South Africa Electric Cars 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 3.12 Billion |
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Market Size (2030) | USD 6.49 Billion |
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CAGR (2024 - 2030) | 12.99 % |
Major Players |
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*Disclaimer: Major Players sorted in no particular order |
South Africa Electric Cars Market Analysis
The South Africa Electric Cars Market size is estimated at 3.12 billion USD in 2024, and is expected to reach 6.49 billion USD by 2030, growing at a CAGR of 12.99% during the forecast period (2024-2030).
3.12 Billion
Market Size in 2024 (USD)
6.49 Billion
Market Size in 2030 (USD)
29.79 %
CAGR (2017-2023)
12.99 %
CAGR (2024-2030)
Largest Segment by Fuel Category
46.39 %
value share, BEV, 2023
BEVs dominate due to government incentives, lower operational costs, and urban demand for cleaner transportation options in South Africa.
Fastest-growing Segment by Fuel Category
32.20 %
Projected CAGR, FCEV, 2024-2030
FCEVs are growing rapidly due to advancements in hydrogen technology, increased investment in hydrogen infrastructure, and a focus on reducing vehicle emissions.
Largest Segment by Vehicle Body Type
42.83 %
value share, Hatchback, 2023
Hatchbacks dominate due to their compact size, affordability, and suitability for urban driving, making them a popular choice among South African consumers.
Leading Market Player
64.92 %
market share, Toyota Motor Corporation, 2023
Toyota is the market leader in the South African electric car market with a strategy of collective competition and collaborative operation that provides a competitive advantage for the company.
Second leading Market Player
7.93 %
market share, Bayerische Motoren Werke AG, 2023
BMW is a major player due to its advanced EV technology, strong brand reputation, and commitment to providing luxury electric cars that cater to South Africa's growing demand for sustainable mobility.
The South African electric car market is on the cusp of acceleration, propelled by increasing environmental awareness and government incentives for cleaner transportation options
- As of early 2023, South Africa was at a nascent stage in the adoption of electric vehicles (EVs). The market penetration of electric cars in South Africa remained low compared to global standards, primarily due to several factors, including the high cost of EVs, limited charging infrastructure, and the lack of substantial government incentives to lower these barriers. Despite these challenges, there was a growing interest among consumers and businesses in cleaner transportation options, driven by an increased awareness of environmental issues and the global shift toward sustainability.
- Challenges facing the South African electric car market are significant but not insurmountable. High import taxes on electric vehicles make them considerably more expensive than their internal combustion engine counterparts, which discourages potential buyers. The development of a widespread and reliable charging infrastructure is another critical challenge. As of the last analysis, the country's charging network was primarily located in major cities and along some parts of the national highways, limiting the practicality of EV use for long-distance travel and in rural areas. Despite these hurdles, the future of the South African electric car market is promising.
- The South African government has started to recognize the importance of transitioning to a greener economy and has begun to implement policies that could support the growth of the EV market. These include potential tax incentives for electric vehicle buyers and investments in charging infrastructure. Moreover, local initiatives and partnerships between the private sector and government agencies are underway to increase the accessibility and affordability of electric vehicles.
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South Africa Electric Cars Market Trends
South Africa is experiencing a steady rise in vehicle electrification across all segments, with future forecasts suggesting significant growth by 2030, emphasizing the nation's dedication to sustainable mobility, carbon emission reduction, and alignment with global electrification trends
- The automotive sector in South Africa is witnessing a notable push toward electrification. In the passenger cars segment, the electrification rate stood at 2% in 2022 and 4% in 2023. Light commercial vehicles' (LCVs) electrification percentage rose from 0.20% in 2022 to 1.09% in 2023. The medium and heavy-duty truck (M&HDT) category, though slower to adopt, initiated its foray into electrification in 2023, starting at a 0.10% rate. Buses, a vital component of public transportation, are transitioning as well, with their electrification rate forecasted to climb from 0.50% in 2022 to 1.96% in 2023.
- From 2017 to 2022, South Africa showcased a growing commitment to greener transportation. The electrification rate for passenger cars surged from 2% in 2017 to 5% by 2022. LCVs witnessed a similar trend, with their electrification rate expanding from 0.20% in 2017 to nearly 2% in 2022. While the M&HDT category remained largely untouched by electrification until 2022, it did exhibit a nascent interest, starting at a 0.10% rate. In contrast, the two-wheeler segment, known for its affordability, saw a significant jump in electrification, from 1.50% in 2017 to 7.81% in 2022.
