Luxury Footwear Market

Luxury Footwear Market Size By Product (Casual and Formal), By End-User (Children, Men, and Women), By Distribution Channel (Offline and Online), Regions, Global Industry Analysis, Share, Growth, Trends, and Forecast 2022 to 2030

Base Year: 2022 Historical Data: 2020-21
  • Report ID: TBI-13235
  • Published Date: Jan, 2023
  • Pages: 235
  • Category: Consumer Goods
  • Format: PDF
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The global luxury footwear market is expected to reach USD 56.2 billion by 2030, at a CAGR of 8.0% during the forecast period 2022 to 2030. Factors like the growing preference for attractive luxury footwear as a symbol of status and inclination toward flaunting luxury brands among their social groups are driving the demand for luxury footwear market. 

Market Overview:

Luxury consumer goods like footwear are known to be associated with the wealthy population. Furthermore, end consumers buy these things to show off their status and boost their self-worth. Additionally, the demand for better quality and craftsmanship will increase the demand for luxury footwear worldwide. The rising demand for product features, such as high quality, improved aesthetic value, durability, and reasonable prices, will promote product penetration. One of the main factors driving the growth of the global luxury footwear market is rapid urbanization, combined with the expanding influence of social media and the growing fashion sector.

Additionally, the popularity of luxury handcrafted footwear labels as a status symbol is having a favourable impact on luxury footwear sales. A wide variety of new products are also being introduced by various top businesses to increase the current customer base. In keeping with this, they are forming strategic alliances and partnerships with other manufacturers to provide formal luxury footwear that can be personalized and comes in a variety of materials, designs, colours, and size options. Additionally, as people become more aware of how shoes affect the environment, manufacturers are encouraged to use sustainable materials to create eco-friendly, long-lasting luxury footwear. In the upcoming years, these advancements are projected to boost market growth coupled with aggressive promotional efforts.

Luxury Footwear Market

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Recent Development
  • In August 2022, Chanel Ltd. showcased two sneaker models for its Fall/Winter 2022/2023 Pre-Collection, each displayed in two autumnal colours.
  • In August 2022, Sustainable sneakers created by American fashion designer and entrepreneur Virgil Abloh were released by Louis Vuitton Malletier SAS. The LV trainer is a new iteration constructed primarily of organic and recycled materials.

Market Dynamics:

Drivers

Increasing Number of Millionaires- An expanding number of millionaires worldwide, particularly in the millennial demographic, are driving the industry. In 2019, there were 618,000 millennial millionaires in the United States, with close to 93% of them having net worth between USD 1 million and USD 2.5 million, according to a report by CNBC LLC. Among millennials, there has been an increase in demand for luxury footwear.

Restraints:

High Cost- The cost of luxury footwear needs to be lowered, restraining the market's growth. Luxury footwear is made from materials of the finest quality, increasing its durability, novelty, and comfort, increasing the overall cost of the products and hindering the market's growth. Furthermore, the cost of raw materials is increasing, which adds to the cost of the final product, restricting the market's growth. Furthermore, the increasing regulations from national and national and international organizations regarding the safety of items hinder the market's growth.

Opportunities:

Increasing spending on luxury items- The market for luxury footwear is anticipated to rise as consumers spend more money on designer and branded products. The term "luxury footwear" refers to clothing or accessories frequently worn by the wealthy or affluent. A US company called SaveMyCent, which offers online coupon codes, estimates that US customers would spend $64.8 billion on luxury goods in 2020. Consumer spending was second and third in China ($51.8 billion) and Japan ($21.2 billion). In 2020, the Americas accounted for 28% of all luxury spending worldwide. Thus, the increasing expenditure on luxury products is expected to provide growth opportunities for the market during the forecast period.

Challenges:

An increasing number of counterfeit products- Many local manufacturers are creating counterfeit products of popular brands, which challenges the market's growth. Although strict guidelines have been established to prevent product counterfeiting, they could be more effective on both global and regional marketplaces. Thus, the increasing number of counterfeit products challenges the market's growth.

Regional segmentation analysis:

The regions analyzed for the market include North America, Europe, South America, Asia Pacific, the Middle East, and Africa. North America emerged as the most significant global luxury footwear market, with a 33% market revenue share in 2022.

North America currently dominates the luxury footwear market with a 33% market revenue share in 2022. One of the key factors influencing the regional market has been the concentration of wealthy people with high discretionary income in this area. North America is home to 41% of the world's high-net-worth individuals (HNWIs), according to the Wealth-X report High Net Worth Handbook 2019. As a result, the number of HNWIs is growing, driving demand for luxury goods like shoes.

