Battery Swapping Market
Battery Swapping Market Forecasts to 2030 - Global Analysis By Battery Type (Lithium-ion and Lead-acid), Service Type (Subscription and Pay Per Use), Station Type (Automated and Manual), Battery Capacity (>30 kWh and <30 kWh), Vehicle Type, Application and By Geography
|
Years Covered |
2021-2030 |
|
Estimated Year Value (2023) |
US $2.95 BN |
|
Projected Year Value (2030) |
US $36.6 BN |
|
CAGR (2023 - 2030) |
43.3% |
|
Regions Covered |
North America, Europe, Asia Pacific, South America, and Middle East & Africa |
|
Countries Covered |
US, Canada, Mexico, Germany, UK, Italy, France, Spain, Japan, China, India, Australia, New Zealand, South Korea, Rest of Asia Pacific, South America, Argentina, Brazil, Chile, Middle East & Africa, Saudi Arabia, UAE, Qatar, and South Africa |
|
Largest Market |
Asia Pacific |
|
Highest Growing Market |
Europe |
According to Stratistics MRC, the Global Battery Swapping Market is accounted for $2.95 billion in 2023 and is expected to reach $36.6 billion by 2030 growing at a CAGR of 43.3% during the forecast period. Battery swapping is the process of swapping out an electric vehicle's discharged battery for a fully charged one at a swapping station. This technology could potentially address the issue of range anxiety and shorten the time it takes to recharge a vehicle by enabling owners of electric vehicles to quickly and conveniently recharge their cars. Electric forklift applications frequently involve battery swapping. This development could completely change the EV market and improve drivers' access to long-distance travel.
According to the International Energy Agency, with ten years of rapid development, the number of electric cars sold globally hit 10 million in 2020, representing a 43% increase over 2019.
Market Dynamics:
Driver:
Rising demand for electric vehicles
A growing number of nations are encouraging the use of electric vehicles (EVs) for micromobility by providing infrastructure, designating specific urban areas for service trials, and working with these companies to promote micromobility in their countries. Shared e-scooters have become more durable and safe over the past few years. The International Energy Agency estimates that after ten years of rapid development, 10 million electric cars will be sold worldwide in 2020, a 43% increase from the previous year. The Japanese commission also suggested 24 billion USD worth of public and private sector initiatives that will further spur market expansion.
Restraint:
Lack of battery standardization
Battery swapping necessitates investments in inventory, equipment, and real estate, in addition to batteries. The swapping stations must be positioned in busy areas that are straightforward for users to access, which will result in high rental costs. Asset utilization becomes crucial for long-term viability in a company that heavily relies on capital investments. A battery swapping system is expensive to set up because it needs a lot of expensive batteries to run and expensive robotic technology to switch the batteries. Additionally, a battery swap station must be built in a larger space than a charging station because it needs to accommodate both fully charged and discharged batteries.
Opportunity:
New battery-swapping models and advancements in battery technology
The numerous unfortunate electric vehicle fire incidents have compelled both public and private actors to increase their investment in research and development to advance battery technology. The growing movement toward the use of electric vehicles has given private players many potential incentives to capitalize on the expanding electric vehicle market with cutting-edge battery solutions. Battery technologies are developing, which will enhance their effectiveness, safety, installation, and swapping. Customers will benefit from quick and affordable battery swapping since they only have to pay for energy costs, as well as customer-focused services. The many advantages of the new battery-swapping models will present lucrative market opportunities during the forecast period.
Threat:
Sophisticated network of swapping stations
The major impediment to the anticipated deployment of standardized batteries for EVs is the inability of automakers to agree and commit to developing vehicles that are especially suited to run on standardized swappable battery packs. Battery standardization has its own set of issues. Standardizing battery specifications that are already available on the market presents numerous technical challenges, and the majority of OEMs are currently opposed to standardization. Standardization of batteries, which is lacking on the market, is a requirement in order to provide services for all types of vehicles.
