Travel Bags Market

Travel Bags Market Size by Product Type (Trolley, Duffle, Backpacks), Distribution Channel (Offline, Online), Price Range (Medium, Low, Premium), Regions, Global Industry Analysis, Share, Growth, Trends, and Forecast 2023 to 2032

Base Year: 2022 Historical Data: 2019-21
  • Report ID: TBI-13732
  • Published Date: Sep, 2023
  • Pages: 239
  • Category: Consumer Goods
  • Format: PDF
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The global travel bags market was valued at USD 18.46 Billion in 2022, which is anticipated to grow at a CAGR of 8.74% from 2023 to 2032. One of the main drivers propelling the market's expansion is the expanding tourist sector, which also contributes to the world's fast urbanization. In addition, consumers have become more likely to spend money on premium and luxurious travel accessories to keep up with the always-evolving fashions. Numerous product improvements, such as introducing innovative and aesthetically pleasing designs and eco-friendly variations, also promote an optimistic market outlook. Using natural and organic fabric dyes, organic canvas, reclaimed leather, and other eco-friendly materials, luggage and travel bags are becoming increasingly popular with consumers. The expansion of the online retailing market, which offers clients a hassle-free shopping experience while showing a wide choice of options to pick from, and aggressive promotional activities by companies are two additional drivers that are anticipated to fuel market growth.

Market Introduction:

For carrying their clothing and other possessions, tourists, trekkers, and other travellers use travel bags, a form of travel equipment. The most popular styles of travel bags on the market include duffel bags, wheeled backpacks, rolling luggage, weekenders, totes, and travel packs. The hard-side versions that can handle fragile items such as electronic devices are made from polypropylene, polycarbonate, and acrylonitrile-butadiene-styrene (ABS). On the other hand, the strong and lightweight soft-side variations are made from materials including nylon, polyester, cotton, leather, and vinyl. These travel bags are offered in various shapes, designs, and hues and can be altered to meet the buyer's needs. Travel bags primarily comprise bags, cases, and containers used to transport travellers' items. To transport their clothing and other possessions, explorers, trekkers, tourists, and travellers employ this category of travel equipment. A collection of bags, crates, and other containers collectively called baggage is used to transport and keep a passenger's items. Clothing, toiletries, small belongings, and trip necessities are required for the modern traveller. On the way back, passengers might bring gifts and souvenirs. Some people think that a person's possessions and how they travel reveal information about their status and wealth. Using either a hard shell or a robust soft material, luggage is made to protect items during travel. Internal parts or partitions are usually placed in luggage to improve ventilation and protect contents. It's typical to travel with multiple suitcases when using alternative modes of transportation, including the train and the bus. The rules and restrictions are less strict than when going by plane. Business travellers are frequently seen travelling with two bags, usually consisting of a larger bag that can fit a laptop and a smaller bag that is wheeled. These bags are referred to as wheeled bag and a secondary bag, respectively. The built-in pass-through panel of the secondary bag, which is an additional piece of fabric that is pulled over the telescopic hand, is regularly used by these travellers to connect their two bags. Traditionally, wood and other heavy materials were used to make luggage. The need for lightweight bags and luggage has increased as air travel has become more widely available. These compact, lightweight bags, which can also include small items, clothing, necessities for travel, and toiletries, are easily transportable by passengers.

Travel Bags Market Size

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Recent Development
  • In December 2021, LVMH purchased Marcolin's 49% ownership interest in the joint venture Thélios, which the two companies formed in 2017.
  • To support its consumer-led digital transformation, NIKE, Inc. purchased Datalogue, a top New York-based data integration platform start-up, in February 2021.
  • In June 2021, Kabuto introduced the Kabuto Trunk, a smart bag with a detachable backpack and a fingerprint scanner that can store up to 10 prints.
  • In January 2020, Samsara Luggage, the first company to commercialize cutting-edge technology, began offering its next generation of smart carry-on luggage with Wi-Fi Hotspot capabilities for $199 without the functionality or $279 with it.
  • Samsonite and Panasonic purposefully teamed up in August 2019 to introduce a new generation of IoT-enabled travel luggage that communicates with customers. As a result of the collaboration, users can tag and track their luggage using Panasonic's Seekit Bluetooth Tracker in Samsonite's new EVOA Tech product.