Europe is expected to witness the fastest growth during the forecast period. Luxury footwear has also become more popular in Europe, where it is now increasingly acceptable to wear sneakers with a tailored suit. This is due to the growing impact of streetwear and casual clothing on high-end fashion. Luxury footwear companies like Kering, Prada, and Balenciaga compete with significant sportswear companies like Asics, Nike, Puma, New Balance, and Adidas by releasing eye-catching and pricey designs in the region, adding impetus to the market's growth.

North America Region Luxury Footwear Market Share in 2022 - 33%

 

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Product Type Segment Analysis

The product segment is divided into casual and formal. In 2022, the formal segment dominated the market, accounting for around 55% of global revenue. The increasing demand for formal luxury footwear among the working population of both men and women is expected to drive the segment's growth.

End-User Analysis

The end-user segment is divided into children, men, and women. Over the forecast period, the women segment is expected to grow at the fastest CAGR of 8.6%. The growing number of fashion events businesses host encourage women to buy luxury goods. For instance, during Milan Fashion Week in February 2022, Gucci X Adidas unveiled their gazelle sneakers. This drives the segment's growth over the forecast period.

Distribution Channel analysis

The distribution channel segment is divided into offline and online. The offline segment dominated the market, with a market share of around 60% in 2022. Customers enjoy shopping at brick-and-mortar establishments like independent premium shoe boutiques and boutique shops. These shops frequently offer consumers special bargains to increase sales. Thus, driving the segment's growth.

Some of the Key Market Players:
  • LVMH
  • Chanel Limited
  • Burberry Group PLC
  • Silvano Lattanzi
  • Prada S.p.A
  • A.Testoni
  • Dr. Martens
  • Base London
  • John Lobb Bootmaker
  • Salvatore Ferragamo
  • Lottusse - Mallorca
  • Adidas AG 

 Report Description: 

Attribute Description
Market Size Revenue (USD Billion)
Market size value in 2022 USD 30.4 Billion
Market size value in 2030 USD 56.2 Billion
CAGR (2022 to 2030) 8.0%
Historical data 2019-2020
Base Year 2021
Forecast 2022-2030
Segments Product Type, End-User, and Distribution Channel
Regional Segments North America, Asia Pacific, Europe, Latin America, Middle East and Africa

Frequesntly Asked Questions

As per The Brainy Insights, the size of the luxury footwear market was valued at USD 30.4 billion in 2022 to USD 56.2 billion by 2030.

The global luxury footwear market is growing at a CAGR of 8.0% during the forecast period 2022-2030.

North America emerged as the largest market for luxury footwear.

Key players in the luxury footwear market are LVMH, Chanel Limited, Burberry Group PLC, Silvano Lattanzi, Prada S.p.A, A.Testoni, Dr Martens, Base London, John Lobb Bootmaker, Salvatore Ferragamo, Lottusse - Mallorca, and Adidas AG.

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 Product
          4.3.2. Market Attractiveness Analysis By End-User
          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. Expanding number of billionaires
    5.3. Restraints
          5.3.1. High cost
    5.4. Opportunities
          5.4.1. Rising demand for luxury footwear
    5.5. Challenges
          5.5.1. Growing healthcare concern

1. Global Luxury Footwear Market Analysis and Forecast, By Product
    1.1. Segment Overview
    1.2. Casual
    1.3. Formal

2. Global Luxury Footwear Market Analysis and Forecast, By End-User
    2.1. Segment Overview
    2.2. Children
    2.3. Men
    2.4. Women

3. Global Luxury Footwear Market Analysis and Forecast, By Distribution Channel
    3.1. Segment Overview
    3.2. Offline
    3.3. Online

4. Global Luxury Footwear Market Analysis and Forecast, By Regional Analysis
    4.1. Segment Overview
    4.2. North America
          4.2.1. U.S.
          4.2.2. Canada
          4.2.3. Mexico
    4.3. Europe
          4.3.1. Germany
          4.3.2. France
          4.3.3. U.K.
          4.3.4. Italy
          4.3.5. Spain
    4.4. Asia-Pacific
          4.4.1. Japan
          4.4.2. China
          4.4.3. India
    4.5. South America
          4.5.1. Brazil
    4.6. Middle East and Africa
          4.6.1. UAE
          4.6.2. South Africa

