methodology: Top-Down Approach
5. Data Triangulation
6. Porter’s Five Forces Analysis
7. Value Chain Analysis
8. Global Construction Equipment Market Attractiveness Analysis by Type
9. Global Construction Equipment Market Attractiveness Analysis by Application
10. Global Construction Equipment Market Attractiveness Analysis by Distribution Channel
11. Global Construction Equipment Market Attractiveness Analysis by Region
12. Global Construction Equipment Market: Dynamics
13. Global Construction Equipment Market Share By Type (2023 & 2032)
14. Global Construction Equipment Market Share by Application (2023 & 2032)
15. Global Construction Equipment Market Share by Distribution Channel (2023 & 2032)
16. Global Construction Equipment Market Share by Regions (2023 & 2032)
17. Global Construction Equipment Market Share by Company (2022)
This study forecasts revenue at global, regional, and country levels from 2019 to 2032. The Brainy Insights has segmented the global construction equipment market based on below mentioned segments:
Global Construction Equipment Market by Type:
Global Construction Equipment Market by Application:
Global Construction Equipment Market by Distribution Channel:
Global Construction Equipment Market by Region:
Research has its special purpose to undertake marketing efficiently. In this competitive scenario, businesses need information across all industry verticals; the information about customer wants, market demand, competition, industry trends, distribution channels etc. This information needs to be updated regularly because businesses operate in a dynamic environment. Our organization, The Brainy Insights incorporates scientific and systematic research procedures in order to get proper market insights and industry analysis for overall business success. The analysis consists of studying the market from a miniscule level wherein we implement statistical tools which helps us in examining the data with accuracy and precision.
Our research reports feature both; quantitative and qualitative aspects for any market. Qualitative information for any market research process are fundamental because they reveal the customer needs and wants, usage and consumption for any product/service related to a specific industry. This in turn aids the marketers/investors in knowing certain perceptions of the customers. Qualitative research can enlighten about the different product concepts and designs along with unique service offering that in turn, helps define marketing problems and generate opportunities. On the other hand, quantitative research engages with the data collection process through interviews, e-mail interactions, surveys and pilot studies. Quantitative aspects for the market research are useful to validate the hypotheses generated during qualitative research method, explore empirical patterns in the data with the help of statistical tools, and finally make the market estimations.
The Brainy Insights offers comprehensive research and analysis, based on a wide assortment of factual insights gained through interviews with CXOs and global experts and secondary data from reliable sources. Our analysts and industry specialist assume vital roles in building up statistical tools and analysis models, which are used to analyse the data and arrive at accurate insights with exceedingly informative research discoveries. The data provided by our organization have proven precious to a diverse range of companies, facilitating them to address issues such as determining which products/services are the most appealing, whether or not customers use the product in the manner anticipated, the purchasing intentions of the market and many others.
Our research methodology encompasses an idyllic combination of primary and secondary initiatives. Key phases involved in this process are listed below:
The phase involves the gathering and collecting of market data and its related information with the help of different sources & research procedures.
The data procurement stage involves in data gathering and collecting through various data sources.
This stage involves in extensive research. These data sources includes:
Purchased Database: Purchased databases play a crucial role in estimating the market sizes irrespective of the domain. Our purchased database includes:
Primary Research: The Brainy Insights interacts with leading companies and experts of the concerned domain to develop the analyst team’s market understanding and expertise. It improves and substantiates every single data presented in the market reports. Primary research mainly involves in telephonic interviews, E-mail interactions and face-to-face interviews with the raw material providers, manufacturers/producers, distributors, & independent consultants. The interviews that we conduct provides valuable data on market size and industry growth trends prevailing in the market. Our organization also conducts surveys with the various industry experts in order to gain overall insights of the industry/market. For instance, in healthcare industry we conduct surveys with the pharmacists, doctors, surgeons and nurses in order to gain insights and key information of a medical product/device/equipment which the customers are going to usage. Surveys are conducted in the form of questionnaire designed by our own analyst team. Surveys plays an important role in primary research because surveys helps us to identify the key target audiences of the market. Additionally, surveys helps to identify the key target audience engaged with the market. Our survey team conducts the survey by targeting the key audience, thus gaining insights from them. Based on the perspectives of the customers, this information is utilized to formulate market strategies. Moreover, market surveys helps us to understand the current competitive situation of the industry. To be precise, our survey process typically involve with the 360 analysis of the market. This analytical process begins by identifying the prospective customers for a product or service related to the market/industry to obtain data on how a product/service could fit into customers’ lives.
Secondary Research: The secondary data sources includes information published by the on-profit organizations such as World bank, WHO, company fillings, investor presentations, annual reports, national government documents, statistical databases, blogs, articles, white papers and others. From the annual report, we analyse a company’s revenue to understand the key segment and market share of that organization in a particular region. We analyse the company websites and adopt the product mapping technique which is important for deriving the segment revenue. In the product mapping method, we select and categorize the products offered by the companies catering to domain specific market, deduce the product revenue for each of the companies so as to get overall estimation of the market size. We also source data and analyses trends based on information received from supply side and demand side intermediaries in the value chain. The supply side denotes the data gathered from supplier, distributor, wholesaler and the demand side illustrates the data gathered from the end customers for respective market domain.
The supply side for a domain specific market is analysed by:
The demand side for the market is estimated through:
In-house Library: Apart from these third-party sources, we have our in-house library of qualitative and quantitative information. Our in-house database includes market data for various industry and domains. These data are updated on regular basis as per the changing market scenario. Our library includes, historic databases, internal audit reports and archives.
Sometimes there are instances where there is no metadata or raw data available for any domain specific market. For those cases, we use our expertise to forecast and estimate the market size in order to generate comprehensive data sets. Our analyst team adopt a robust research technique in order to produce the estimates:
Data Synthesis: This stage involves the analysis & mapping of all the information obtained from the previous step. It also involves in scrutinizing the data for any discrepancy observed while data gathering related to the market. The data is collected with consideration to the heterogeneity of sources. Robust scientific techniques are in place for synthesizing disparate data sets and provide the essential contextual information that can orient market strategies. The Brainy Insights has extensive experience in data synthesis where the data passes through various stages:
Market Deduction & Formulation: The final stage comprises of assigning data points at appropriate market spaces so as to deduce feasible conclusions. Analyst perspective & subject matter expert based holistic form of market sizing coupled with industry analysis also plays a crucial role in this stage.
This stage involves in finalization of the market size and numbers that we have collected from data integration step. With data interpolation, it is made sure that there is no gap in the market data. Successful trend analysis is done by our analysts using extrapolation techniques, which provide the best possible forecasts for the market.
Data Validation & Market Feedback: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helps us finalize data-points to be used for final calculations.
The Brainy Insights interacts with leading companies and experts of the concerned domain to develop the analyst team’s market understanding and expertise. It improves and substantiates every single data presented in the market reports. The data validation interview and discussion panels are typically composed of the most experienced industry members. The participants include, however, are not limited to:
Moreover, we always validate our data and findings through primary respondents from all the major regions we are working on.
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