Firearms Market
Firearms Market Forecasts to 2030 - Global Analysis By Product (Handguns, Bullpup rifles and Other Products), Firing System (Manual, Semi-automatic and Other Firing Systems), End User and By Geography
According to Stratistics MRC, the Global Firearms Market is accounted for $42.00 billion in 2023 and is expected to reach $67.44 billion by 2030 growing at a CAGR of 7.0% during the forecast period. Firearms are weapons designed to expel a projectile through the controlled combustion of propellant. They have played a significant role in human history, evolving from early gunpowder weapons to the sophisticated firearms of today. Firearms are categorized based on their mechanism of operation, including handguns, rifles, shotguns, and automatic weapons.
According to the Stockholm International Peace Research Institute (SIPRI), global military expenditure witnessed a 2.6 percent year-on-year growth and reached USD 1,981 billion in 2020. Furthermore, in 2021, SIPRI reported the total global military expenditure for 2021 to be around USD 2,113 billion, an increase of 0.7 percent from 2020. According to small arms survey data, India and China have 71 million and 49 million civilian weapons, respectively.
Market Dynamics:
Driver:
Global events
Global events such as political instability, conflicts, and terrorist threats significantly drive the firearms market. Heightened concerns for personal safety and national security prompt individuals and governments to procure firearms for self-defense and defense purposes. Instances like mass shootings or geopolitical tensions can lead to increased demand for firearms as people seek means of protection. Additionally, changes in gun control regulations or international arms trade agreements can influence market dynamics.
Restraint:
Restricted sales
Restricted sales restraints in the firearms market typically involve regulations that limit or control who can purchase firearms and under what conditions. These restraints often include background checks, waiting periods, and age restrictions to prevent certain individuals, such as convicted felons or those with a history of mental illness, from obtaining firearms. Valid data from the United States, which tells that as of 2020, 90% of Americans supported background checks for all gun buyers. Moreover, states with stricter gun control laws tend to have lower rates of gun-related deaths. These statistics underscore the potential effectiveness of restricted sales restraints in curbing gun violence.
Opportunity:
Technological innovation
The firearms market presents a significant technological innovation opportunity in several areas. Firstly, advancements in materials science can lead to lighter yet stronger firearm components, improving portability and durability. Secondly, smart technology integration, such as biometric locks or RFID tracking, enhances safety and security features. Thirdly, advancements in ammunition design, including non-lethal options or improved ballistics, can offer more versatile solutions. Virtual reality and simulation technologies can revolutionize training methods, providing more realistic and cost-effective alternatives.
Threat:
Social and cultural shifts
Social and cultural shifts can significantly impact the firearms market in various ways. For instance, increased awareness and activism surrounding gun violence can lead to stricter regulations and public scrutiny, potentially dampening demand. Conversely, shifts towards a more individualistic or self-defense-oriented society might spur greater firearm purchases. Moreover, changes in societal attitudes towards recreational shooting or hunting can influence market trends. Cultural shifts towards sustainability and ethical consumption may also affect preferences for firearm materials and manufacturing processes.
Covid-19 Impact:
The COVID-19 pandemic has had a notable impact on the firearms market, driven by a combination of factors. Firstly, fears of social unrest and uncertainty have spurred increased demand for firearms for personal protection. This surge in demand has led to supply chain disruptions, causing shortages of firearms and ammunition. Additionally, lockdown measures and economic hardships have influenced individuals to seek firearms for recreational purposes such as hunting and target shooting, further straining supply.
The machine guns segment is expected to be the largest during the forecast period
The growth of machine guns in the firearms market can be attributed to advancements in technology, which have led to more efficient and reliable machine gun designs, making them increasingly attractive to military, law enforcement, and civilian users alike. Growing concerns about security and defense have prompted increased demand for firearms with higher rates of fire and firepower, where machine guns excel. Geopolitical tensions and the rise of asymmetric warfare have fueled demand for weapons capable of suppressing enemy forces effectively.