5. Global Luxury Footwear Market-Competitive Landscape
    5.1. Overview
    5.2. Market Share of Key Players in Global Luxury Footwear Market
          5.2.1. Global Company Market Share
          5.2.2. North America Company Market Share
          5.2.3. Europe Company Market Share
          5.2.4. APAC Company Market Share
    5.3. Competitive Situations and Trends
          5.3.1. Product Launches and Developments
          5.3.2. Partnerships, Collaborations, and Agreements
          5.3.3. Mergers & Acquisitions
          5.3.4. Expansions

6. Company Profiles
    6.1. LVMH.
          6.1.1. Business Overview
          6.1.2. Company Snapshot
          6.1.3. Company Market Share Analysis
          6.1.4. Company Product Portfolio
          6.1.5. Recent Developments
          6.1.6. SWOT Analysis
    6.2. Chanel Limited
          6.2.1. Business Overview
          6.2.2. Company Snapshot
          6.2.3. Company Market Share Analysis
          6.2.4. Company Product Portfolio
          6.2.5. Recent Developments
          6.2.6. SWOT Analysis
    6.3. Burberry Group PLC
          6.3.1. Business Overview
          6.3.2. Company Snapshot
          6.3.3. Company Market Share Analysis
          6.3.4. Company Product Portfolio
          6.3.5. Recent Developments
          6.3.6. SWOT Analysis
    6.4. Silvano Lattanzi
          6.4.1. Business Overview
          6.4.2. Company Snapshot
          6.4.3. Company Market Share Analysis
          6.4.4. Company Product Portfolio
          6.4.5. Recent Developments
          6.4.6. SWOT Analysis
    6.5. Prada S.p.A
          6.5.1. Business Overview
          6.5.2. Company Snapshot
          6.5.3. Company Market Share Analysis
          6.5.4. Company Product Portfolio
          6.5.5. Recent Developments
          6.5.6. SWOT Analysis
    6.6. A.Testoni
          6.6.1. Business Overview
          6.6.2. Company Snapshot
          6.6.3. Company Market Share Analysis
          6.6.4. Company Product Portfolio
          6.6.5. Recent Developments
          6.6.6. SWOT Analysis
    6.7. Dr. Martens
          6.7.1. Business Overview
          6.7.2. Company Snapshot
          6.7.3. Company Market Share Analysis
          6.7.4. Company Product Portfolio
          6.7.5. Recent Developments
          6.7.6. SWOT Analysis
    6.8. Base London
          6.8.1. Business Overview
          6.8.2. Company Snapshot
          6.8.3. Company Market Share Analysis
          6.8.4. Company Product Portfolio
          6.8.5. Recent Developments
          6.8.6. SWOT Analysis
    6.9. John Lobb Bootmaker
          6.9.1. Business Overview
          6.9.2. Company Snapshot
          6.9.3. Company Market Share Analysis
          6.9.4. Company Product Portfolio
          6.9.5. Recent Developments
          6.9.6. SWOT Analysis
    6.10. Salvatore Ferragamo
          6.10.1. Business Overview
          6.10.2. Company Snapshot
          6.10.3. Company Market Share Analysis
          6.10.4. Company Product Portfolio
          6.10.5. Recent Developments
          6.10.6. SWOT Analysis
    6.11. Lottusse - Mallorca
          6.11.1. Business Overview
          6.11.2. Company Snapshot
          6.11.3. Company Market Share Analysis
          6.11.4. Company Product Portfolio
          6.11.5. Recent Developments
          6.11.6. SWOT Analysis
 