Covid-19 Impact
The pandemic caused a complete lockdown in many nations, which had an effect on the production of electric vehicles and battery parts. Manufacturing facilities all over the world were shut down, and initially, sales of electric vehicles suffered greatly. As the lockdown eases, the majority of automakers have, however, started producing automobiles again in limited quantities by taking the necessary precautions.
The 2-wheeler segment is expected to be the largest during the forecast period
Owing to the growing adoption of electric vehicles in the fleet and commercial sectors, two-wheeler battery swapping is anticipated to hold the largest market share during the forecast period. Instead of using conventional methods that take several hours to fully charge the vehicles, battery swapping technology is providing faster and more practical charging solutions. The market will expand as a result of ongoing improvements to the robust infrastructure of swapping stations and government incentives to promote EV adoption. Electric two-wheelers are convenient and reasonably priced. Additionally, they require less maintenance than cars do.
The subscription segment is expected to have the highest CAGR during the forecast period
Due to EV owners' increasing adoption of simple, cost-effective solutions, the subscription market is expected to experience rapid growth. Customers can use these services to replace their dead batteries with fully charged ones at predetermined stations, reducing the need to buy batteries outright. The growing need for batteries to cost less up front and to offer flexibility in switching between different battery types will promote industry growth.
Region with largest share:
The largest region for battery swapping is anticipated to be Asia-Pacific during the forecast period. Because of rising fuel prices and population growth, freight transportation demand will increase, particularly in China, India, and other Southeast Asian nations like Thailand, the Philippines, Indonesia, and Malaysia. Governments are looking for alternative fuels in order to reduce carbon footprints because the majority of nations have committed to achieving net zero emissions by 2050. The market in this region will be driven by government support through subsidies and production incentive-linked schemes.
Region with highest CAGR:
During the period of the forecast, Europe is anticipated to have among the market's fastest growth rates. NIO Power, a significant Chinese manufacturer of electric vehicles, recently announced plans to expand operations and introduce its line of electric vehicles to Europe, including the UK. The NIO co-founder claims that the company will introduce its ET5, ET7, and EL8 EVs in the UK by 2023, following the launches in Germany, the Netherlands, and Sweden. Along with EU initiatives for more environmentally friendly mobility and significant investment, local businesses like Swobbee and others are expected to advance the industry in this region. All of these changes encourage regional development.
Key players in the market
Some of the key players profiled in the Battery Swapping Market include BattSwap Inc., BYD Motors, Inc., Contemporary Amperex Technology Co., Limited, Echargeup Solutions Pvt. Ltd., Esmito Solutions Private Limited, Gogoro Inc., Immotor, Kwang Yang Motor Co. Ltd., Leo Motors Inc., Lithion Power Private Limited, NIO Power, Numocity Technologies Private Limited, Panasonic Corporation, Sun Mobility and Tesla Inc.
Key Developments:
In September 2023, NITI Aayog spearheads efforts to standardise battery swapping policy. As part of this endeavour, NITI Aayog — public policy think tank of the Government of India — has urged the Ministry of Heavy Industries to convene a meeting with industry stakeholders. This move comes months after the industry failed to reach a consensus on the battery-swapping policy draft dated April 20, 2022.
In August 2023, Gogoro In, a global technology leader in battery-swapping ecosystems that enable sustainable mobility solutions for cities, announced a vehicle partnership with Swiggy, India’s leading on-demand convenience delivery platform. This partnership with Gogoro is another key step in our commitment to creating greener and cost-effective solutions for our delivery fleet," said Mihir Shah, Head of Operations at Swiggy.
In April 2023, Gogoro Inc. a global technology leader in battery swapping ecosystems enabling sustainable mobility solutions for cities, launched its award winning battery swapping platform and Smartscooters in Delhi NCR. Focused on accelerating the adoption of sustainable last mile deliveries, this launch is part of Gogoro and Zypp Electric’s (India's leading EV-as-a-Service platform) pilot.