The military segment is expected to have the highest CAGR during the forecast period
The military segment's growth in the firearms market can be attributed to ongoing geopolitical tensions and conflicts around the world, driving governments to invest heavily in their military forces, including upgrading weaponry. Advancements in technology have led to the development of more sophisticated and effective firearms, prompting militaries to procure newer models to maintain their competitive edge. Increasing defense budgets in various countries allocate significant funds towards the purchase of firearms for military use. Moreover, the need for modernization and replacement of outdated firearms in existing military arsenals further fuels this growth.
Region with largest share:
The growth in the firearms market in North America can be attributed to a deeply ingrained cultural affinity for firearms, bolstered by traditions like hunting and shooting sports. Concerns about personal safety and a desire for self-defense have driven demand, particularly in uncertain times. Political factors such as debates over gun control legislation often stimulate firearm purchases as consumers fear potential restrictions. The rise of recreational shooting as a hobby and the increasing popularity of gun-related media have also contributed to market expansion. Moreover, advancements in technology, such as improved firearm designs and accessories, have made guns more appealing to a wider demographic.
Region with highest CAGR:
The Asia-Pacific region has witnessed notable growth due to increasing concerns about national security and rising geopolitical tensions among governments and security agencies. A surge in organized crime and terrorism threats has prompted civilians to seek personal protection, driving up civilian firearm purchases. Moreover, economic growth and rising disposable incomes in several countries have enabled more individuals to afford firearms for recreational purposes such as hunting and shooting sports.
Key players in the market
Some of the key players in Firearms market include Browning Arms Company , Carl Walther GmbH, Colt CZ Group, Colt's Manufacturing Company LLC, Fabrique Nationale Herstal , Glock Ges.m.b.H., Heckler & Koch GmbH , Kel-Tec CNC Industries Inc. , Kimber Manufacturing Inc., O.F. Mossberg & Sons, Inc., Remington Arms Company, LLC, Savage Arms Company, SIG SAUER GmbH & Co., Smith & Wesson Brands, Inc. , Springfield Armory, Inc., Sturm, Ruger & Co., Inc., Taurus International Manufacturing Inc. and Winchester Repeating Arms Company.
Key Developments:
In November 2023, Springfield Armory has announced that Firstline, which supports those who serve both our nation and its citizens through discounts on a select line of products, has added several new firearms to the program. New to Firstline are the TRP series of pistols, as well as the bolt-action Model 2020 Waypoint and Redline rifles. Along with these newest additions, the Firstline program also offers a wide range of firearms from the Saint, Hellion, M1A, Echelon, Hellcat, 1911, 1911 DS Prodigy and XD families.
In October 2023, Smith & Wesson Brands, Inc., a leader in firearm manufacturing and design, announces the release of its new pistol caliber carbine, the S&W® Response™. This exciting new offering is Smith & Wesson’s first MSR-style PCC, which makes it easily compatible with many existing MSR parts and accessories. Chambered in 9mm, the Response has a 23+1 capacity out of the box and ships with two 23-round M&P double-stack magazines.
