India CNG Vehicles Market Size
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Study Period | 2017 - 2030 |
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Base Year For Estimation | 2023 |
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Forecast Data Period | 2024 - 2030 |
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Market Size (2024) | USD 9.37 Billion |
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Market Size (2030) | USD 13.95 Billion |
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CAGR (2024 - 2030) | 6.87 % |
Major Players |
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*Disclaimer: Major Players sorted in no particular order |
India CNG Vehicles Market Analysis
The India CNG Vehicles Market size is estimated at 9.37 billion USD in 2024, and is expected to reach 13.95 billion USD by 2030, growing at a CAGR of 6.87% during the forecast period (2024-2030).
9.37 Billion
Market Size in 2024 (USD)
13.95 Billion
Market Size in 2030 (USD)
28.96 %
CAGR (2017-2023)
6.87 %
CAGR (2024-2030)
Largest Segment by Vehicle Body Type
41.02 %
value share, Light Commercial Pick-up Trucks, 2023
Light trucks are fastest-growing segment due to lower fuel costs, reduced emissions compared to gasoline and diesel, and government incentives promoting CNG adoption.
Fastest-growing Segment by Vehicle Body Type
9.68 %
Projected CAGR, Light Commercial Pick-up Trucks, 2024-2030
Light trucks are rapidly growing in the CNG market due to their efficiency in urban deliveries, lower operational costs, and increasing demand for cleaner fuel options in commercial transportation.
Leading Market Player
69.72 %
market share, Maruti Suzuki India Limited, 2023
Domestic production, variety of economical CNG vehicles, good after-sale services, and less expensive parts are factors keeping Maruti Suzuki as leading player in the India CNG vehicle market.
Second leading Market Player
15.99 %
market share, Tata Motors Limited, 2023
The benefit of being a domestic brand, offering CNG vehicle models at a reasonable cost, and widely spread aftersale service is making Tata the largest player in India's CNG vehicle sales.
Third Leading Market Player
12.50 %
market share, Hyundai Motor India Limited, 2023
Hyundai Motor India Limited is a significant player in the CNG vehicle market due to its popular CNG models, strong brand reputation, and extensive dealership network supporting cleaner fuel options.
Indian government is embracing CNG vehicles, driven by the need for cost-effective and cleaner alternatives to traditional fuels
- India's transition toward Compressed Natural Gas (CNG) vehicles underscores a significant shift in the automotive and transportation industry, driven by the dual objectives of enhancing environmental sustainability and optimizing cost-efficiency. CNG is emerging as a viable alternative fuel across various segments, from passenger cars to commercial trucks and buses, reflecting the country's commitment to reducing carbon emissions and reliance on traditional fossil fuels.
- In the passenger vehicle segment, particularly hatchbacks, while a slight decline is anticipated, indicating a shift toward full electrification, the demand for CNG vehicles continues to rise, driven by their cost-effectiveness and lower emissions. The commercial vehicle sector, including light commercial vehicles, medium-duty, and heavy-duty trucks, has witnessed robust growth in CNG adoption. This trend is propelled by environmental policies, the economic benefits of CNG over diesel, and the expanding CNG refueling infrastructure. The growth trajectory is supported by the government's initiatives to promote cleaner transportation through subsidies, the development of CNG infrastructure, and stringent emission norms.
- In addition, the bus segment sees CNG as a key component in enhancing urban transport sustainability. With regulatory support and environmental needs at the forefront, CNG buses are set to become a cornerstone in India's public transportation network, offering a cleaner, more economical alternative to diesel buses. As India continues to advance its CNG technology and expand its refueling infrastructure, the market for CNG vehicles across all segments is poised for sustained growth.
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India CNG Vehicles Market Trends
India's auto interest rates have shown a consistent downward trend, driven by RBI's measures and evolving lending practices
- In recent times, India's auto interest rate stood at approximately 8.567%, marking a decline from the 8.698% observed in 2021. This slight decrement of about 1.5% continues the trend from the prior year, wherein rates reduced from 9.15% in 2019 to 8.698% in 2021. Factors underpinning these dynamics may encompass monetary policy decisions by the Reserve Bank of India (RBI), domestic credit demand, and broader macroeconomic conditions.