Battery Types Covered:
• Lithium-ion
• Lead-acid
Service Types Covered:
• Subscription
• Pay Per Use
Station Types Covered:
• Automated
• Manual
Battery Capacities Covered:
• >30 kWh
• <30 kWh
Vehicle Types Covered:
• 2-wheeler
• 3-wheeler
• 4-wheeler
• 6-Wheeler
Applications Covered:
• Commercial
• Passenger
Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026 and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions
3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 Application Analysis
3.7 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global Battery Swapping Market, By Battery Type
5.1 Introduction
5.2 Lithium-ion
5.3 Lead-acid
6 Global Battery Swapping Market, By Service Type
6.1 Introduction
6.2 Subscription
6.3 Pay Per Use
7 Global Battery Swapping Market, By Station Type
7.1 Introduction
7.2 Automated
7.3 Manual
8 Global Battery Swapping Market, By Battery Capacity
8.1 Introduction
8.2 >30 kWh
8.3 <30 kWh
9 Global Battery Swapping Market, By Vehicle Type
9.1 Introduction
9.2 2-wheeler
9.3 3-wheeler
9.4 4-wheeler
9.5 6-Wheeler
10 Global Battery Swapping Market, By Application
10.1 Introduction
10.2 Commercial
10.3 Passenger
11 Global Battery Swapping Market, By Geography
11.1 Introduction
11.2 North America
11.2.1 US
11.2.2 Canada
11.2.3 Mexico
11.3 Europe
11.3.1 Germany
11.3.2 UK
11.3.3 Italy
11.3.4 France
11.3.5 Spain
11.3.6 Rest of Europe
11.4 Asia Pacific
11.4.1 Japan
11.4.2 China
11.4.3 India
11.4.4 Australia
11.4.5 New Zealand
11.4.6 South Korea
11.4.7 Rest of Asia Pacific
11.5 South America
11.5.1 Argentina
11.5.2 Brazil
11.5.3 Chile
11.5.4 Rest of South America
11.6 Middle East & Africa
11.6.1 Saudi Arabia
11.6.2 UAE
11.6.3 Qatar
11.6.4 South Africa
11.6.5 Rest of Middle East & Africa
12 Key Developments
12.1 Agreements, Partnerships, Collaborations and Joint Ventures
12.2 Acquisitions & Mergers
12.3 New Product Launch
12.4 Expansions
12.5 Other Key Strategies
13 Company Profiling
13.1 BattSwap Inc.
13.2 BYD Motors, Inc.
12.3 Contemporary Amperex Technology Co., Limited
12.4 Echargeup Solutions Pvt. Ltd.
12.5 Esmito Solutions Private Limited
12.6 Gogoro Inc.
12.7 Immotor
12.8 Kwang Yang Motor Co. Ltd.
12.9 Leo Motors Inc.
12.10 Lithion Power Private Limited
12.11 NIO Power
12.12 Numocity Technologies Private Limited
12.13 Panasonic Corporation
12.14 Sun Mobility
12.15 Tesla Inc.
List of Tables
1 Global Battery Swapping Market Outlook, By Region (2021-2030) ($MN)
2 Global Battery Swapping Market Outlook, By Battery Type (2021-2030) ($MN)
3 Global Battery Swapping Market Outlook, By Lithium-ion (2021-2030) ($MN)
4 Global Battery Swapping Market Outlook, By Lead-acid (2021-2030) ($MN)
5 Global Battery Swapping Market Outlook, By Service Type (2021-2030) ($MN)
6 Global Battery Swapping Market Outlook, By Subscription (2021-2030) ($MN)
7 Global Battery Swapping Market Outlook, By Pay Per Use (2021-2030) ($MN)
8 Global Battery Swapping Market Outlook, By Station Type (2021-2030) ($MN)
9 Global Battery Swapping Market Outlook, By Automated (2021-2030) ($MN)
10 Global Battery Swapping Market Outlook, By Manual (2021-2030) ($MN)
11 Global Battery Swapping Market Outlook, By Battery Capacity (2021-2030) ($MN)
12 Global Battery Swapping Market Outlook, By >30 kWh (2021-2030) ($MN)
13 Global Battery Swapping Market Outlook, By <30 kWh (2021-2030) ($MN)
14 Global Battery Swapping Market Outlook, By Vehicle Type (2021-2030) ($MN)