- From 2024 to 2030, South Africa is poised for a steady surge in vehicle electrification across all segments. Projections indicate that by 2030, electrified passenger cars will make up 12% of the market. LCVs are expected to hit a 6% electrification rate, while the M&HDT segment is expected to expand its electric fleet, reaching 4% by 2030. Buses, crucial for sustainable urban mobility, are anticipated to achieve a 10% electrification rate by 2030. The two-wheeler segment, prized for its efficiency and affordability, is forecasted to make a significant leap, reaching a 22% electrification rate by 2030.
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OTHER KEY INDUSTRY TRENDS COVERED IN THE REPORT
- South Africa's population growth, driven by factors like improved healthcare and economic conditions, is expected to continue steadily, reaching 68.34 million by 2030
- After significant fluctuations from 2017-2022, CVP in South Africa is projected to steadily rise from 2024-2030, driven by technological advancements, financing options, and a growing middle class.
- South Africa's auto interest rates experienced fluctuations, influenced by economic policies and global conditions, with a notable increase in 2022
- The South African EV charging station market is set to expand in line with sustainability goals
- South Africa's EV market is on the cusp of expansion with key investments and new model introductions setting the stage for a greener automotive landscape.
- Average Brent crude oil price increased from USD 79.75 to USD 84.78 in September 2023 due to tightening supply resulting from production cuts by Saudi Arabia
- GDP per capita on a steady growth trajectory, reaching USD 7,235.46 by 2030, driven by economic reforms and improved business conditions.
- Harnessing stability in inflation is pivotal for South Africa's prosperous economic future
- South Africa's Mobility as a Service (MaaS) market: car rentals and ride-hailing services lead, car-sharing gains traction
- Downward trend in pack prices and promising future prospects
- The growth of sales in the South African used car market can be attributed to the increasing consumer trust in used cars and the overall economic recovery in the region
- The South African automotive sector showed VW and Toyota's consistent growth in cars and Ford and Isuzu's strength in light trucks, indicating market resilience and shifting consumer demands
South Africa Electric Cars Industry Overview
The South Africa Electric Cars Market is fairly consolidated, with the top five companies occupying 78.88%. The major players in this market are Audi AG, Bayerische Motoren Werke AG, Daimler AG (Mercedes-Benz AG), Toyota Motor Corporation and Volvo Car AB (sorted alphabetically).
South Africa Electric Cars Market Leaders
Audi AG
Bayerische Motoren Werke AG
Daimler AG (Mercedes-Benz AG)
Toyota Motor Corporation
Volvo Car AB
Other important companies include Ferrari NV, Honda Motor Co. Ltd., Jaguar Land Rover Limited, Porsche.
*Disclaimer: Major Players sorted in alphabetical order.
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South Africa Electric Cars Market News
- August 2023: Toyota Argentina announced that as it begins production of the Hiace in 2024 at its plant in Zárate, it will continue and enlarge the mission of the Conversions area, dedicated to designing and producing vehicles adapted to the specific needs of multiple customers.
- August 2023: The Dubai Police Department has placed an electric Mercedes EQS 580 on its fleet of luxury cars and environmentally conscious vehicles to patrol the streets.
- August 2023: Tesla has introduced the car insurance services in California, the United States.
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For the Vehicle Hub report, we provide an extensive collection of over 150 free charts, delivering detailed insights on regional and country-level dynamics within the vehicle industry. This encompasses in-depth analyses of vehicle registrations, usage patterns in both consumer and business segments, and evaluations of various vehicle configurations and body types. The report delves into critical industrial trends such as shifts in vehicle production and distribution centers, changes in vehicle ownership costs, and advancements in automotive technologies. Further, our report offers comprehensive market segmentation by vehicle type, body type, propulsion, and fuel categories, providing a nuanced understanding of the market landscape. It also explores the adoption rate of new technologies, the impact of regulatory changes, and the influence of economic factors on the vehicle market. We include a thorough examination of key industry players, regulatory frameworks, and market size in terms of both revenue and unit sales, leading to strategic projections and forecasts that account for emerging trends and potential shifts in the industry.
South Africa Electric Cars 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 Used Car Sales
- 4.12 Fuel Price
- 4.13 Oem-wise Production Statistics
- 4.14 Regulatory Framework
- 4.15 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 Configuration
- 5.1.1 Passenger Cars
- 5.1.1.1 Hatchback
- 5.1.1.2 Multi-purpose Vehicle
- 5.1.1.3 Sedan
- 5.1.1.4 Sports Utility Vehicle
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5.2 Fuel Category
- 5.2.1 BEV
- 5.2.2 FCEV
- 5.2.3 HEV
- 5.2.4 PHEV
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 Audi AG
- 6.4.2 Bayerische Motoren Werke AG
- 6.4.3 Daimler AG (Mercedes-Benz AG)
- 6.4.4 Ferrari NV
- 6.4.5 Honda Motor Co. Ltd.