Market Dynamics:

Drivers

The increasing need for travel bags that are lightweight- The market is expanding significantly due to the rising demand for lightweight travel bags. The need for lightweight bags has grown significantly due to sharp fare increases and severe baggage weight restrictions imposed by the airline sector. Travelling with lightweight and ultralight bags is convenient and less expensive per pound of luggage. Additionally, they give consumers the freedom to bring along more luggage and the power to shop within the limits of their allotted luggage. Manufacturers have begun providing lightweight travel bags that use cutting-edge technology and durable materials to meet this expanding need. For example, Samsonite International manufactures a lightweight travel bag of the 6.19-pound Samsonite Uplite 29" Spinner. The Turenne 20" Spinner Carry-On by DELSEY weighs 4.8 lbs. It has four wheels and is polycarbonate in construction. High-end components and clever design engineering are employed when making these travel bags.

Opportunities:

Increasing demand for smartly equipped travel and business bags- The primary market development is a rise in demand for smart features in business and travel bags. Market suppliers provide a wide selection of products, including trolley bags, to satisfy rising customer demand for business and travel bags with advanced characteristics. The Transportation Security Administration (TSA) authorized fingerprint combination lock, inbuilt weight scale, Bluetooth proximity tracker, integrated universal serial bus (USB) port, and internal power bank pocket are just a few of the features available on these backpacks. Customers may charge their portable electronics, such as cellphones, because of the integrated USB port and power bank pocket. Vendors also provide luggage with zipped RFID-blocking pockets, which prevent scanners from reading data from passport and credit card chips. Leading suppliers, like Samsonite, provide an EVOA TECH trolley bag with features like a fingerprint-activated lock and the ability to save up to ten prints. During the forecast period, the market will grow due to these market dynamics.

Challenges:

Strict government guidelines- The primary challenge preventing business expansion is strict government controls on purchasing raw materials like leather. Leather is a crucial raw material in the market for high-end business bags. However, the leather industry has strong legal limitations in many parts of the world. For instance, several groups and governmental bodies heavily regulate the leather sector in Europe, particularly Germany. Companies in the leather tanning sector must go by several regulations regarding waste disposal, the use of chemicals, environmental protection, and recycling to produce leather. Nearly 5% of a manufacturer's operational costs are waste reduction and environmental preservation. The costs faced by vendors increase due to these laws and restrictions imposed on the leather industry and personal items (such as business bags), which also hamper the production procedures.

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 travel bags market, with a 39.05% market revenue share in 2022. The presence of significant players, rising tourism, and high disposable income all contribute to the region's market expansion. The factors boosting the demand for the product in this region are the increasing design innovation and the rising popularity of high-end designer bags.

North America Region Travel Bags Market Share in 2022 - 39.05%

 

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Product Type Segment Analysis

The product type segment is divided into trolley, duffle, and backpacks. The backpacks segment dominated the market, with a market share of around 37.25% in 2022. The backpacks are more convenient, versatile, and light and take up less room than other bags. The market as a whole is expanding as a result of these reasons.

Distribution Channel Segment Analysis

The distribution channel segment is divided into offline and online. The offline segment dominated the market, with a market share of around 67.21% in 2022. Due to the wide selection of products by price range, material, kind of luggage, and design, there is a high preference among buyers. Good service standards and knowledgeable assistance also improve consumers' shopping experiences.

Price Range Segment Analysis

The price range segment is divided into medium, low, and premium. The premium segment dominated the market, with a market share of around 35.84% in 2022. This segment presents a premium product with unique designs and cutting-edge technologies like GPS-enabled intelligent luggage. The market as a whole is expanding as a result of these reasons.

Some of the Key Market Players:
  • Deuter Sport
  • Hermès
  • Louis Vuitton
  • LVMH
  • Rimowa
  • Timbuk2
  • VIP Industries
  • Delsey SA
  • Kering
  • Osprey
  • Victorinox
  • Fenix Outdoor
  • Samsonite
  • Lowe Alpine

Report Description: 

Attribute Description
Market Size Revenue (USD Billion)
Market size value in 2022 USD 18.46 Billion
Market size value in 2032 USD 42.67 Billion
CAGR (2023 to 2032) 8.74%
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 Product Type, Distribution Channel, Price Range

Frequesntly Asked Questions

As per The Brainy Insights, the size of the travel bags market was valued at USD 18.46 Billion in 2022 & USD 42.67 Billion by 2032.

Global travel bags market is growing at a CAGR of 8.74% during the forecast period 2023-2032.