15 Global Battery Swapping Market Outlook, By 2-wheeler (2021-2030) ($MN)
16 Global Battery Swapping Market Outlook, By 3-wheeler (2021-2030) ($MN)
17 Global Battery Swapping Market Outlook, By 4-wheeler (2021-2030) ($MN)
18 Global Battery Swapping Market Outlook, By 6-Wheeler (2021-2030) ($MN)
19 Global Battery Swapping Market Outlook, By Application (2021-2030) ($MN)
20 Global Battery Swapping Market Outlook, By Commercial (2021-2030) ($MN)
21 Global Battery Swapping Market Outlook, By Passenger (2021-2030) ($MN)
22 North America Battery Swapping Market Outlook, By Country (2021-2030) ($MN)
23 North America Battery Swapping Market Outlook, By Battery Type (2021-2030) ($MN)
24 North America Battery Swapping Market Outlook, By Lithium-ion (2021-2030) ($MN)
25 North America Battery Swapping Market Outlook, By Lead-acid (2021-2030) ($MN)
26 North America Battery Swapping Market Outlook, By Service Type (2021-2030) ($MN)
27 North America Battery Swapping Market Outlook, By Subscription (2021-2030) ($MN)
28 North America Battery Swapping Market Outlook, By Pay Per Use (2021-2030) ($MN)
29 North America Battery Swapping Market Outlook, By Station Type (2021-2030) ($MN)
30 North America Battery Swapping Market Outlook, By Automated (2021-2030) ($MN)
31 North America Battery Swapping Market Outlook, By Manual (2021-2030) ($MN)
32 North America Battery Swapping Market Outlook, By Battery Capacity (2021-2030) ($MN)
33 North America Battery Swapping Market Outlook, By >30 kWh (2021-2030) ($MN)
34 North America Battery Swapping Market Outlook, By <30 kWh (2021-2030) ($MN)
35 North America Battery Swapping Market Outlook, By Vehicle Type (2021-2030) ($MN)
36 North America Battery Swapping Market Outlook, By 2-wheeler (2021-2030) ($MN)
37 North America Battery Swapping Market Outlook, By 3-wheeler (2021-2030) ($MN)
38 North America Battery Swapping Market Outlook, By 4-wheeler (2021-2030) ($MN)
39 North America Battery Swapping Market Outlook, By 6-Wheeler (2021-2030) ($MN)
40 North America Battery Swapping Market Outlook, By Application (2021-2030) ($MN)
41 North America Battery Swapping Market Outlook, By Commercial (2021-2030) ($MN)
42 North America Battery Swapping Market Outlook, By Passenger (2021-2030) ($MN)
43 Europe Battery Swapping Market Outlook, By Country (2021-2030) ($MN)
44 Europe Battery Swapping Market Outlook, By Battery Type (2021-2030) ($MN)
45 Europe Battery Swapping Market Outlook, By Lithium-ion (2021-2030) ($MN)
46 Europe Battery Swapping Market Outlook, By Lead-acid (2021-2030) ($MN)
47 Europe Battery Swapping Market Outlook, By Service Type (2021-2030) ($MN)
48 Europe Battery Swapping Market Outlook, By Subscription (2021-2030) ($MN)
49 Europe Battery Swapping Market Outlook, By Pay Per Use (2021-2030) ($MN)
50 Europe Battery Swapping Market Outlook, By Station Type (2021-2030) ($MN)
51 Europe Battery Swapping Market Outlook, By Automated (2021-2030) ($MN)
52 Europe Battery Swapping Market Outlook, By Manual (2021-2030) ($MN)
53 Europe Battery Swapping Market Outlook, By Battery Capacity (2021-2030) ($MN)
54 Europe Battery Swapping Market Outlook, By >30 kWh (2021-2030) ($MN)
55 Europe Battery Swapping Market Outlook, By <30 kWh (2021-2030) ($MN)
56 Europe Battery Swapping Market Outlook, By Vehicle Type (2021-2030) ($MN)
57 Europe Battery Swapping Market Outlook, By 2-wheeler (2021-2030) ($MN)
