United States Electric Car 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 92.86 Billion |
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Market Size (2030) | USD 248.9 Billion |
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CAGR (2024 - 2030) | 17.86 % |
Major Players |
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*Disclaimer: Major Players sorted in no particular order |
United States Electric Car Market Analysis
The United States Electric Car Market size is estimated at 92.86 billion USD in 2024, and is expected to reach 248.9 billion USD by 2030, growing at a CAGR of 17.86% during the forecast period (2024-2030).
92.86 Billion
Market Size in 2024 (USD)
248.9 Billion
Market Size in 2030 (USD)
28.26 %
CAGR (2017-2023)
17.86 %
CAGR (2024-2030)
Largest Segment by Vehicle Body Type
73.43 %
value share, Sports Utility Vehicle, 2023
Electric SUVs dominate the market due to their combination of spaciousness, versatility, higher seating capacity, and increasing preference for vehicles offering a blend of comfort and utility.
Largest Segment by Fuel Category
54.31 %
value share, BEV, 2023
BEVs are the largest segment due to increased consumer awareness, government incentives for zero-emission vehicles, and rapid advancements in electric vehicle technology.
Fastest-growing Segment by Fuel Category
33.80 %
Projected CAGR, FCEV, 2024-2030
FCEVs are the fastest-growing segment due to advancements in hydrogen technology, investments in hydrogen refueling stations, and a push for zero-emission transportation solutions.
Leading Market Player
13.03 %
market share, Tesla Inc., 2023
The EV producer offering various electric car models, and the consumer shift to EV is providing Tesla an advantage of being a home brand, making Tesla a market leader in Electric car sales in the US.
Second leading Market Player
7.61 %
market share, Toyota Motor Corporation, 2023
Diversified product portfolio offerings, high production capabilities, and extensive supply chain network and strong brand value marks Toyota at second place in US electric car market.
Electric car configurations in the US electric car market are rapidly evolving, catering to the growing consumer demand for variety, performance, and sustainability
- The electric vehicle (EV) industry experienced a surge in consumer interest and adoption due to technological advancements in battery technology, improvements in charging infrastructure, and increased environmental awareness. Hatchbacks and sedans led the way, appealing to urban commuters and eco-conscious individuals seeking affordable and efficient transportation. MPVs gained popularity for their versatility, catering to families and those needing more space. Electric SUVs also captured attention, appealing to consumers seeking sustainability and a robust, high-riding vehicle. During 2017-2023, a solid foundation was established for the continued growth and development of the electric car market in the US.
- In 2023, automakers' research and development efforts improved EV performance and range. Sustainability concerns have driven the market's expansion. Hatchbacks, sedans, and MPVs cater to various preferences, but electric SUVs have witnessed remarkable growth due to their eco-friendliness and versatility. Advancements in battery tech and charging infrastructure made electric cars more affordable and convenient, boosting their market share in the US.
- The market is expected to experience significant growth, with estimates suggesting a CAGR of approximately 25% over the next five years. This growth is likely to be supported by government policies promoting EV adoption, such as tax incentives and regulations favoring clean energy vehicles. Additionally, as consumer awareness and preference for environment-friendly alternatives increase, electric cars are set to become a more dominant force in the automotive industry, making up an ever-larger portion of new vehicle sales.
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United States Electric Car Market Trends
Rapid growth in electric vehicle sales driven by government initiatives and increasing demand in the US
- The United States has witnessed a significant surge in the adoption of electric vehicles (EVs) in recent years. This uptick can be attributed to a heightened awareness of EVs, growing environmental concerns, and the implementation of government regulations. Notably, in 2016, California introduced the Zero-Emission Vehicle (ZEV) program aimed at curbing carbon emissions and improving air quality. This initiative has not only spurred the growth of electric cars within California but has also influenced other states to adopt similar ZEV regulations. Consequently, the nation saw a remarkable 634% surge in demand for battery electric vehicles (BEVs) from 2017 to 2022.