Products Covered:
• Handguns
• Bullpup Rifles
• Shotguns
• Designated Marksman Rifles
• Machine Guns
• Rifles
• Other Products
Firing Systems Covered:
• Manual
• Semi-automatic
• Automatic
• Break-action
• Other Firing Systems
End Users Covered:
• Sport Shooting
• Hunting
• Personal Protection
• Military
• Law Enforcement
• Animal Nutrition
• Other Applications
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
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 Product Analysis
3.7 End User Analysis
3.8 Emerging Markets
3.9 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 Firearms Market, By Product
5.1 Introduction
5.2 Handguns
5.2.1 Pistols
5.2.2 Revolvers
5.3 Bullpup Rifles
5.4 Shotguns
5.5 Designated Marksman Rifles
5.6 Machine Guns
5.7 Rifles
5.8 Other Products
6 Global Firearms Market, By Firing System
6.1 Introduction
6.2 Manual
6.3 Semi-automatic
6.4 Automatic
6.5 Break-action
6.6 Other Firing Systems
7 Global Firearms Market, By End User
7.1 Introduction
7.2 Sport shooting
7.3 Hunting
7.4 Personal Protection
7.5 Military
7.6 Law Enforcement
7.7 Other End Users
8 Global Firearms Market, By Geography
8.1 Introduction
8.2 North America
8.2.1 US
8.2.2 Canada
8.2.3 Mexico
8.3 Europe
8.3.1 Germany
8.3.2 UK
8.3.3 Italy
8.3.4 France
8.3.5 Spain
8.3.6 Rest of Europe
8.4 Asia Pacific
8.4.1 Japan
8.4.2 China
8.4.3 India
8.4.4 Australia
8.4.5 New Zealand
8.4.6 South Korea
8.4.7 Rest of Asia Pacific
8.5 South America
8.5.1 Argentina
8.5.2 Brazil
8.5.3 Chile
8.5.4 Rest of South America
8.6 Middle East & Africa
8.6.1 Saudi Arabia
8.6.2 UAE
8.6.3 Qatar
8.6.4 South Africa
8.6.5 Rest of Middle East & Africa
9 Key Developments
9.1 Agreements, Partnerships, Collaborations and Joint Ventures
9.2 Acquisitions & Mergers
9.3 New Product Launch
9.4 Expansions
9.5 Other Key Strategies
10 Company Profiling
10.1 Browning Arms Company
10.2 Carl Walther GmbH
10.3 Colt CZ Group
10.4 Colt's Manufacturing Company LLC
10.5 Fabrique Nationale Herstal
10.6 Glock Ges.m.b.H.
10.7 Heckler & Koch GmbH
10.8 Kel-Tec CNC Industries Inc.
10.9 Kimber Manufacturing Inc.
10.10 O.F. Mossberg & Sons, Inc.
10.11 Remington Arms Company, LLC
10.12 Savage Arms Company
10.13 SIG SAUER GmbH & Co.
10.14 Smith & Wesson Brands, Inc.
10.15 Springfield Armory, Inc.
10.16 Sturm, Ruger & Co., Inc.
10.17 Taurus International Manufacturing Inc.
10.18 Winchester Repeating Arms Company
List of Tables
1 Global Firearms Market Outlook, By Region (2021-2030) ($MN)
2 Global Firearms Market Outlook, By Product (2021-2030) ($MN)
3 Global Firearms Market Outlook, By Handguns (2021-2030) ($MN)
4 Global Firearms Market Outlook, By Pistols (2021-2030) ($MN)
5 Global Firearms Market Outlook, By Revolvers (2021-2030) ($MN)
6 Global Firearms Market Outlook, By Bullpup Rifles (2021-2030) ($MN)
7 Global Firearms Market Outlook, By Shotguns (2021-2030) ($MN)
8 Global Firearms Market Outlook, By Designated Marksman Rifles (2021-2030) ($MN)
9 Global Firearms Market Outlook, By Machine Guns (2021-2030) ($MN)
10 Global Firearms Market Outlook, By Rifles (2021-2030) ($MN)
11 Global Firearms Market Outlook, By Other Products (2021-2030) ($MN)
12 Global Firearms Market Outlook, By Firing System (2021-2030) ($MN)
13 Global Firearms Market Outlook, By Manual (2021-2030) ($MN)
14 Global Firearms Market Outlook, By Semi-Automatic (2021-2030) ($MN)