North America region emerged as the largest market for the travel bags.

The increasing need for travel bags that are lightweight is a significant driving factor for the growth of the travel bags market.

Increasing demand for smartly equipped travel and business bags is a significant opportunity for the growth of the travel bags market.

Strict government guideline is a significant challenge for the growth of the travel bags market.

Key players are Deuter Sport, Herm├Ęs, Louis Vuitton, LVMH, Rimowa, Timbuk2, VIP Industries, Delsey SA, Kering, Osprey, Victorinox, Fenix Outdoor, Samsonite, Lowe Alpine, among others.

1. Introduction
    1.1. Objective 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 Type
          4.3.2. Market Attractiveness Analysis By Distribution Channel
          4.3.3. Market Attractiveness Analysis By Price Range
          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. The increasing need for travel bags that are lightweight
    5.3. Opportunities
          5.3.1. Increasing demand for smartly equipped travel and business bags
    5.4. Challenges
          5.4.1. Strict government guidelines

6. Global Travel Bags Market Analysis and Forecast, By Product Type
    6.1. Segment Overview
    6.2. Trolley
    6.3. Duffle
    6.4. Backpacks

7. Global Travel Bags Market Analysis and Forecast, By Distribution Channel
    7.1. Segment Overview
    7.2. Offline
    7.3. Online

8. Global Travel Bags Market Analysis and Forecast, By Price Range
    8.1. Segment Overview
    8.2. Medium
    8.3. Low
    8.4. Premium

9. Global Travel Bags 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
    9.5. South America
          9.5.1. Brazil
    9.6. Middle East and Africa
          9.6.1. UAE
          9.6.2. South Africa

10. Global Travel Bags Market-Competitive Landscape
    10.1. Overview
    10.2. Market Share of Key Players in the Travel Bags 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. Product Launches and Developments
          10.3.2. Partnerships, Collaborations, and Agreements
          10.3.3. Mergers & Acquisitions
          10.3.4. Expansions

11. Company Profiles
    11.1. Deuter Sport
          11.1.1. Business Overview
          11.1.2. Company Snapshot
          11.1.3. Company Market Share Analysis
          11.1.4. Company Product Portfolio
          11.1.5. Recent Developments
          11.1.6. SWOT Analysis
    11.2. Hermès
          11.2.1. Business Overview
          11.2.2. Company Snapshot
          11.2.3. Company Market Share Analysis
          11.2.4. Company Product Portfolio
          11.2.5. Recent Developments
          11.2.6. SWOT Analysis
    11.3. Louis Vuitton
          11.3.1. Business Overview
          11.3.2. Company Snapshot
          11.3.3. Company Market Share Analysis
          11.3.4. Company Product Portfolio
          11.3.5. Recent Developments
          11.3.6. SWOT Analysis
    11.4. LVMH
          11.4.1. Business Overview
          11.4.2. Company Snapshot
          11.4.3. Company Market Share Analysis
          11.4.4. Company Product Portfolio
          11.4.5. Recent Developments
          11.4.6. SWOT Analysis
    11.5. Rimowa
          11.5.1. Business Overview
          11.5.2. Company Snapshot
          11.5.3. Company Market Share Analysis
          11.5.4. Company Product Portfolio
          11.5.5. Recent Developments
          11.5.6. SWOT Analysis
    11.6. Timbuk2
          11.6.1. Business Overview
          11.6.2. Company Snapshot
          11.6.3. Company Market Share Analysis
          11.6.4. Company Product Portfolio
          11.6.5. Recent Developments
          11.6.6. SWOT Analysis
    11.7. VIP Industries
          11.7.1. Business Overview
          11.7.2. Company Snapshot
          11.7.3. Company Market Share Analysis
          11.7.4. Company Product Portfolio
          11.7.5. Recent Developments
          11.7.6. SWOT Analysis
    11.8. Delsey SA
          11.8.1. Business Overview
          11.8.2. Company Snapshot
          11.8.3. Company Market Share Analysis
          11.8.4. Company Product Portfolio
          11.8.5. Recent Developments
          11.8.6. SWOT Analysis
    11.9. Kering
          11.9.1. Business Overview
          11.9.2. Company Snapshot
          11.9.3. Company Market Share Analysis
          11.9.4. Company Product Portfolio
          11.9.5. Recent Developments
          11.9.6. SWOT Analysis
    11.10. Osprey
          11.10.1. Business Overview
          11.10.2. Company Snapshot
          11.10.3. Company Market Share Analysis
          11.10.4. Company Product Portfolio
          11.10.5. Recent Developments
          11.10.6. SWOT Analysis
    11.11. Victorinox
          11.11.1. Business Overview
          11.11.2. Company Snapshot
          11.11.3. Company Market Share Analysis
          11.11.4. Company Product Portfolio
          11.11.5. Recent Developments
          11.11.6. SWOT Analysis
    11.12. Fenix Outdoor
          11.12.1. Business Overview
          11.12.2. Company Snapshot
          11.12.3. Company Market Share Analysis
          11.12.4. Company Product Portfolio
          11.12.5. Recent Developments
          11.12.6. SWOT Analysis
    11.13. Samsonite
          11.13.1. Business Overview
          11.13.2. Company Snapshot
          11.13.3. Company Market Share Analysis
          11.13.4. Company Product Portfolio
          11.13.5. Recent Developments
          11.13.6. SWOT Analysis
    11.14. Lowe Alpine
          11.14.1. Business Overview
          11.14.2. Company Snapshot
          11.14.3. Company Market Share Analysis
          11.14.4. Company Product Portfolio
          11.14.5. Recent Developments
          11.14.6. SWOT Analysis
 