- The demand for electric commercial vehicles in the United States is also on the rise. Factors such as the booming e-commerce industry, increased logistics activities, and governmental initiatives for cleaner transportation have fueled this growth. In a significant move, the governor of New York signed the Advanced Clean Truck (ACT) Rule in September 2021. This rule sets a target for all new light-duty vehicles to be zero-emission by 2035 and the same for medium- and heavy-duty vehicles by 2045. As a result, the United States witnessed a 21% surge in demand for electric commercial vehicles in 2022 compared to the previous year.
- Governmental efforts, including rebates, subsidies, and strategic plans, are further bolstering the electrification of vehicles nationwide. In May 2022, President Biden unveiled a USD 3 billion plan to expedite domestic battery manufacturing, with the aim of transitioning gas-powered vehicles to electric ones. This push is expected to significantly boost electric mobility in the country, particularly during 2024-2030, thereby amplifying the demand for battery packs.
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OTHER KEY INDUSTRY TRENDS COVERED IN THE REPORT
- The US population continues to grow steadily, driven by immigration and economic opportunities that require strategic planning
- The CVP is expected to experience consistent growth, driven by technological advancements, a focus on sustainable transportation, and the US's commitment to automotive innovation and reducing carbon emissions
- The recent US auto interest rate of 3.6% reflects fluctuations influenced by monetary policies, credit demand, and economic conditions, with a modest increase indicating optimism in the post-pandemic recovery
- The United States achieved a milestone of 128,000 EV Charging Stations in 2022, and the country is poised for continued growth in green mobility
- Rising demand and strategic product launches drive the electric vehicle market in the US.
- The United States remained a net crude oil importer in 2022, importing about 6.28 million bpd of crude oil from 80 countries
- The US exhibits remarkable economic resilience and growth, driven by factors like robust financial markets, technological advancements, and adaptable policies
- The United States grapples with fluctuating inflation but aims for stability for long-term economic leadership
- Evolution of Mobility as a Service (MaaS) in the United States: a focus on shared rides, car rentals, car-sharing, and ride-hailing and taxi services
- Decreasing battery pack prices and government initiatives drive the US electric vehicle market
- The recovery of the US used car sales market can be attributed to several factors, including the economic revival after the challenges of 2020 and the increasing consumer preference for used cars due to their cost-effectiveness
- From 2017 to 2022, North America, especially the US, witnessed a shift in hybrid and electric vehicle production, with Tesla and Toyota seeing significant growth
United States Electric Car Industry Overview
The United States Electric Car Market is fragmented, with the top five companies occupying 28.19%. The major players in this market are Honda Motor Co. Ltd., Hyundai Motor Company, Tesla Inc., Toyota Motor Corporation and Volkswagen AG (sorted alphabetically).
United States Electric Car Market Leaders
Honda Motor Co. Ltd.
Hyundai Motor Company
Tesla Inc.
Toyota Motor Corporation
Volkswagen AG
Other important companies include Bayerische Motoren Werke AG, Fiat Chrysler Automobiles N.V, Ford Motor Company, GM Motor (Chevrolet), Kia Corporation.
*Disclaimer: Major Players sorted in alphabetical order.
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United States Electric Car Market News
- November 2023: Ford motors and manufacturers 2030 have entered into a strategic Partnerships to help its suppliers achieve their CO2 reduction targets in line with Ford Motor Co.'s global objective of becoming carbon neutral by 2050.
- November 2023: Hyundai Motor's Genesis division has opened a new showroom in New York, the United States.
- November 2023: Tesla has acquired US-based start-up SiILion battery (Battery manufacturer) to excel the battery production in US.
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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.
United States Electric Car 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 Bayerische Motoren Werke AG
- 6.4.2 Fiat Chrysler Automobiles N.V
- 6.4.3 Ford Motor Company
- 6.4.4 GM Motor (Chevrolet)
- 6.4.5 Honda Motor Co. Ltd.
- 6.4.6 Hyundai Motor Company
- 6.4.7 Kia Corporation
- 6.4.8 Tesla Inc.