15 Global Firearms Market Outlook, By Automatic (2021-2030) ($MN)
16 Global Firearms Market Outlook, By Break-Action (2021-2030) ($MN)
17 Global Firearms Market Outlook, By Other Firing Systems (2021-2030) ($MN)
18 Global Firearms Market Outlook, By End User (2021-2030) ($MN)
19 Global Firearms Market Outlook, By Sport Shooting (2021-2030) ($MN)
20 Global Firearms Market Outlook, By Hunting (2021-2030) ($MN)
21 Global Firearms Market Outlook, By Personal Protection (2021-2030) ($MN)
22 Global Firearms Market Outlook, By Military (2021-2030) ($MN)
23 Global Firearms Market Outlook, By Law Enforcement (2021-2030) ($MN)
24 Global Firearms Market Outlook, By Other End Users (2021-2030) ($MN)
25 North America Firearms Market Outlook, By Country (2021-2030) ($MN)
26 North America Firearms Market Outlook, By Product (2021-2030) ($MN)
27 North America Firearms Market Outlook, By Handguns (2021-2030) ($MN)
28 North America Firearms Market Outlook, By Pistols (2021-2030) ($MN)
29 North America Firearms Market Outlook, By Revolvers (2021-2030) ($MN)
30 North America Firearms Market Outlook, By Bullpup Rifles (2021-2030) ($MN)
31 North America Firearms Market Outlook, By Shotguns (2021-2030) ($MN)
32 North America Firearms Market Outlook, By Designated Marksman Rifles (2021-2030) ($MN)
33 North America Firearms Market Outlook, By Machine Guns (2021-2030) ($MN)
34 North America Firearms Market Outlook, By Rifles (2021-2030) ($MN)
35 North America Firearms Market Outlook, By Other Products (2021-2030) ($MN)
36 North America Firearms Market Outlook, By Firing System (2021-2030) ($MN)
37 North America Firearms Market Outlook, By Manual (2021-2030) ($MN)
38 North America Firearms Market Outlook, By Semi-Automatic (2021-2030) ($MN)
39 North America Firearms Market Outlook, By Automatic (2021-2030) ($MN)
40 North America Firearms Market Outlook, By Break-Action (2021-2030) ($MN)
41 North America Firearms Market Outlook, By Other Firing Systems (2021-2030) ($MN)
42 North America Firearms Market Outlook, By End User (2021-2030) ($MN)
43 North America Firearms Market Outlook, By Sport Shooting (2021-2030) ($MN)
44 North America Firearms Market Outlook, By Hunting (2021-2030) ($MN)
45 North America Firearms Market Outlook, By Personal Protection (2021-2030) ($MN)
46 North America Firearms Market Outlook, By Military (2021-2030) ($MN)
47 North America Firearms Market Outlook, By Law Enforcement (2021-2030) ($MN)
48 North America Firearms Market Outlook, By Other End Users (2021-2030) ($MN)
49 Europe Firearms Market Outlook, By Country (2021-2030) ($MN)
50 Europe Firearms Market Outlook, By Product (2021-2030) ($MN)
51 Europe Firearms Market Outlook, By Handguns (2021-2030) ($MN)
52 Europe Firearms Market Outlook, By Pistols (2021-2030) ($MN)
53 Europe Firearms Market Outlook, By Revolvers (2021-2030) ($MN)
54 Europe Firearms Market Outlook, By Bullpup Rifles (2021-2030) ($MN)
55 Europe Firearms Market Outlook, By Shotguns (2021-2030) ($MN)
56 Europe Firearms Market Outlook, By Designated Marksman Rifles (2021-2030) ($MN)
57 Europe Firearms Market Outlook, By Machine Guns (2021-2030) ($MN)
58 Europe Firearms Market Outlook, By Rifles (2021-2030) ($MN)
59 Europe Firearms Market Outlook, By Other Products (2021-2030) ($MN)