- During 2017-2023, India's auto interest rate was observed at 9.508%. Over the subsequent years, the rate experienced minor fluctuations, descending slightly to 9.454% in 2018 and then marginally ascending to 9.466% in 2019. However, a more significant decline was observed from 2019 onwards, culminating at 8.567% in 2022. Reports from the RBI suggest that these shifts could be attributed to a combination of monetary easing measures, evolving lending practices, and attempts to bolster economic growth in the face of challenges such as the global pandemic.
- The recent trend analysis of India's auto interest rates anticipates a continued trend of relatively lower interest rates in the coming years. The current decrease to 8.567% in 2022, building on the decline from 9.15% in 2019, reflects a deliberate effort by the Reserve Bank of India (RBI) to stimulate economic growth. This downward pressure on rates is likely to persist as the RBI continues to employ monetary easing measures and lending practices evolve to support credit demand.
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Government initiatives and stringent norms drive rapid growth in the electric vehicle market in India
- India's electric vehicle (EV) market is in a growth phase, with the government actively formulating strategies to combat pollution. The Fame India scheme, launched in 2015, has played a pivotal role in driving vehicle electrification. Building on its success, Fame Phase 2, active till April 2022, further bolstered EV sales, especially in 2021, with the government offering subsidies like INR 10,000 grants for electric cars with battery capacities up to 15 kWh.
- State governments across India are increasingly incorporating electric buses into their fleets, aiming to transition from internal combustion engine (ICE) buses. This move not only cuts operational costs but also curbs carbon emissions and improves air quality. In a notable move, the Delhi government greenlit the procurement of 300 new low-floor electric (AC) buses in March 2021, with 100 of them hitting the roads in January 2022. These initiatives contributed to a significant 62.58% surge in demand for electric commercial vehicles in India in 2022 over 2021.
- The demand for electric cars has surged in recent times, driven by the government's introduction of stringent norms. In August 2021, the Indian government unveiled the Vehicle Scrappage Policy, targeting the phasing out of polluting and unfit vehicles, irrespective of their age. This policy, set to be implemented by 2024, is steering consumers toward electric cars. Additionally, the government has set an ambitious target of having 30% of all cars in India electrified by 2030. These initiatives are poised to propel electric car sales during the 2024-2030 period in India.
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OTHER KEY INDUSTRY TRENDS COVERED IN THE REPORT
- India's population, driven by factors like a young demographic and improved healthcare, is projected to reach 1,522.77 million by 2030, reflecting steady growth
- The consumer spending for vehicle purchases in Asia-Pacific, as exemplified by India, shows signs of cautious optimism during 2022-2023, following a period of volatility
- The combined revenue from shared rides in India is expected to rise consistently driven by factors like technological advancements, urbanization, and shifting consumer preferences
- Electric vehicle sales in India increased because of the falling battery prices and government incentives
- The Indian vehicle market shows resilience with a strong recovery in consumer spending and vehicle purchases
- The numerous tax hikes in the country were expected to increase fuel prices in 2023
- India's GDP per capita is expected to sustain growth, reaching USD 4,205.47 by 2030
- India's journey toward lower inflation sets the stage for economic resilience and investor confidence
- India's electric vehicle charging station market surges with 6,800 slow charging and 4,100 fast charging stations in 2022
- Various new entries and new product launches may accelerate the battery pack market in India
- The used car sales market in India presents a landscape teeming with opportunities and growth
- Suzuki and Hyundai lead India's HEV sector, while Toyota and Renault face declining numbers
India CNG Vehicles Industry Overview
The India CNG Vehicles Market is fairly consolidated, with the top five companies occupying 98.21%. The major players in this market are Ashok Leyland Limited, Hyundai Motor India Limited, Mahindra & Mahindra Limited, Maruti Suzuki India Limited and Tata Motors Limited (sorted alphabetically).
India CNG Vehicles Market Leaders
Ashok Leyland Limited
Hyundai Motor India Limited
Mahindra & Mahindra Limited
Maruti Suzuki India Limited
Tata Motors Limited
Other important companies include JBM Auto Limited, SML Isuzu Limited, VE Commercial Vehicles Limited.
*Disclaimer: Major Players sorted in alphabetical order.
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India CNG Vehicles Market News
- August 2023: Tata Motors introduced upgraded CNG variants for its Tiago and Tigor models, along with the launch of the new Punch iCNG. The Tiago iCNG is priced between INR 654.9 thousand to INR 809.9 thousand, while the Tigor iCNG is priced between INR 779.9 thousand to INR 894.9 thousand. The Punch iCNG is priced from INR 709.9 thousand to INR 967.9 thousand.
