North America Electric Bus Market Size
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Study Period | 2017 - 2030 |
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Market Size (2024) | USD 0.59 Billion |
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Market Size (2030) | USD 1.47 Billion |
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Largest Share by Fuel Category | HEV |
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CAGR (2024 - 2030) | 16.56 % |
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Largest Share by Country | US |
Major Players |
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*Disclaimer: Major Players sorted in no particular order |
North America Electric Bus Market Analysis
The North America Electric Bus Market size is estimated at 0.59 billion USD in 2024, and is expected to reach 1.47 billion USD by 2030, growing at a CAGR of 16.56% during the forecast period (2024-2030).
0.59 Billion
Market Size in 2024 (USD)
1.47 Billion
Market Size in 2030 (USD)
12.22 %
CAGR (2017-2023)
16.56 %
CAGR (2024-2030)
Largest Segment by Fuel Category
49.25 %
value share, HEV, 2023
HEVs lead the fuel category due to their widespread adoption, offering a balance between traditional internal combustion engines and electric power, resulting in improved fuel economy.
Fastest-growing Segment by Fuel Category
23.95 %
Projected CAGR, FCEV, 2024-2030
FCEVs are experiencing the fastest growth driven by technological advancements in hydrogen fuel cells, increased government incentives, and growing consumer awareness of environmental sustainability.
Largest Segment by Country
57.90 %
value share, US, 2023
The US is the largest segment by country due to its extensive commercial vehicle market, significant consumer demand, and robust infrastructure supporting a wide variety of fuel types.
Leading Market Player
24.32 %
market share, Proterra INC., 2023
Domestic production, the largest energy storage of any 40-foot electric bus in North America, and the offering of pure electric bus models keep Proterra as a leading player in the electric bus market.
Second leading Market Player
16.61 %
market share, NFI Group Inc., 2023
With more than 3,500,000 sq. ft. of manufacturing space, 14 ZEB-capable production facilities, and the capability to generate up to 8,000 units annually, NFI is the market leader in North America.
The North American electric bus market is inclining toward sustainable public transportation
- By 2027, the North American electric bus market is projected to surpass USD 850 million in market share. Both the US and Canadian governments are actively devising plans to establish robust charging infrastructure across the region. In June 2021, the Federal Transit Administration (FTA), a division of the US Department of Transportation, granted awards totaling approximately USD 182 million. These incentives are expected to be utilized by around 49 electric bus projects spanning 46 states.
- Key players in the North American electric bus market include Daimler, Volvo, Scania AB, BYD Company Limited, and GreenPower Motor Company Inc. To enhance battery performance across various capacities (below 100 kWh, 100-300 kWh, and above 300 kWh), manufacturers are employing innovative technologies. Seating capacity classifications for electric buses include less than 40, 40-70, and over 70, catering to both intercity and intracity travel.
- Currently, there are approximately 386,000 electric buses in operation globally, with China accounting for a staggering 99% and the US lagging behind at less than 0.1% (a mere 350 buses). Projections indicate that by 2030, 84% of new municipal bus sales will be electric, and by 2025, half of the global municipal bus fleet will be electric. Estimates suggest that by 2040, 80% of metropolitan bus fleets (excluding intercity and charter buses) and 33% of all cars worldwide will be electric. With their shorter travel distances and the convenience of recharging at central depots, city buses are an ideal fit for electric power. While battery-charged electric buses typically offer a driving range of 70-100 miles, some models can go up to 265 miles before requiring a recharge (in contrast, diesel buses average a range of 690 miles).
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Environmental concerns and the need to reduce carbon emissions have pushed governments and transportation authorities to adopt cleaner and more sustainable modes of transportation
- The demand for electric buses in the North American region is growing significantly. The United States is one of the top countries with the highest sales of electric buses, followed by Canada and Mexico. Factors such as expanding populations, rising traffic, and a change in priorities for using public transit are contributing to the growth of electric buses in the region.
- The electric bus market faced a setback during the COVID-19 pandemic, which brought the transportation sector to a standstill. However, as the region emerged from the pandemic, there was a notable uptick in public transportation demand, positively impacting the electric bus market. Consequently, North America saw a rise in electric bus sales in 2022 compared to 2021.
- By 2027, the market value of electric buses in North America is projected to exceed USD 850 million. Both the United States and Canadian governments are devising plans to establish robust charging infrastructure across the region. In June 2021, the Federal Transit Administration (FTA), a division of the US Department of Transportation, awarded approximately USD 182 million. These funds are expected to benefit around 49 electric bus projects spanning 46 states. Through its Low-No Program, the FTA aims to facilitate the adoption of green technologies and fuels, assisting transportation organizations in procuring electric and hydrogen buses. These initiatives are poised to further propel the growth of the North American electric bus market in the future.