List of Table

1. Global Travel Bags Market, By Product Type, 2019-2032 (USD Billion) 

2. Global Trolley, Travel Bags Market, By Region, 2019-2032 (USD Billion) 

3. Global Duffle, Travel Bags Market, By Region, 2019-2032 (USD Billion)

4. Global Backpacks, Travel Bags Market, By Region, 2019-2032 (USD Billion) 

5. Global Travel Bags Market, By Distribution Channel, 2019-2032 (USD Billion) 

6. Global Offline, Travel Bags Market, By Region, 2019-2032 (USD Billion)

7. Global Online, Travel Bags Market, By Region, 2019-2032 (USD Billion)

8. Global Travel Bags Market, By Price Range, 2019-2032 (USD Billion) 

9. Global Medium, Travel Bags Market, By Region, 2019-2032 (USD Billion) 

10. Global Low, Travel Bags Market, By Region, 2019-2032 (USD Billion)

11. Global Premium, Travel Bags Market, By Region, 2019-2032 (USD Billion) 

12. Global Travel Bags Market, By Region, 2019-2032 (USD Billion) 

13. North America Travel Bags Market, By Product Type, 2019-2032 (USD Billion) 

14. North America Travel Bags Market, By Distribution Channel, 2019-2032 (USD Billion)

15. North America Travel Bags Market, By Price Range, 2019-2032 (USD Billion) 

16. U.S. Travel Bags Market, By Product Type, 2019-2032 (USD Billion) 

17. U.S. Travel Bags Market, By Distribution Channel, 2019-2032 (USD Billion) 

18. U.S. Travel Bags Market, By Price Range, 2019-2032 (USD Billion)

19. Canada Travel Bags Market, By Product Type, 2019-2032 (USD Billion) 

20. Canada Travel Bags Market, By Distribution Channel, 2019-2032 (USD Billion) 

21. Canada Travel Bags Market, By Price Range, 2019-2032 (USD Billion)

22. Mexico Travel Bags Market, By Product Type, 2019-2032 (USD Billion) 

23. Mexico Travel Bags Market, By Distribution Channel, 2019-2032 (USD Billion) 

24. Mexico Travel Bags Market, By Price Range, 2019-2032 (USD Billion)

25. Europe Travel Bags Market, By Product Type, 2019-2032 (USD Billion) 

26. Europe Travel Bags Market, By Distribution Channel, 2019-2032 (USD Billion) 

27. Europe Travel Bags Market, By Price Range, 2019-2032 (USD Billion)

28. Germany Travel Bags Market, By Product Type, 2019-2032 (USD Billion) 

29. Germany Travel Bags Market, By Distribution Channel, 2019-2032 (USD Billion) 

30. Germany Travel Bags Market, By Price Range, 2019-2032 (USD Billion)

31. France Travel Bags Market, By Product Type, 2019-2032 (USD Billion) 

32. France Travel Bags Market, By Distribution Channel, 2019-2032 (USD Billion) 

33. France Travel Bags Market, By Price Range, 2019-2032 (USD Billion)

34. U.K. Travel Bags Market, By Product Type, 2019-2032 (USD Billion) 

35. U.K. Travel Bags Market, By Distribution Channel, 2019-2032 (USD Billion) 

36. U.K. Travel Bags Market, By Price Range, 2019-2032 (USD Billion)

37. Italy Travel Bags Market, By Product Type, 2019-2032 (USD Billion) 

38. Italy Travel Bags Market, By Distribution Channel, 2019-2032 (USD Billion) 

39. Italy Travel Bags Market, By Price Range, 2019-2032 (USD Billion)

40. Spain Travel Bags Market, By Product Type, 2019-2032 (USD Billion) 

41. Spain Travel Bags Market, By Distribution Channel, 2019-2032 (USD Billion) 

42. Spain Travel Bags Market, By Price Range, 2019-2032 (USD Billion)

43. Asia Pacific Travel Bags Market, By Product Type, 2019-2032 (USD Billion) 