- July 2023: Maruti Suzuki India Limited introduced FRONX S-CNG in their premium retail channel NEXA for a starting price of INR 841.5 thousand and going to INR 927.5 thousand.
- July 2023: Hyundai Motor India Limited (HMIL), launched the compact SUV Exter for a price of INR 599.9 thousand and going to INR 932 thousand. It comes equipped with a 1.2 l Kappa gasoline, a 4-cylinder engine (E20 fuel ready) with an option to choose from 3 powertrains that are manual transmission (MT), automated manual transmission (AMT) and gasoline with CNG engine with manual transmission MT.
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India CNG Vehicles Market Report - Table of Contents
1. EXECUTIVE SUMMARY & KEY FINDINGS
2. REPORT OFFERS
3. INTRODUCTION
- 3.1 Study Assumptions & Market Definition
- 3.2 Scope of the Study
- 3.3 Research Methodology
4. KEY INDUSTRY TRENDS
- 4.1 Population
- 4.2 GDP Per Capita
- 4.3 Consumer Spending For Vehicle Purchase (cvp)
- 4.4 Inflation
- 4.5 Interest Rate For Auto Loans
- 4.6 Shared Rides
- 4.7 Impact Of Electrification
- 4.8 EV Charging Station
- 4.9 Battery Pack Price
- 4.10 New Xev Models Announced
- 4.11 Logistics Performance Index
- 4.12 Used Car Sales
- 4.13 Fuel Price
- 4.14 Oem-wise Production Statistics
- 4.15 Regulatory Framework
- 4.16 Value Chain & Distribution Channel Analysis
5. MARKET SEGMENTATION (includes market size in Value in USD and Volume, Forecasts up to 2030 and analysis of growth prospects)
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5.1 Vehicle Type
- 5.1.1 Commercial Vehicles
- 5.1.1.1 Light Commercial Vehicles
- 5.1.1.1.1 Light Commercial Pick-up Trucks
- 5.1.1.1.2 Light Commercial Vans
- 5.1.1.2 Trucks
- 5.1.1.2.1 Heavy-duty Commercial Trucks
- 5.1.1.2.2 Medium-duty Commercial Trucks
6. COMPETITIVE LANDSCAPE
- 6.1 Key Strategic Moves
- 6.2 Market Share Analysis
- 6.3 Company Landscape
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6.4 Company Profiles
- 6.4.1 Ashok Leyland Limited
- 6.4.2 Hyundai Motor India Limited
- 6.4.3 JBM Auto Limited
- 6.4.4 Mahindra & Mahindra Limited
- 6.4.5 Maruti Suzuki India Limited
- 6.4.6 SML Isuzu Limited
- 6.4.7 Tata Motors Limited
- 6.4.8 VE Commercial Vehicles Limited
- *List Not Exhaustive
7. KEY STRATEGIC QUESTIONS FOR VEHICLES CEOS
8. APPENDIX
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8.1 Global Overview
- 8.1.1 Overview
- 8.1.2 Porter’s Five Forces Framework
- 8.1.3 Global Value Chain Analysis
- 8.1.4 Market Dynamics (DROs)
- 8.2 Sources & References
- 8.3 List of Tables & Figures
- 8.4 Primary Insights
- 8.5 Data Pack
- 8.6 Glossary of Terms
List of Tables & Figures
- Figure 1:
- INDIA CNG VEHICLES MARKET, POPULATION YOY GROWTH RATE, UNITS, 2017 - 2030
- Figure 2:
- INDIA MARKET, UNDEFINED YOY GROWTH RATE, 2017 - 2030
- Figure 3:
- INDIA MARKET, UNDEFINED YOY GROWTH RATE, 2017 - 2030
- Figure 4:
- INDIA MARKET, UNDEFINED YOY GROWTH RATE, 2017 - 2030
- Figure 5:
- INDIA CNG VEHICLES MARKET, INTEREST RATE FOR AUTO LOANS YOY GROWTH RATE, PERCENTAGE, 2017 - 2022
- Figure 6:
- INDIA MARKET, UNDEFINED YOY GROWTH RATE, 2017 - 2030
- Figure 7:
- INDIA MARKET, UNDEFINED YOY GROWTH RATE, 2017 - 2030
- Figure 8:
- INDIA MARKET, UNDEFINED YOY GROWTH RATE, 2017 - 2022
- Figure 9:
- INDIA MARKET, UNDEFINED YOY GROWTH RATE, 2017 - 2030
- Figure 10:
- INDIA CNG VEHICLES MARKET, NEW XEV MODELS ANNOUNCED, VOLUME, YOY GROWTH RATE, UNITS, 2023 - 2027
- Figure 11:
- INDIA CNG VEHICLES MARKET, LPI YOY GROWTH RATE, 2017 - 2030
- Figure 12:
- INDIA MARKET, UNDEFINED YOY GROWTH RATE, 2017 - 2030
- Figure 13:
- INDIA MARKET, UNDEFINED YOY GROWTH RATE, 2017 - 2022
- Figure 14:
- INDIA MARKET, UNDEFINED YOY GROWTH RATE, 2017 - 2022
- Figure 15:
- INDIA CNG VEHICLES MARKET, VOLUME IN UNITS, 2017 - 2030
- Figure 16:
- INDIA CNG VEHICLES MARKET, VALUE IN USD, 2017 - 2030
- Figure 17:
- INDIA CNG VEHICLES MARKET, BY VEHICLE TYPE, BY VOLUME IN UNITS, 2017 - 2030
- Figure 18:
- INDIA CNG VEHICLES MARKET, BY VEHICLE TYPE, BY VALUE IN USD, 2017 - 2030
- Figure 19:
- INDIA CNG VEHICLES MARKET MARKET, SHARE(%), BY VEHICLE TYPE, 2017 - 2030
- Figure 20:
- INDIA CNG VEHICLES MARKET MARKET, SHARE(%), BY VEHICLE TYPE, 2017 - 2030
- Figure 21:
- INDIA CNG VEHICLES MARKET, BY VEHICLE CONFIGURATION, BY VOLUME IN UNITS, 2017 - 2030
- Figure 22:
- INDIA CNG VEHICLES MARKET, BY VEHICLE CONFIGURATION, BY VALUE IN USD, 2017 - 2030
- Figure 23:
- INDIA CNG VEHICLES MARKET MARKET, SHARE(%), BY VEHICLE CONFIGURATION, 2017 - 2030
- Figure 24:
- INDIA CNG VEHICLES MARKET MARKET, SHARE(%), BY VEHICLE CONFIGURATION, 2017 - 2030
- Figure 25:
- INDIA CNG VEHICLES MARKET, BY VEHICLE BODY TYPE, BY VOLUME IN UNITS, 2017 - 2030
- Figure 26:
- INDIA CNG VEHICLES MARKET, BY VEHICLE BODY TYPE, BY VALUE IN USD, 2017 - 2030
- Figure 27:
- INDIA CNG VEHICLES MARKET MARKET, SHARE(%), BY VEHICLE BODY TYPE, 2017 - 2030
- Figure 28:
- INDIA CNG VEHICLES MARKET MARKET, SHARE(%), BY VEHICLE BODY TYPE, 2017 - 2030
- Figure 29:
- INDIA CNG VEHICLES MARKET, BY LIGHT COMMERCIAL PICK-UP TRUCKS, BY VOLUME IN UNITS, 2017 - 2030
- Figure 30:
- INDIA CNG VEHICLES MARKET, BY LIGHT COMMERCIAL PICK-UP TRUCKS, BY VALUE IN USD, 2017 - 2030
- Figure 31:
- INDIA CNG VEHICLES MARKET, BY LIGHT COMMERCIAL VANS, BY VOLUME IN UNITS, 2017 - 2030
- Figure 32:
- INDIA CNG VEHICLES MARKET, BY LIGHT COMMERCIAL VANS, BY VALUE IN USD, 2017 - 2030
- Figure 33:
- INDIA CNG VEHICLES MARKET, BY VEHICLE BODY TYPE, BY VOLUME IN UNITS, 2017 - 2030
- Figure 34:
- INDIA CNG VEHICLES MARKET, BY VEHICLE BODY TYPE, BY VALUE IN USD, 2017 - 2030
- Figure 35:
- INDIA CNG VEHICLES MARKET MARKET, SHARE(%), BY VEHICLE BODY TYPE, 2017 - 2030
- Figure 36:
- INDIA CNG VEHICLES MARKET MARKET, SHARE(%), BY VEHICLE BODY TYPE, 2017 - 2030
- Figure 37:
- INDIA CNG VEHICLES MARKET, BY HEAVY-DUTY COMMERCIAL TRUCKS, BY VOLUME IN UNITS, 2017 - 2030
- Figure 38:
- INDIA CNG VEHICLES MARKET, BY HEAVY-DUTY COMMERCIAL TRUCKS, BY VALUE IN USD, 2017 - 2030
- Figure 39:
- INDIA CNG VEHICLES MARKET, BY MEDIUM-DUTY COMMERCIAL TRUCKS, BY VOLUME IN UNITS, 2017 - 2030
- Figure 40:
- INDIA CNG VEHICLES MARKET, BY MEDIUM-DUTY COMMERCIAL TRUCKS, BY VALUE IN USD, 2017 - 2030
- Figure 41:
- INDIA CNG VEHICLES MARKET, MOST ACTIVE COMPANIES, BY NUMBER OF STRATEGIC MOVES, 2017 - 2030
- Figure 42:
- INDIA CNG VEHICLES MARKET, MOST ADOPTED STRATEGIES, 2017 - 2030
- Figure 43:
- INDIA CNG VEHICLES MARKET SHARE(%), BY MAJOR PLAYERS, 2021
India CNG Vehicles Industry Segmentation
Commercial Vehicles are covered as segments by Vehicle Type.