60 Europe Firearms Market Outlook, By Firing System (2021-2030) ($MN)
61 Europe Firearms Market Outlook, By Manual (2021-2030) ($MN)
62 Europe Firearms Market Outlook, By Semi-Automatic (2021-2030) ($MN)
63 Europe Firearms Market Outlook, By Automatic (2021-2030) ($MN)
64 Europe Firearms Market Outlook, By Break-Action (2021-2030) ($MN)
65 Europe Firearms Market Outlook, By Other Firing Systems (2021-2030) ($MN)
66 Europe Firearms Market Outlook, By End User (2021-2030) ($MN)
67 Europe Firearms Market Outlook, By Sport Shooting (2021-2030) ($MN)
68 Europe Firearms Market Outlook, By Hunting (2021-2030) ($MN)
69 Europe Firearms Market Outlook, By Personal Protection (2021-2030) ($MN)
70 Europe Firearms Market Outlook, By Military (2021-2030) ($MN)
71 Europe Firearms Market Outlook, By Law Enforcement (2021-2030) ($MN)
72 Europe Firearms Market Outlook, By Other End Users (2021-2030) ($MN)
73 Asia Pacific Firearms Market Outlook, By Country (2021-2030) ($MN)
74 Asia Pacific Firearms Market Outlook, By Product (2021-2030) ($MN)
75 Asia Pacific Firearms Market Outlook, By Handguns (2021-2030) ($MN)
76 Asia Pacific Firearms Market Outlook, By Pistols (2021-2030) ($MN)
77 Asia Pacific Firearms Market Outlook, By Revolvers (2021-2030) ($MN)
78 Asia Pacific Firearms Market Outlook, By Bullpup Rifles (2021-2030) ($MN)
79 Asia Pacific Firearms Market Outlook, By Shotguns (2021-2030) ($MN)
80 Asia Pacific Firearms Market Outlook, By Designated Marksman Rifles (2021-2030) ($MN)
81 Asia Pacific Firearms Market Outlook, By Machine Guns (2021-2030) ($MN)
82 Asia Pacific Firearms Market Outlook, By Rifles (2021-2030) ($MN)
83 Asia Pacific Firearms Market Outlook, By Other Products (2021-2030) ($MN)
84 Asia Pacific Firearms Market Outlook, By Firing System (2021-2030) ($MN)
85 Asia Pacific Firearms Market Outlook, By Manual (2021-2030) ($MN)
86 Asia Pacific Firearms Market Outlook, By Semi-Automatic (2021-2030) ($MN)
87 Asia Pacific Firearms Market Outlook, By Automatic (2021-2030) ($MN)
88 Asia Pacific Firearms Market Outlook, By Break-Action (2021-2030) ($MN)
89 Asia Pacific Firearms Market Outlook, By Other Firing Systems (2021-2030) ($MN)
90 Asia Pacific Firearms Market Outlook, By End User (2021-2030) ($MN)
91 Asia Pacific Firearms Market Outlook, By Sport Shooting (2021-2030) ($MN)
92 Asia Pacific Firearms Market Outlook, By Hunting (2021-2030) ($MN)
93 Asia Pacific Firearms Market Outlook, By Personal Protection (2021-2030) ($MN)
94 Asia Pacific Firearms Market Outlook, By Military (2021-2030) ($MN)
95 Asia Pacific Firearms Market Outlook, By Law Enforcement (2021-2030) ($MN)
96 Asia Pacific Firearms Market Outlook, By Other End Users (2021-2030) ($MN)
97 South America Firearms Market Outlook, By Country (2021-2030) ($MN)
98 South America Firearms Market Outlook, By Product (2021-2030) ($MN)
99 South America Firearms Market Outlook, By Handguns (2021-2030) ($MN)
100 South America Firearms Market Outlook, By Pistols (2021-2030) ($MN)
101 South America Firearms Market Outlook, By Revolvers (2021-2030) ($MN)
102 South America Firearms Market Outlook, By Bullpup Rifles (2021-2030) ($MN)
103 South America Firearms Market Outlook, By Shotguns (2021-2030) ($MN)
104 South America Firearms Market Outlook, By Designated Marksman Rifles (2021-2030) ($MN)