44. Asia Pacific Travel Bags Market, By Distribution Channel, 2019-2032 (USD Billion) 

45. Asia Pacific Travel Bags Market, By Price Range, 2019-2032 (USD Billion)

46. Japan Travel Bags Market, By Product Type, 2019-2032 (USD Billion) 

47. Japan Travel Bags Market, By Distribution Channel, 2019-2032 (USD Billion) 

48. Japan Travel Bags Market, By Price Range, 2019-2032 (USD Billion)

49. China Travel Bags Market, By Product Type, 2019-2032 (USD Billion) 

50. China Travel Bags Market, By Distribution Channel, 2019-2032 (USD Billion) 

51. China Travel Bags Market, By Price Range, 2019-2032 (USD Billion)

52. India Travel Bags Market, By Product Type, 2019-2032 (USD Billion) 

53. India Travel Bags Market, By Distribution Channel, 2019-2032 (USD Billion) 

54. India Travel Bags Market, By Price Range, 2019-2032 (USD Billion)

55. South America Travel Bags Market, By Product Type, 2019-2032 (USD Billion) 

56. South America Travel Bags Market, By Distribution Channel, 2019-2032 (USD Billion) 

57. South America Travel Bags Market, By Price Range, 2019-2032 (USD Billion)

58. Brazil Travel Bags Market, By Product Type, 2019-2032 (USD Billion) 

59. Brazil Travel Bags Market, By Distribution Channel, 2019-2032 (USD Billion) 

60. Brazil Travel Bags Market, By Price Range, 2019-2032 (USD Billion)

61. Middle East and Africa Travel Bags Market, By Product Type, 2019-2032 (USD Billion) 

62. Middle East and Africa Travel Bags Market, By Distribution Channel, 2019-2032 (USD Billion) 

63. Middle East and Africa Travel Bags Market, By Price Range, 2019-2032 (USD Billion)

64. UAE Travel Bags Market, By Product Type, 2019-2032 (USD Billion) 

65. UAE Travel Bags Market, By Distribution Channel, 2019-2032 (USD Billion) 

66. UAE Travel Bags Market, By Price Range, 2019-2032 (USD Billion)

67. South Africa Travel Bags Market, By Product Type, 2019-2032 (USD Billion) 

68. South Africa Travel Bags Market, By Distribution Channel, 2019-2032 (USD Billion) 

69. South Africa Travel Bags Market, By Price Range, 2019-2032 (USD Billion)

List of Figures 

1. Global Travel Bags Market Segmentation

2. Travel Bags 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 Travel Bags Market Attractiveness Analysis By Product Type

9. Global Travel Bags Market Attractiveness Analysis By Distribution Channel

10. Global Travel Bags Market Attractiveness Analysis By Price Range

11. Global Travel Bags Market Attractiveness Analysis By Region

12. Global Travel Bags Market: Dynamics

13. Global Travel Bags Market Share By Product Type (2023 & 2032)

14. Global Travel Bags Market Share By Distribution Channel (2023 & 2032)

15. Global Travel Bags Market Share by Price Range (2023 & 2032)

16. Global Travel Bags Market Share by Regions (2023 & 2032)

17. Global Travel Bags 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 travel bags market based on below mentioned segments:

Global Travel Bags by Product Type:

  • Trolley
  • Duffle
  • Backpacks

Global Travel Bags by Distribution Channel:

  • Offline
  • Online

Global Travel Bags by Price Range:

  • Medium
  • Low
  • Premium

Global Travel Bags 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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