List of Table

1. Global Luxury Footwear Market, By Product, 2019-2030 (USD Billion)

2. Global Casual, Luxury Footwear Market, By Region, 2019-2030 (USD Billion) 

3. Global Formal, Luxury Footwear Market, By Region, 2019-2030 (USD Billion)

4. Global Luxury Footwear Market, By End-User, 2019-2030 (USD Billion)

5. Global Children, Luxury Footwear Market, By Region, 2019-2030 (USD Billion)

6. Global Men, Luxury Footwear Market, By Region, 2019-2030 (USD Billion)

7. Global Women, Luxury Footwear Market, By Region, 2019-2030 (USD Billion)

8. Global Luxury Footwear Market, By Distribution Channel, 2019-2030 (USD Billion)

9. Global Offline, Luxury Footwear Market, By Region, 2019-2030 (USD Billion)

10. Global Online, Luxury Footwear Market, By Region, 2019-2030 (USD Billion)

11. North America Luxury Footwear Market, By Product, 2019-2030 (USD Billion)

12. North America Luxury Footwear Market, By End-User, 2019-2030 (USD Billion)

13. North America Luxury Footwear Market, By Distribution Channel, 2019-2030 (USD Billion)

14. U.S. Luxury Footwear Market, By Product, 2019-2030 (USD Billion)

15. U.S. Luxury Footwear Market, By End-User, 2019-2030 (USD Billion)

16. U.S. Luxury Footwear Market, By Distribution Channel, 2019-2030 (USD Billion)

17. Canada Luxury Footwear Market, By Product, 2019-2030 (USD Billion)

18. Canada Luxury Footwear Market, By End-User, 2019-2030 (USD Billion)

19. Canada Luxury Footwear Market, By Distribution Channel, 2019-2030 (USD Billion)

20. Mexico Luxury Footwear Market, By Product, 2019-2030 (USD Billion)

21. Mexico Luxury Footwear Market, By End-User, 2019-2030 (USD Billion)

22. Mexico Luxury Footwear Market, By Distribution Channel, 2019-2030 (USD Billion)

23. Europe Luxury Footwear Market, By Product, 2019-2030 (USD Billion)

24. Europe Luxury Footwear Market, By End-User, 2019-2030 (USD Billion)

25. Europe Luxury Footwear Market, By Distribution Channel, 2019-2030 (USD Billion)

26. Germany Luxury Footwear Market, By Product, 2019-2030 (USD Billion)

27. Germany Luxury Footwear Market, By End-User, 2019-2030 (USD Billion)

28. Germany Luxury Footwear Market, By Distribution Channel, 2019-2030 (USD Billion)

29. France Luxury Footwear Market, By Product, 2019-2030 (USD Billion)

30. France Luxury Footwear Market, By End-User, 2019-2030 (USD Billion)

31. France Luxury Footwear Market, By Distribution Channel, 2019-2030 (USD Billion)

32. U.K. Luxury Footwear Market, By Product, 2019-2030 (USD Billion)

33. U.K. Luxury Footwear Market, By End-User, 2019-2030 (USD Billion)

34. U.K. Luxury Footwear Market, By Distribution Channel, 2019-2030 (USD Billion)

35. Italy Luxury Footwear Market, By Product, 2019-2030 (USD Billion)

36. Italy Luxury Footwear Market, By End-User, 2019-2030 (USD Billion)

37. Italy Luxury Footwear Market, By Distribution Channel, 2019-2030 (USD Billion)

38. Spain Luxury Footwear Market, By Product, 2019-2030 (USD Billion)

39. Spain Luxury Footwear Market, By End-User, 2019-2030 (USD Billion)

40. Spain Luxury Footwear Market, By Distribution Channel, 2019-2030 (USD Billion)

41. Asia Pacific Luxury Footwear Market, By Product, 2019-2030 (USD Billion)

42. Asia Pacific Luxury Footwear Market, By End-User, 2019-2030 (USD Billion)

43. Asia Pacific Luxury Footwear Market, By Distribution Channel, 2019-2030 (USD Billion)

44. Japan Luxury Footwear Market, By Product, 2019-2030 (USD Billion)

45. Japan Luxury Footwear Market, By End-User, 2019-2030 (USD Billion)

46. Japan Luxury Footwear Market, By Distribution Channel, 2019-2030 (USD Billion)

47. China Luxury Footwear Market, By Product, 2019-2030 (USD Billion)

48. China Luxury Footwear Market, By End-User, 2019-2030 (USD Billion)

49. China Luxury Footwear Market, By Distribution Channel, 2019-2030 (USD Billion)

50. India Luxury Footwear Market, By Product, 2019-2030 (USD Billion)

51. India Luxury Footwear Market, By End-User, 2019-2030 (USD Billion)

52. India Luxury Footwear Market, By Distribution Channel, 2019-2030 (USD Billion)

53. South America Luxury Footwear Market, By Product, 2019-2030 (USD Billion)

54. South America Luxury Footwear Market, By End-User, 2019-2030 (USD Billion)

55. South America Luxury Footwear Market, By Distribution Channel, 2019-2030 (USD Billion)

56. Brazil Luxury Footwear Market, By Product, 2019-2030 (USD Billion)

57. Brazil Luxury Footwear Market, By End-User, 2019-2030 (USD Billion)

58. Brazil Luxury Footwear Market, By Distribution Channel, 2019-2030 (USD Billion)

59. Middle East and Africa Luxury Footwear Market, By Product, 2019-2030 (USD Billion)

60. Middle East and Africa Luxury Footwear Market, By End-User, 2019-2030 (USD Billion)

61. Middle East and Africa Luxury Footwear Market, By Distribution Channel, 2019-2030 (USD Billion)

62. UAE Luxury Footwear Market, By Product, 2019-2030 (USD Billion)

63. UAE Luxury Footwear Market, By End-User, 2019-2030 (USD Billion)

64. UAE Luxury Footwear Market, By Distribution Channel, 2019-2030 (USD Billion)