105 South America Firearms Market Outlook, By Machine Guns (2021-2030) ($MN)
106 South America Firearms Market Outlook, By Rifles (2021-2030) ($MN)
107 South America Firearms Market Outlook, By Other Products (2021-2030) ($MN)
108 South America Firearms Market Outlook, By Firing System (2021-2030) ($MN)
109 South America Firearms Market Outlook, By Manual (2021-2030) ($MN)
110 South America Firearms Market Outlook, By Semi-Automatic (2021-2030) ($MN)
111 South America Firearms Market Outlook, By Automatic (2021-2030) ($MN)
112 South America Firearms Market Outlook, By Break-Action (2021-2030) ($MN)
113 South America Firearms Market Outlook, By Other Firing Systems (2021-2030) ($MN)
114 South America Firearms Market Outlook, By End User (2021-2030) ($MN)
115 South America Firearms Market Outlook, By Sport Shooting (2021-2030) ($MN)
116 South America Firearms Market Outlook, By Hunting (2021-2030) ($MN)
117 South America Firearms Market Outlook, By Personal Protection (2021-2030) ($MN)
118 South America Firearms Market Outlook, By Military (2021-2030) ($MN)
119 South America Firearms Market Outlook, By Law Enforcement (2021-2030) ($MN)
120 South America Firearms Market Outlook, By Other End Users (2021-2030) ($MN)
121 Middle East & Africa Firearms Market Outlook, By Country (2021-2030) ($MN)
122 Middle East & Africa Firearms Market Outlook, By Product (2021-2030) ($MN)
123 Middle East & Africa Firearms Market Outlook, By Handguns (2021-2030) ($MN)
124 Middle East & Africa Firearms Market Outlook, By Pistols (2021-2030) ($MN)
125 Middle East & Africa Firearms Market Outlook, By Revolvers (2021-2030) ($MN)
126 Middle East & Africa Firearms Market Outlook, By Bullpup Rifles (2021-2030) ($MN)
127 Middle East & Africa Firearms Market Outlook, By Shotguns (2021-2030) ($MN)
128 Middle East & Africa Firearms Market Outlook, By Designated Marksman Rifles (2021-2030) ($MN)
129 Middle East & Africa Firearms Market Outlook, By Machine Guns (2021-2030) ($MN)
130 Middle East & Africa Firearms Market Outlook, By Rifles (2021-2030) ($MN)
131 Middle East & Africa Firearms Market Outlook, By Other Products (2021-2030) ($MN)
132 Middle East & Africa Firearms Market Outlook, By Firing System (2021-2030) ($MN)
133 Middle East & Africa Firearms Market Outlook, By Manual (2021-2030) ($MN)
134 Middle East & Africa Firearms Market Outlook, By Semi-Automatic (2021-2030) ($MN)
135 Middle East & Africa Firearms Market Outlook, By Automatic (2021-2030) ($MN)
136 Middle East & Africa Firearms Market Outlook, By Break-Action (2021-2030) ($MN)
137 Middle East & Africa Firearms Market Outlook, By Other Firing Systems (2021-2030) ($MN)
138 Middle East & Africa Firearms Market Outlook, By End User (2021-2030) ($MN)
139 Middle East & Africa Firearms Market Outlook, By Sport Shooting (2021-2030) ($MN)
140 Middle East & Africa Firearms Market Outlook, By Hunting (2021-2030) ($MN)
141 Middle East & Africa Firearms Market Outlook, By Personal Protection (2021-2030) ($MN)
142 Middle East & Africa Firearms Market Outlook, By Military (2021-2030) ($MN)
143 Middle East & Africa Firearms Market Outlook, By Law Enforcement (2021-2030) ($MN)
144 Middle East & Africa Firearms Market Outlook, By Other End Users (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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