- 6.4.6 Jaguar Land Rover Limited
- 6.4.7 Porsche
- 6.4.8 Toyota Motor Corporation
- 6.4.9 Volvo Car AB
- *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:
- SOUTH AFRICA ELECTRIC CARS MARKET, POPULATION YOY GROWTH RATE, UNITS, 2017 - 2030
- Figure 2:
- SOUTH AFRICA MARKET, UNDEFINED YOY GROWTH RATE, 2017 - 2030
- Figure 3:
- SOUTH AFRICA MARKET, UNDEFINED YOY GROWTH RATE, 2017 - 2030
- Figure 4:
- SOUTH AFRICA MARKET, UNDEFINED YOY GROWTH RATE, 2017 - 2030
- Figure 5:
- SOUTH AFRICA ELECTRIC CARS MARKET, INTEREST RATE FOR AUTO LOANS YOY GROWTH RATE, PERCENTAGE, 2017 - 2022
- Figure 6:
- SOUTH AFRICA MARKET, UNDEFINED YOY GROWTH RATE, 2017 - 2030
- Figure 7:
- SOUTH AFRICA MARKET, UNDEFINED YOY GROWTH RATE, 2017 - 2030
- Figure 8:
- SOUTH AFRICA MARKET, UNDEFINED YOY GROWTH RATE, 2017 - 2022
- Figure 9:
- SOUTH AFRICA MARKET, UNDEFINED YOY GROWTH RATE, 2017 - 2030
- Figure 10:
- SOUTH AFRICA MARKET, UNDEFINED YOY GROWTH RATE, 2017 - 2030
- Figure 11:
- SOUTH AFRICA MARKET, UNDEFINED YOY GROWTH RATE, 2017 - 2022
- Figure 12:
- SOUTH AFRICA ELECTRIC CARS MARKET, VOLUME IN UNITS, 2017 - 2030
- Figure 13:
- SOUTH AFRICA ELECTRIC CARS MARKET, VALUE IN USD, 2017 - 2030
- Figure 14:
- SOUTH AFRICA ELECTRIC CARS MARKET, BY VEHICLE BODY TYPE, BY VOLUME IN UNITS, 2017 - 2030
- Figure 15:
- SOUTH AFRICA ELECTRIC CARS MARKET, BY VEHICLE BODY TYPE, BY VALUE IN USD, 2017 - 2030
- Figure 16:
- SOUTH AFRICA ELECTRIC CARS MARKET MARKET, SHARE(%), BY VEHICLE BODY TYPE, 2017 - 2030
- Figure 17:
- SOUTH AFRICA ELECTRIC CARS MARKET MARKET, SHARE(%), BY VEHICLE BODY TYPE, 2017 - 2030
- Figure 18:
- SOUTH AFRICA ELECTRIC CARS MARKET, BY HATCHBACK, BY VOLUME IN UNITS, 2017 - 2030
- Figure 19:
- SOUTH AFRICA ELECTRIC CARS MARKET, BY HATCHBACK, BY VALUE IN USD, 2017 - 2030
- Figure 20:
- SOUTH AFRICA ELECTRIC CARS MARKET MARKET, SHARE(%), BY VEHICLE BODY TYPE, 2017 - 2030
- Figure 21:
- SOUTH AFRICA ELECTRIC CARS MARKET, BY MULTI-PURPOSE VEHICLE, BY VOLUME IN UNITS, 2017 - 2030
- Figure 22:
- SOUTH AFRICA ELECTRIC CARS MARKET, BY MULTI-PURPOSE VEHICLE, BY VALUE IN USD, 2017 - 2030
- Figure 23:
- SOUTH AFRICA ELECTRIC CARS MARKET MARKET, SHARE(%), BY VEHICLE BODY TYPE, 2017 - 2030
- Figure 24:
- SOUTH AFRICA ELECTRIC CARS MARKET, BY SEDAN, BY VOLUME IN UNITS, 2017 - 2030
- Figure 25:
- SOUTH AFRICA ELECTRIC CARS MARKET, BY SEDAN, BY VALUE IN USD, 2017 - 2030
- Figure 26:
- SOUTH AFRICA ELECTRIC CARS MARKET MARKET, SHARE(%), BY VEHICLE BODY TYPE, 2017 - 2030
- Figure 27:
- SOUTH AFRICA ELECTRIC CARS MARKET, BY SPORTS UTILITY VEHICLE, BY VOLUME IN UNITS, 2017 - 2030
- Figure 28:
- SOUTH AFRICA ELECTRIC CARS MARKET, BY SPORTS UTILITY VEHICLE, BY VALUE IN USD, 2017 - 2030
- Figure 29:
- SOUTH AFRICA ELECTRIC CARS MARKET MARKET, SHARE(%), BY VEHICLE BODY TYPE, 2017 - 2030
- Figure 30:
- SOUTH AFRICA ELECTRIC CARS MARKET, BY FUEL CATEGORY, BY VOLUME IN UNITS, 2017 - 2030
- Figure 31:
- SOUTH AFRICA ELECTRIC CARS MARKET, BY FUEL CATEGORY, BY VALUE IN USD, 2017 - 2030
- Figure 32:
- SOUTH AFRICA ELECTRIC CARS MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
- Figure 33:
- SOUTH AFRICA ELECTRIC CARS MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
- Figure 34:
- SOUTH AFRICA ELECTRIC CARS MARKET, BY BEV, BY VOLUME IN UNITS, 2017 - 2030
- Figure 35:
- SOUTH AFRICA ELECTRIC CARS MARKET, BY BEV, BY VALUE IN USD, 2017 - 2030
- Figure 36:
- SOUTH AFRICA ELECTRIC CARS MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
- Figure 37:
- SOUTH AFRICA ELECTRIC CARS MARKET, BY FCEV, BY VOLUME IN UNITS, 2017 - 2030