65. South Africa Luxury Footwear Market, By Product, 2019-2030 (USD Billion)

66. South Africa Luxury Footwear Market, By End-User, 2019-2030 (USD Billion)

67. South Africa Luxury Footwear Market, By Distribution Channel, 2019-2030 (USD Billion)

List of Figures 

1. Global Luxury Footwear Market Segmentation

2. Global Luxury Footwear 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 Luxury Footwear Market Attractiveness Analysis By Product

9. Global Luxury Footwear Market Attractiveness Analysis By End-User

10. Global Luxury Footwear Market Attractiveness Analysis By Distribution Channel

11. Global Luxury Footwear Market Attractiveness Analysis By Region

12. Global Luxury Footwear Market: Dynamics

13. Global Luxury Footwear Market Share By Product (2022 & 2030)

14. Global Luxury Footwear Market Share By End-User (2022 & 2030)

15. Global Luxury Footwear Market Share By Distribution Channel (2022 & 2030)

16. Global Luxury Footwear Market Share By Regions (2022 & 2030)

17. Global Luxury Footwear Market Share By Company (2021)

This study forecasts global, regional, and country revenue from 2019 to 2030. Brainy Insights has segmented the global luxury footwear market based on the below-mentioned segments:

Global Luxury Footwear Market by Product: 

  • Casual
  • Formal

Global Luxury Footwear Market by End-User:

  • Children
  • Men
  • Women

Global Luxury Footwear Market by Distribution Channel:

  • Offline
  • Online

Global Luxury Footwear Market by Region:

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • Germany
    • France
    • U.K.
    • Italy
    • Spain
  • Asia-Pacific
    • Japan
    • China
    • India
  • South America
    • Brazil
  • Middle East and Africa  
    • UAE
    • South Africa

Methodology

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:

MARKET RESEARCH PROCESS

Data Procurement:

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:

  • The organizational databases such as D&B Hoovers, and Bloomberg that helps us to identify the competitive scenario of the key market players/organizations along with the financial information.
  • Industry/Market databases such as Statista, and Factiva provides market/industry insights and deduce certain formulations. 
  • We also have contractual agreements with various reputed data providers and third party vendors who provide information which are not limited to:
    • Import & Export Data
    • Business Trade Information
    • Usage rates of a particular product/service on certain demographics mainly focusing on the unmet prerequisites

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:

  • Estimating and projecting penetration rates through analysing product attributes, availability of internal and external substitutes, followed by pricing analysis of the product.
  • Experiential assessment of year-on-year sales of the product by conducting interviews.

The demand side for the market is estimated through:

  • Evaluating the penetration level and usage rates of the product.
  • Referring to the historical data to determine the growth rate and evaluate the industry trends

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:

  • Applying demographic along with psychographic segmentation for market evaluation
  • Determining the Micro and Macro-economic indicators for each region 
  • Examining the industry indicators prevailing in the market. 

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:

  • Data Screening: Data screening is the process of scrutinising data/information collected from primary research for errors and amending those collected data before data integration method. The screening involves in examining raw data, identifying errors and dealing with missing data. The purpose of the data screening is to ensure data is correctly entered or not. The Brainy Insights employs objective and systematic data screening grades involving repeated cycles of quality checks, screening and suspect analysis.
  • Data Integration: Integrating multiple data streams is necessary to produce research studies that provide in-depth picture to the clients. These data streams come from multiple research studies and our in house database. After screening of the data, our analysts conduct creative integration of data sets, optimizing connections between integrated surveys and syndicated data sources. There are mainly 2 research approaches that we follow in order to integrate our data; top down approach and bottom up approach.

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:

  • CXOs and VPs of leading companies’ specific to sector
  • Purchasing managers, technical personnel, end-users
  • Key opinion leaders such as investment bankers, and industry consultants

Moreover, we always validate our data and findings through primary respondents from all the major regions we are working on.

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