- India's transition toward Compressed Natural Gas (CNG) vehicles underscores a significant shift in the automotive and transportation industry, driven by the dual objectives of enhancing environmental sustainability and optimizing cost-efficiency. CNG is emerging as a viable alternative fuel across various segments, from passenger cars to commercial trucks and buses, reflecting the country's commitment to reducing carbon emissions and reliance on traditional fossil fuels.
- In the passenger vehicle segment, particularly hatchbacks, while a slight decline is anticipated, indicating a shift toward full electrification, the demand for CNG vehicles continues to rise, driven by their cost-effectiveness and lower emissions. The commercial vehicle sector, including light commercial vehicles, medium-duty, and heavy-duty trucks, has witnessed robust growth in CNG adoption. This trend is propelled by environmental policies, the economic benefits of CNG over diesel, and the expanding CNG refueling infrastructure. The growth trajectory is supported by the government's initiatives to promote cleaner transportation through subsidies, the development of CNG infrastructure, and stringent emission norms.
- In addition, the bus segment sees CNG as a key component in enhancing urban transport sustainability. With regulatory support and environmental needs at the forefront, CNG buses are set to become a cornerstone in India's public transportation network, offering a cleaner, more economical alternative to diesel buses. As India continues to advance its CNG technology and expand its refueling infrastructure, the market for CNG vehicles across all segments is poised for sustained growth.
| Vehicle Type | Commercial Vehicles | Light Commercial Vehicles | Light Commercial Pick-up Trucks |
| Light Commercial Vans | |||
| Vehicle Type | Commercial Vehicles | Trucks | Heavy-duty Commercial Trucks |
| Medium-duty Commercial Trucks |
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Market Definition
- Vehicle Type - The category includes passenger cars and commercial vehicles.
- Vehicle Body Type - Under Passenger Cars, the category includes Hatchbacks, Sedans, Sports Utility Vehicles, and Multi-purpose Vehicles; for Commercial Vehicles, it covers Light Commercial Pick-up Trucks, Light Commercial Vans, Medium-duty Commercial Trucks, Heavy-duty Commercial Trucks, and Medium and Heavy Duty Buses.
- Fuel Category - The category exclusively covers Compressed Natural Gas (CNG).