- Figure 38:
- SOUTH AFRICA ELECTRIC CARS MARKET, BY FCEV, BY VALUE IN USD, 2017 - 2030
- Figure 39:
- SOUTH AFRICA ELECTRIC CARS MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
- Figure 40:
- SOUTH AFRICA ELECTRIC CARS MARKET, BY HEV, BY VOLUME IN UNITS, 2017 - 2030
- Figure 41:
- SOUTH AFRICA ELECTRIC CARS MARKET, BY HEV, BY VALUE IN USD, 2017 - 2030
- Figure 42:
- SOUTH AFRICA ELECTRIC CARS MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
- Figure 43:
- SOUTH AFRICA ELECTRIC CARS MARKET, BY PHEV, BY VOLUME IN UNITS, 2017 - 2030
- Figure 44:
- SOUTH AFRICA ELECTRIC CARS MARKET, BY PHEV, BY VALUE IN USD, 2017 - 2030
- Figure 45:
- SOUTH AFRICA ELECTRIC CARS MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
- Figure 46:
- SOUTH AFRICA ELECTRIC CARS MARKET, MOST ACTIVE COMPANIES, BY NUMBER OF STRATEGIC MOVES, 2017 - 2030
- Figure 47:
- SOUTH AFRICA ELECTRIC CARS MARKET, MOST ADOPTED STRATEGIES, 2017 - 2030
- Figure 48:
- SOUTH AFRICA ELECTRIC CARS MARKET SHARE(%), BY MAJOR PLAYERS, 2021
South Africa Electric Cars Industry Segmentation
Passenger Cars are covered as segments by Vehicle Configuration. BEV, FCEV, HEV, PHEV are covered as segments by Fuel Category.
- As of early 2023, South Africa was at a nascent stage in the adoption of electric vehicles (EVs). The market penetration of electric cars in South Africa remained low compared to global standards, primarily due to several factors, including the high cost of EVs, limited charging infrastructure, and the lack of substantial government incentives to lower these barriers. Despite these challenges, there was a growing interest among consumers and businesses in cleaner transportation options, driven by an increased awareness of environmental issues and the global shift toward sustainability.
- Challenges facing the South African electric car market are significant but not insurmountable. High import taxes on electric vehicles make them considerably more expensive than their internal combustion engine counterparts, which discourages potential buyers. The development of a widespread and reliable charging infrastructure is another critical challenge. As of the last analysis, the country's charging network was primarily located in major cities and along some parts of the national highways, limiting the practicality of EV use for long-distance travel and in rural areas. Despite these hurdles, the future of the South African electric car market is promising.
- The South African government has started to recognize the importance of transitioning to a greener economy and has begun to implement policies that could support the growth of the EV market. These include potential tax incentives for electric vehicle buyers and investments in charging infrastructure. Moreover, local initiatives and partnerships between the private sector and government agencies are underway to increase the accessibility and affordability of electric vehicles.
| Vehicle Configuration | Passenger Cars | Hatchback |
| Multi-purpose Vehicle | ||
| Sedan | ||
| Sports Utility Vehicle | ||
| Fuel Category | BEV | |
| FCEV | ||
| HEV | ||
| PHEV |
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Market Definition
- Vehicle Type - The category includes passenger cars.
- Vehicle Body Type - This include various body types such as Hatchbacks, Sedans, Sports Utility Vehicles, and Multi-purpose Vehicles.
- 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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