North America Electric Bus Market Trends
Growing demand for electric vehicles in North America driven by government support and growing environmental concerns
- The CVP in Russia has experienced significant fluctuations in recent years. It climbed steadily from USD 208.2 million in 2017, peaking in 2019. However, it dipped to USD 193.9 million in 2020, largely due to the economic challenges brought on by the COVID-19 pandemic. Notably, the market rebounded sharply in 2022, reaching USD 269.8 million. This resurgence highlights both the resilience of the Russian automotive sector and the potential impact of economic stimulus measures and heightened consumer demand.
- Government incentives and subsidies are proving to be a strong draw for customers, particularly logistics and e-commerce firms, in their adoption of electric commercial vehicles. A case in point is Canada and North America, where, in April 2022, the government unveiled federal rebates of USD 5000 for electric light- and medium-duty vehicles. These initiatives are expected to significantly bolster the demand for electric commercial vehicles in North America from 2024 to 2030.
- Government initiatives, including plans for EV deployment, attractive incentives, and foreign investment allowances, are set to propel the electric vehicle market across North American nations. In a notable move, in March 2022, Volkswagen committed a staggering USD 7 billion to establish an electric car manufacturing facility in North America. By 2030, the automaker plans to roll out 25 new EV models, catering to customers in the US, Mexico, and Canada. As a result, the demand for electric vehicles is projected to witness a notable surge across various North American countries from 2024 to 2030.
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OTHER KEY INDUSTRY TRENDS COVERED IN THE REPORT
- North America's demographic story highlights steady growth and adaptability, with each nation contributing uniquely to the region's vibrant mosaic, underlining North America's continued global significance
- North America exhibits diverse trends in consumer spending for vehicle purchases (CVP), and Canada experiences a slight decrease, while the US sees an increase, and Mexico shows significant growth
- In North America, from 2017 to 2022, auto loan interest rates displayed varied trends: Canada's rates gradually increased, Mexico's showed significant volatility, and the US experienced modest fluctuations
- North America is showcasing a strong commitment to expanding its EV infrastructure, with both slow and fast charging stations seeing significant growth
- The rising demand for electric vehicles spurs new product launches and market entry in North America, driving the demand for battery packs
- In 2022, Ford led the North American light commercial van market, followed by Chevrolet, while Hyundai witnessed significant growth. Over the past five years, traditional leaders maintained dominance, but brands like Hyundai grew, and Infiniti faced a decline. The market is poised for growth, with eco-friendly vehicles gaining traction
- Despite challenges in 2020, by 2023, the US experienced growth, Mexico displayed a robust recovery, while Canada witnessed a dip
- From 2017 to 2030, North America, particularly countries like the US and Canada, navigated inflationary spikes, especially post-pandemic in 2022, but projections suggest a trend toward economic stability and controlled inflation for the region by 2030
- The North American MaaS sector is thriving and witnessing growth, with future prospects in shared mobility
- Declining prices of lithium-ion batteries drive the demand for electric vehicles in North America
- Fuel prices are fluctuating in North America
North America Electric Bus Industry Overview
The North America Electric Bus Market is fairly consolidated, with the top five companies occupying 81.84%. The major players in this market are BYD Auto Co. Ltd., GreenPower Motor Company Inc., Lion Electric Company, NFI Group Inc. and Proterra INC. (sorted alphabetically).
North America Electric Bus Market Leaders
BYD Auto Co. Ltd.
GreenPower Motor Company Inc.
Lion Electric Company
NFI Group Inc.
Proterra INC.
Other important companies include Blue Bird Corporation, CAF Group (Solaris Bus & Coach), Daimler Truck Holding AG, GILLIG LLC, Volvo Group, Xiamen King Long Motor Group Co. Ltd..
*Disclaimer: Major Players sorted in alphabetical order.
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North America Electric Bus Market News
- December 2023: Proterra announced its new EV battery factory in South Carolina as demand for commercial electric vehicles increased.
- October 2023: BYD (Build Your Dreams) announced that a partnership with the Los Olivos Elementary School District would bring a BYD Type A electric school bus to Santa Barbara County students, making the Los Olivos Elementary School District the first in the United States to have 100% zero-emission fleet of school buses.
- October 2023: Solaris Bus & Coach Sp. z o.o. entered a contract with the public transport operator Miejski Zakład Komunikacyjny sp. z o.o. in the city of Opole to supply eight e-buses, including six 12-meter and two 18-meter vehicles, as well as to deliver and install charging infrastructure.