| Keyword | Definition |
|---|---|
| Electric Vehicle (EV) | A vehicle which uses one or more electric motors for propulsion. Includes cars, buses, and trucks. This term includes all-electric vehicles or battery electric vehicles and plug-in hybrid electric vehicles. |
| BEV | A BEV relies completely on a battery and a motor for propulsion. The battery in the vehicle must be charged by plugging it into an outlet or public charging station. BEVs do not have an ICE and hence are pollution-free. They have a low cost of operation and reduced engine noise as compared to conventional fuel engines. However, they have a shorter range and higher prices than their equivalent gasoline models. |
| PEV | A plug-in electric vehicle is an electric vehicle that can be externally charged and generally includes all-electric vehicles as well as plug-in hybrids. |
| Plug-in Hybrid EV | A vehicle that can be powered either by an ICE or an electric motor. In contrast to normal hybrid EVs, they can be charged externally. |
| Internal combustion engine | An engine in which the burning of fuels occurs in a confined space called a combustion chamber. Usually run with gasoline/petrol or diesel. |
| Hybrid EV | A vehicle powered by an ICE in combination with one or more electric motors that use energy stored in batteries. These are continually recharged with power from the ICE and regenerative braking. |
| Commercial Vehicles | Commercial vehicles are motorized road vehicles designed for transporting people or goods. The category includes light commercial vehicles (LCVs) and medium and heavy-duty vehicles (M&HCV). |
| Passenger Vehicles | Passenger cars are electric motor– or engine-driven vehicles with at least four wheels. These vehicles are used for the transport of passengers and comprise no more than eight seats in addition to the driver’s seat. |
| Light Commercial Vehicles | Commercial vehicles that weigh less than 6,000 lb (Class 1) and in the range of 6,001–10,000 lb (Class 2) are covered under this category. |
| M&HDT | Commercial vehicles that weigh in the range of 10,001–14,000 lb (Class 3), 14,001–16,000 lb (Class 4), 16,001–19,500 lb (Class 5), 19,501–26,000 lb (Class 6), 26,001–33,000 lb (Class 7) and above 33,001 lb (Class 8) are covered under this category. |
| Bus | A mode of transportation that typically refers to a large vehicle designed to carry passengers over long distances. This includes transit bus, school bus, shuttle bus, and trolleybuses. |
| Diesel | It includes vehicles that use diesel as their primary fuel. A diesel engine vehicle have a compression-ignited injection system rather than the spark-ignited system used by most gasoline vehicles. In such vehicles, fuel is injected into the combustion chamber and ignited by the high temperature achieved when gas is greatly compressed. |
| Gasoline | It includes vehicles that use gas/petrol as their primary fuel. A gasoline car typically uses a spark-ignited internal combustion engine. In such vehicles, fuel is injected into either the intake manifold or the combustion chamber, where it is combined with air, and the air/fuel mixture is ignited by the spark from a spark plug. |
| LPG | It includes vehicles that use LPG as their primary fuel. Both dedicated and bi-fuel LPG vehicles are considered under the scope of the study. |
| CNG | It includes vehicles that use CNG as their primary fuel. These are vehicles that operate like gasoline-powered vehicles with spark-ignited internal combustion engines. |
| HEV | All the electric vehicles that use batteries and an internal combustion engine (ICE) as their primary source for propulsion are considered under this category. HEVs generally use a diesel-electric powertrain and are also known as hybrid diesel-electric vehicles. An HEV converts the vehicle momentum (kinetic energy) into electricity that recharges the battery when the vehicle slows down or stops. The battery of HEV cannot be charged using plug-in devices. |
| PHEV | PHEVs are powered by a battery as well as an ICE. The battery can be charged through either regenerative breaking using the ICE or by plugging into some external charging source. PHEVs have a better range than BEVs but are comparatively less eco-friendly. |
| Hatchback | These are compact-sized cars with a hatch-type door provided at the rear end. |
| Sedan | These are usually two- or four-door passenger cars, with a separate area provided at the rear end for luggage. |
| SUV | Popularly known as SUVs, these cars come with four-wheel drive, and usually have high ground clearance. These cars can also be used as off-road vehicles. |
| MPV | These are multi-purpose vehicles (also called minivans) designed to carry a larger number of passengers. They carry between five and seven people and have room for luggage too. They are usually taller than the average family saloon car, to provide greater headroom and ease of access, and they are usually front-wheel drive. |
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Research Methodology
Mordor Intelligence follows a four-step methodology in all its reports.
- Step-1: Identify Key Variables: To build a robust forecasting methodology, the variables and factors identified in Step-1 are tested against available historical market numbers. Through an iterative process, the variables required for market forecast are set and the model is built based on these variables.
- Step-2: Build a Market Model: Market-size estimations for the historical and forecast years have been provided in revenue and volume terms. Market revenue is calculated by multiplying the sales volume with their respective average selling price (ASP). While estimating ASP factors like average inflation, market demand shift, manufacturing cost, technological advancement, and varying consumer preference, among others have been taken into account.
- Step-3: Validate and Finalize: In this important step, all market numbers, variables, and analyst calls are validated through an extensive network of primary research experts from the market studied. The respondents are selected across levels and functions to generate a holistic picture of the market studied.
- Step-4: Research Outputs: Syndicated Reports, Custom Consulting Assignments, Databases & Subscription Platforms.
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