58 Europe Battery Swapping Market Outlook, By 3-wheeler (2021-2030) ($MN)
59 Europe Battery Swapping Market Outlook, By 4-wheeler (2021-2030) ($MN)
60 Europe Battery Swapping Market Outlook, By 6-Wheeler (2021-2030) ($MN)
61 Europe Battery Swapping Market Outlook, By Application (2021-2030) ($MN)
62 Europe Battery Swapping Market Outlook, By Commercial (2021-2030) ($MN)
63 Europe Battery Swapping Market Outlook, By Passenger (2021-2030) ($MN)
64 Asia Pacific Battery Swapping Market Outlook, By Country (2021-2030) ($MN)
65 Asia Pacific Battery Swapping Market Outlook, By Battery Type (2021-2030) ($MN)
66 Asia Pacific Battery Swapping Market Outlook, By Lithium-ion (2021-2030) ($MN)
67 Asia Pacific Battery Swapping Market Outlook, By Lead-acid (2021-2030) ($MN)
68 Asia Pacific Battery Swapping Market Outlook, By Service Type (2021-2030) ($MN)
69 Asia Pacific Battery Swapping Market Outlook, By Subscription (2021-2030) ($MN)
70 Asia Pacific Battery Swapping Market Outlook, By Pay Per Use (2021-2030) ($MN)
71 Asia Pacific Battery Swapping Market Outlook, By Station Type (2021-2030) ($MN)
72 Asia Pacific Battery Swapping Market Outlook, By Automated (2021-2030) ($MN)
73 Asia Pacific Battery Swapping Market Outlook, By Manual (2021-2030) ($MN)
74 Asia Pacific Battery Swapping Market Outlook, By Battery Capacity (2021-2030) ($MN)
75 Asia Pacific Battery Swapping Market Outlook, By >30 kWh (2021-2030) ($MN)
76 Asia Pacific Battery Swapping Market Outlook, By <30 kWh (2021-2030) ($MN)
77 Asia Pacific Battery Swapping Market Outlook, By Vehicle Type (2021-2030) ($MN)
78 Asia Pacific Battery Swapping Market Outlook, By 2-wheeler (2021-2030) ($MN)
79 Asia Pacific Battery Swapping Market Outlook, By 3-wheeler (2021-2030) ($MN)
80 Asia Pacific Battery Swapping Market Outlook, By 4-wheeler (2021-2030) ($MN)
81 Asia Pacific Battery Swapping Market Outlook, By 6-Wheeler (2021-2030) ($MN)
82 Asia Pacific Battery Swapping Market Outlook, By Application (2021-2030) ($MN)
83 Asia Pacific Battery Swapping Market Outlook, By Commercial (2021-2030) ($MN)
84 Asia Pacific Battery Swapping Market Outlook, By Passenger (2021-2030) ($MN)
85 South America Battery Swapping Market Outlook, By Country (2021-2030) ($MN)
86 South America Battery Swapping Market Outlook, By Battery Type (2021-2030) ($MN)
87 South America Battery Swapping Market Outlook, By Lithium-ion (2021-2030) ($MN)
88 South America Battery Swapping Market Outlook, By Lead-acid (2021-2030) ($MN)
89 South America Battery Swapping Market Outlook, By Service Type (2021-2030) ($MN)
90 South America Battery Swapping Market Outlook, By Subscription (2021-2030) ($MN)
91 South America Battery Swapping Market Outlook, By Pay Per Use (2021-2030) ($MN)
92 South America Battery Swapping Market Outlook, By Station Type (2021-2030) ($MN)
93 South America Battery Swapping Market Outlook, By Automated (2021-2030) ($MN)
94 South America Battery Swapping Market Outlook, By Manual (2021-2030) ($MN)
95 South America Battery Swapping Market Outlook, By Battery Capacity (2021-2030) ($MN)
96 South America Battery Swapping Market Outlook, By >30 kWh (2021-2030) ($MN)
97 South America Battery Swapping Market Outlook, By <30 kWh (2021-2030) ($MN)
98 South America Battery Swapping Market Outlook, By Vehicle Type (2021-2030) ($MN)
99 South America Battery Swapping Market Outlook, By 2-wheeler (2021-2030) ($MN)