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North America Electric Bus 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 Fuel Price
- 4.12 Oem-wise Production Statistics
- 4.13 Regulatory Framework
- 4.14 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 Fuel Category
- 5.1.1 BEV
- 5.1.2 FCEV
- 5.1.3 HEV
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5.2 Country
- 5.2.1 Canada
- 5.2.2 Mexico
- 5.2.3 US
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 Blue Bird Corporation
- 6.4.2 BYD Auto Co. Ltd.
- 6.4.3 CAF Group (Solaris Bus & Coach)
- 6.4.4 Daimler Truck Holding AG
- 6.4.5 GILLIG LLC
- 6.4.6 GreenPower Motor Company Inc.
- 6.4.7 Lion Electric Company
- 6.4.8 NFI Group Inc.
- 6.4.9 Proterra INC.
- 6.4.10 Volvo Group
- 6.4.11 Xiamen King Long Motor Group Co. Ltd.
- *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:
- NORTH AMERICA ELECTRIC BUS MARKET, POPULATION YOY GROWTH RATE, UNITS, 2017 - 2030
- Figure 2:
- NORTH AMERICA MARKET, UNDEFINED YOY GROWTH RATE, 2017 - 2030
- Figure 3:
- NORTH AMERICA MARKET, UNDEFINED YOY GROWTH RATE, 2017 - 2030
- Figure 4:
- NORTH AMERICA MARKET, UNDEFINED YOY GROWTH RATE, 2017 - 2030
- Figure 5:
- NORTH AMERICA ELECTRIC BUS MARKET, INTEREST RATE FOR AUTO LOANS YOY GROWTH RATE, PERCENTAGE, 2017 - 2022
- Figure 6:
- NORTH AMERICA MARKET, UNDEFINED YOY GROWTH RATE, 2017 - 2030
- Figure 7:
- NORTH AMERICA MARKET, UNDEFINED YOY GROWTH RATE, 2017 - 2030
- Figure 8:
- NORTH AMERICA MARKET, UNDEFINED YOY GROWTH RATE, 2017 - 2022
- Figure 9:
- NORTH AMERICA MARKET, UNDEFINED YOY GROWTH RATE, 2017 - 2030
- Figure 10:
- NORTH AMERICA ELECTRIC BUS MARKET, NEW XEV MODELS ANNOUNCED, VOLUME, YOY GROWTH RATE, UNITS, 2023 - 2027
- Figure 11:
- NORTH AMERICA MARKET, UNDEFINED YOY GROWTH RATE, 2017 - 2022
- Figure 12:
- NORTH AMERICA MARKET, UNDEFINED YOY GROWTH RATE, 2017 - 2022
- Figure 13:
- NORTH AMERICA ELECTRIC BUS MARKET, VOLUME IN UNITS, 2017 - 2030
- Figure 14:
- NORTH AMERICA ELECTRIC BUS MARKET, VALUE IN USD, 2017 - 2030
- Figure 15:
- NORTH AMERICA ELECTRIC BUS MARKET, BY FUEL CATEGORY, BY VOLUME IN UNITS, 2017 - 2030
- Figure 16:
- NORTH AMERICA ELECTRIC BUS MARKET, BY FUEL CATEGORY, BY VALUE IN USD, 2017 - 2030
- Figure 17:
- NORTH AMERICA ELECTRIC BUS MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
- Figure 18:
- NORTH AMERICA ELECTRIC BUS MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
- Figure 19:
- NORTH AMERICA ELECTRIC BUS MARKET, BY BEV, BY VOLUME IN UNITS, 2017 - 2030
- Figure 20:
- NORTH AMERICA ELECTRIC BUS MARKET, BY BEV, BY VALUE IN USD, 2017 - 2030
- Figure 21:
- NORTH AMERICA ELECTRIC BUS MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
- Figure 22:
- NORTH AMERICA ELECTRIC BUS MARKET, BY FCEV, BY VOLUME IN UNITS, 2017 - 2030
- Figure 23:
- NORTH AMERICA ELECTRIC BUS MARKET, BY FCEV, BY VALUE IN USD, 2017 - 2030
- Figure 24:
- NORTH AMERICA ELECTRIC BUS MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
- Figure 25:
- NORTH AMERICA ELECTRIC BUS MARKET, BY HEV, BY VOLUME IN UNITS, 2017 - 2030
- Figure 26:
- NORTH AMERICA ELECTRIC BUS MARKET, BY HEV, BY VALUE IN USD, 2017 - 2030
- Figure 27:
- NORTH AMERICA ELECTRIC BUS MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
- Figure 28:
- NORTH AMERICA ELECTRIC BUS MARKET, BY PHEV, BY VOLUME IN UNITS, 2017 - 2030
- Figure 29:
- NORTH AMERICA ELECTRIC BUS MARKET, BY PHEV, BY VALUE IN USD, 2017 - 2030
- Figure 30:
- NORTH AMERICA ELECTRIC BUS MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
- Figure 31:
- NORTH AMERICA ELECTRIC BUS MARKET, BY COUNTRY, BY VOLUME IN UNITS, 2017 - 2030
- Figure 32:
- NORTH AMERICA ELECTRIC BUS MARKET, BY COUNTRY, BY VALUE IN USD, 2017 - 2030
- Figure 33:
- NORTH AMERICA ELECTRIC BUS MARKET MARKET, SHARE(%), BY COUNTRY, 2017 - 2030