- 6.4.9 Toyota Motor Corporation
- 6.4.10 Volkswagen AG
- *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:
- POPULATION TRENDS, VOLUME IN UNITS, US, 2017 - 2030
- Figure 2:
- GDP PER CAPITA AT CURRENT PRICES, VALUE IN USD, US, 2017 - 2030
- Figure 3:
- AVERAGE CONSUMER SPENDING PER CAPITA ON PURCHASE OF VEHICLES, VALUE IN USD, US, 2017 - 2030
- Figure 4:
- INFLATION RATE AT AVERAGE CONSUMER PRICES, PERCENTAGE CHANGE, US, 2017 - 2030
- Figure 5:
- AUTO LOAN INTEREST RATES, PERCENTAGE, US, 2017 - 2022
- Figure 6:
- USED CAR MARKET, REVENUE IN USD, US, 2017 - 2030
- Figure 7:
- ELECTRIC VEHICLE MARKET PENETRATION RATE, BY VEHICLE TYPE, PERCENTAGE OF VOLUME, US, 2017 - 2030
- Figure 8:
- CHARGING STATION DEPLOYMENT, BY TYPE, VOLUME IN UNITS, US, 2017 - 2022
- Figure 9:
- AVERAGE LITHIUM-ION BATTERY PACK PRICE, VALUE IN USD, US, 2017 - 2030
- Figure 10:
- ANNOUNCEMENT OF NEW XEV MODELS, BY VEHICLE TYPE, VOLUME IN UNITS, US, 2023 - 2027
- Figure 11:
- USED CAR MARKET, REVENUE IN USD, US, 2017 - 2030
- Figure 12:
- FUEL PRICE, BY FUEL TYPE, USD/LITER, US, 2017 - 2022
- Figure 13:
- OEM-WISE PRODUCTION STATISTICS, VOLUME IN UNITS, US, 2017 - 2022
- Figure 14:
- UNITED STATES ELECTRIC CAR MARKET, VOLUME IN UNITS, 2017 - 2030
- Figure 15:
- UNITED STATES ELECTRIC CAR MARKET, VALUE IN USD, 2017 - 2030
- Figure 16:
- UNITED STATES ELECTRIC CAR MARKET, BY VEHICLE BODY TYPE, BY VOLUME IN UNITS, 2017 - 2030
- Figure 17:
- UNITED STATES ELECTRIC CAR MARKET, BY VEHICLE BODY TYPE, BY VALUE IN USD, 2017 - 2030
- Figure 18:
- UNITED STATES ELECTRIC CAR MARKET MARKET, SHARE(%), BY VEHICLE BODY TYPE, 2017 - 2030
- Figure 19:
- UNITED STATES ELECTRIC CAR MARKET MARKET, SHARE(%), BY VEHICLE BODY TYPE, 2017 - 2030
- Figure 20:
- UNITED STATES ELECTRIC CAR MARKET, BY HATCHBACK, BY VOLUME IN UNITS, 2017 - 2030
- Figure 21:
- UNITED STATES ELECTRIC CAR MARKET, BY HATCHBACK, BY VALUE IN USD, 2017 - 2030
- Figure 22:
- UNITED STATES ELECTRIC CAR MARKET MARKET, SHARE(%), BY VEHICLE BODY TYPE, 2017 - 2030
- Figure 23:
- UNITED STATES ELECTRIC CAR MARKET, BY MULTI-PURPOSE VEHICLE, BY VOLUME IN UNITS, 2017 - 2030
- Figure 24:
- UNITED STATES ELECTRIC CAR MARKET, BY MULTI-PURPOSE VEHICLE, BY VALUE IN USD, 2017 - 2030
- Figure 25:
- UNITED STATES ELECTRIC CAR MARKET MARKET, SHARE(%), BY VEHICLE BODY TYPE, 2017 - 2030
- Figure 26:
- UNITED STATES ELECTRIC CAR MARKET, BY SEDAN, BY VOLUME IN UNITS, 2017 - 2030
- Figure 27:
- UNITED STATES ELECTRIC CAR MARKET, BY SEDAN, BY VALUE IN USD, 2017 - 2030
- Figure 28:
- UNITED STATES ELECTRIC CAR MARKET MARKET, SHARE(%), BY VEHICLE BODY TYPE, 2017 - 2030
- Figure 29:
- UNITED STATES ELECTRIC CAR MARKET, BY SPORTS UTILITY VEHICLE, BY VOLUME IN UNITS, 2017 - 2030
- Figure 30:
- UNITED STATES ELECTRIC CAR MARKET, BY SPORTS UTILITY VEHICLE, BY VALUE IN USD, 2017 - 2030
- Figure 31:
- UNITED STATES ELECTRIC CAR MARKET MARKET, SHARE(%), BY VEHICLE BODY TYPE, 2017 - 2030
- Figure 32:
- UNITED STATES ELECTRIC CAR MARKET, BY FUEL CATEGORY, BY VOLUME IN UNITS, 2017 - 2030
- Figure 33:
- UNITED STATES ELECTRIC CAR MARKET, BY FUEL CATEGORY, BY VALUE IN USD, 2017 - 2030
- Figure 34:
- UNITED STATES ELECTRIC CAR MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
- Figure 35:
- UNITED STATES ELECTRIC CAR MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
- Figure 36:
- UNITED STATES ELECTRIC CAR MARKET, BY BEV, BY VOLUME IN UNITS, 2017 - 2030
- Figure 37:
- UNITED STATES ELECTRIC CAR MARKET, BY BEV, BY VALUE IN USD, 2017 - 2030
- Figure 38:
- UNITED STATES ELECTRIC CAR MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
- Figure 39:
- UNITED STATES ELECTRIC CAR MARKET, BY FCEV, BY VOLUME IN UNITS, 2017 - 2030
- Figure 40:
- UNITED STATES ELECTRIC CAR MARKET, BY FCEV, BY VALUE IN USD, 2017 - 2030
- Figure 41:
- UNITED STATES ELECTRIC CAR MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
- Figure 42:
- UNITED STATES ELECTRIC CAR MARKET, BY HEV, BY VOLUME IN UNITS, 2017 - 2030
- Figure 43:
- UNITED STATES ELECTRIC CAR MARKET, BY HEV, BY VALUE IN USD, 2017 - 2030
- Figure 44:
- UNITED STATES ELECTRIC CAR MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
- Figure 45:
- UNITED STATES ELECTRIC CAR MARKET, BY PHEV, BY VOLUME IN UNITS, 2017 - 2030
- Figure 46:
- UNITED STATES ELECTRIC CAR MARKET, BY PHEV, BY VALUE IN USD, 2017 - 2030
- Figure 47:
- UNITED STATES ELECTRIC CAR MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
- Figure 48:
- UNITED STATES ELECTRIC CAR MARKET, MOST ACTIVE COMPANIES, BY NUMBER OF STRATEGIC MOVES, 2017 - 2030
- Figure 49:
- UNITED STATES ELECTRIC CAR MARKET, MOST ADOPTED STRATEGIES, 2017 - 2030
- Figure 50:
- UNITED STATES ELECTRIC CAR MARKET SHARE(%), BY MAJOR PLAYERS, 2021
United States Electric Car Industry Segmentation
Passenger Cars are covered as segments by Vehicle Configuration. BEV, FCEV, HEV, PHEV are covered as segments by Fuel Category.
- The electric vehicle (EV) industry experienced a surge in consumer interest and adoption due to technological advancements in battery technology, improvements in charging infrastructure, and increased environmental awareness. Hatchbacks and sedans led the way, appealing to urban commuters and eco-conscious individuals seeking affordable and efficient transportation. MPVs gained popularity for their versatility, catering to families and those needing more space. Electric SUVs also captured attention, appealing to consumers seeking sustainability and a robust, high-riding vehicle. During 2017-2023, a solid foundation was established for the continued growth and development of the electric car market in the US.
- In 2023, automakers' research and development efforts improved EV performance and range. Sustainability concerns have driven the market's expansion. Hatchbacks, sedans, and MPVs cater to various preferences, but electric SUVs have witnessed remarkable growth due to their eco-friendliness and versatility. Advancements in battery tech and charging infrastructure made electric cars more affordable and convenient, boosting their market share in the US.
- The market is expected to experience significant growth, with estimates suggesting a CAGR of approximately 25% over the next five years. This growth is likely to be supported by government policies promoting EV adoption, such as tax incentives and regulations favoring clean energy vehicles. Additionally, as consumer awareness and preference for environment-friendly alternatives increase, electric cars are set to become a more dominant force in the automotive industry, making up an ever-larger portion of new vehicle sales.
| 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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