100 South America Battery Swapping Market Outlook, By 3-wheeler (2021-2030) ($MN)
101 South America Battery Swapping Market Outlook, By 4-wheeler (2021-2030) ($MN)
102 South America Battery Swapping Market Outlook, By 6-Wheeler (2021-2030) ($MN)
103 South America Battery Swapping Market Outlook, By Application (2021-2030) ($MN)
104 South America Battery Swapping Market Outlook, By Commercial (2021-2030) ($MN)
105 South America Battery Swapping Market Outlook, By Passenger (2021-2030) ($MN)
106 Middle East & Africa Battery Swapping Market Outlook, By Country (2021-2030) ($MN)
107 Middle East & Africa Battery Swapping Market Outlook, By Battery Type (2021-2030) ($MN)
108 Middle East & Africa Battery Swapping Market Outlook, By Lithium-ion (2021-2030) ($MN)
109 Middle East & Africa Battery Swapping Market Outlook, By Lead-acid (2021-2030) ($MN)
110 Middle East & Africa Battery Swapping Market Outlook, By Service Type (2021-2030) ($MN)
111 Middle East & Africa Battery Swapping Market Outlook, By Subscription (2021-2030) ($MN)
112 Middle East & Africa Battery Swapping Market Outlook, By Pay Per Use (2021-2030) ($MN)
113 Middle East & Africa Battery Swapping Market Outlook, By Station Type (2021-2030) ($MN)
114 Middle East & Africa Battery Swapping Market Outlook, By Automated (2021-2030) ($MN)
115 Middle East & Africa Battery Swapping Market Outlook, By Manual (2021-2030) ($MN)
116 Middle East & Africa Battery Swapping Market Outlook, By Battery Capacity (2021-2030) ($MN)
117 Middle East & Africa Battery Swapping Market Outlook, By >30 kWh (2021-2030) ($MN)
118 Middle East & Africa Battery Swapping Market Outlook, By <30 kWh (2021-2030) ($MN)
119 Middle East & Africa Battery Swapping Market Outlook, By Vehicle Type (2021-2030) ($MN)
120 Middle East & Africa Battery Swapping Market Outlook, By 2-wheeler (2021-2030) ($MN)
121 Middle East & Africa Battery Swapping Market Outlook, By 3-wheeler (2021-2030) ($MN)
122 Middle East & Africa Battery Swapping Market Outlook, By 4-wheeler (2021-2030) ($MN)
123 Middle East & Africa Battery Swapping Market Outlook, By 6-Wheeler (2021-2030) ($MN)
124 Middle East & Africa Battery Swapping Market Outlook, By Application (2021-2030) ($MN)
125 Middle East & Africa Battery Swapping Market Outlook, By Commercial (2021-2030) ($MN)
126 Middle East & Africa Battery Swapping Market Outlook, By Passenger (2021-2030) ($MN)
List of Figures
RESEARCH METHODOLOGY
We at ‘Stratistics’ opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.
Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.
Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.
Data Mining
The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.
Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.
Data Analysis
From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:
- Product Lifecycle Analysis
- Competitor analysis
- Risk analysis
- Porters Analysis
- PESTEL Analysis
- SWOT Analysis
The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.
Data Validation
The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.
We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.
The data validation involves the primary research from the industry experts belonging to:
- Leading Companies
- Suppliers & Distributors
- Manufacturers
- Consumers
- Industry/Strategic Consultants
Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.
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