- Figure 34:
- NORTH AMERICA ELECTRIC BUS MARKET MARKET, SHARE(%), BY COUNTRY, 2017 - 2030
- Figure 35:
- NORTH AMERICA ELECTRIC BUS MARKET, BY CANADA, BY VOLUME IN UNITS, 2017 - 2030
- Figure 36:
- NORTH AMERICA ELECTRIC BUS MARKET, BY CANADA, BY VALUE IN USD, 2017 - 2030
- Figure 37:
- NORTH AMERICA ELECTRIC BUS MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
- Figure 38:
- NORTH AMERICA ELECTRIC BUS MARKET, BY MEXICO, BY VOLUME IN UNITS, 2017 - 2030
- Figure 39:
- NORTH AMERICA ELECTRIC BUS MARKET, BY MEXICO, BY VALUE IN USD, 2017 - 2030
- Figure 40:
- NORTH AMERICA ELECTRIC BUS MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
- Figure 41:
- NORTH AMERICA ELECTRIC BUS MARKET, BY US, BY VOLUME IN UNITS, 2017 - 2030
- Figure 42:
- NORTH AMERICA ELECTRIC BUS MARKET, BY US, BY VALUE IN USD, 2017 - 2030
- Figure 43:
- NORTH AMERICA ELECTRIC BUS MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
- Figure 44:
- NORTH AMERICA ELECTRIC BUS MARKET, MOST ACTIVE COMPANIES, BY NUMBER OF STRATEGIC MOVES, 2017 - 2030
- Figure 45:
- NORTH AMERICA ELECTRIC BUS MARKET, MOST ADOPTED STRATEGIES, 2017 - 2030
- Figure 46:
- NORTH AMERICA ELECTRIC BUS MARKET SHARE(%), BY MAJOR PLAYERS, 2021
North America Electric Bus Industry Segmentation
BEV, FCEV, HEV are covered as segments by Fuel Category. Canada, Mexico, US are covered as segments by Country.
- By 2027, the North American electric bus market is projected to surpass USD 850 million in market share. Both the US and Canadian governments are actively devising plans to establish robust charging infrastructure across the region. In June 2021, the Federal Transit Administration (FTA), a division of the US Department of Transportation, granted awards totaling approximately USD 182 million. These incentives are expected to be utilized by around 49 electric bus projects spanning 46 states.
- Key players in the North American electric bus market include Daimler, Volvo, Scania AB, BYD Company Limited, and GreenPower Motor Company Inc. To enhance battery performance across various capacities (below 100 kWh, 100-300 kWh, and above 300 kWh), manufacturers are employing innovative technologies. Seating capacity classifications for electric buses include less than 40, 40-70, and over 70, catering to both intercity and intracity travel.
- Currently, there are approximately 386,000 electric buses in operation globally, with China accounting for a staggering 99% and the US lagging behind at less than 0.1% (a mere 350 buses). Projections indicate that by 2030, 84% of new municipal bus sales will be electric, and by 2025, half of the global municipal bus fleet will be electric. Estimates suggest that by 2040, 80% of metropolitan bus fleets (excluding intercity and charter buses) and 33% of all cars worldwide will be electric. With their shorter travel distances and the convenience of recharging at central depots, city buses are an ideal fit for electric power. While battery-charged electric buses typically offer a driving range of 70-100 miles, some models can go up to 265 miles before requiring a recharge (in contrast, diesel buses average a range of 690 miles).
| Fuel Category | BEV |
| FCEV | |
| HEV | |
| Country | Canada |
| Mexico | |
| US |
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Market Definition
- Vehicle Type - The category includes Medium and Heavy Duty Buses.
- Vehicle Body Type - This include Bus category.
- Fuel Category - The category exclusively covers electric propulsion systems, including various types such as HEV (Hybrid Electric Vehicles), PHEV (Plug-in Hybrid Electric Vehicles), BEV (Battery Electric Vehicles), and FCEV (Fuel Cell Electric Vehicles).
| 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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