Are you need IT Support Engineer? Free Consultant
Global Automotive Lightweight Materials Market Outlook 2032: Global Opportunity and Demand Analysis, Market Forecast To 2032
- Published :
Report ID: AM0007
Pages: 156
Base Year: 2023
Format: PDF
Historical Date: 2019-2022
Market Research Report
Summary At A Glance
Description
Table of Contents
List Of Tables
List Of Figures
Research Methodology
Description
MARKET SCOPE:
The global Automotive Lightweight Materials market is projected to grow significantly, registering a CAGR of 3.1% during the forecast period (2024 – 2032).
Automotive lightweight materials refer to a diverse range of materials that are utilized in the construction of vehicles with the primary objective of reducing overall weight while maintaining or enhancing performance, safety, and efficiency. These materials are strategically chosen for specific components based on their unique properties, such as high strength-to-weight ratio, durability, and corrosion resistance. The use of lightweight materials in automotive design is a key strategy to address fuel efficiency, emissions reduction, and the advancement of alternative powertrains, including electric and hybrid vehicles. The global emphasis on reducing fuel consumption and greenhouse gas emissions drives the demand for lightweight materials. Lightweight vehicles require less energy to operate, contributing to improved fuel efficiency. Stringent fuel efficiency standards and emissions regulations imposed by governments worldwide encourage automakers to adopt lightweight materials. Meeting these standards requires the incorporation of materials that contribute to weight reduction. The rise of electric and hybrid vehicles necessitates lightweight materials to offset the weight of batteries. Lightweight construction is critical for optimizing the range and overall efficiency of electric and hybrid vehicles. Consumer awareness and preferences for fuel-efficient vehicles contribute to the demand for lightweight materials. Automakers respond to consumer expectations by incorporating materials that enhance fuel efficiency.
MARKET OVERVIEW:
Driver: Increasing material diversity and multi-material strategies is driving the market growth
The diverse properties of materials, such as aluminum, high-strength steel, carbon fiber, and composites, allow automakers to customize material choices based on the specific requirements of different vehicle components. Each material is selected for its unique characteristics, contributing to optimal performance in various applications. Multi-material strategies enable automakers to achieve weight reduction goals without compromising the overall performance and safety of the vehicle. By strategically using materials with different strength-to-weight ratios, automakers can maintain structural integrity while reducing overall weight. Aluminum is known for its lightweight properties, making it suitable for components where weight reduction is crucial without sacrificing strength. Aluminum is commonly used in body panels, chassis components, and other non-structural parts to achieve weight savings. High-strength steel provides structural integrity and crashworthiness. It is strategically employed in critical areas of the vehicle, such as the safety cage and structural components, to enhance strength while ensuring passenger safety in the event of a collision.
Opportunities: Growing consumer needs for fuel efficiency is anticipated for the market growth in the upcoming years.
Consumer preferences for fuel-efficient vehicles contribute to the demand for lightweight materials. Lightweighting not only improves fuel efficiency but also enhances the overall driving experience. Modern consumers prioritize fuel efficiency as a key factor when making vehicle purchase decisions. Rising fuel costs and growing environmental awareness have heightened the importance of choosing vehicles that offer better mileage and reduced fuel consumption. Consumers recognize the economic benefits associated with fuel-efficient vehicles. Vehicles that require less fuel for the same distance traveled result in cost savings for consumers over the long term, making fuel efficiency a significant consideration. Increasing awareness of environmental issues, such as climate change and air pollution, has led consumers to seek greener and more sustainable transportation options. Fuel-efficient vehicles contribute to lower greenhouse gas emissions, aligning with consumers’ environmental values. Government regulations, such as CAFE standards, set fuel efficiency targets for automakers. As automakers strive to meet these standards, they introduce fuel-efficient vehicles that often incorporate lightweight materials to reduce overall vehicle weight and enhance efficiency.
COVID IMPACT:
The pandemic led to disruptions in global supply chains, affecting the availability of materials. Shortages, transportation challenges, and closures of manufacturing facilities had implications for the production and sourcing of lightweight materials. Changes in consumer behavior, including a temporary decline in automotive purchases and a shift in preferences towards larger vehicles during lockdowns, influenced the demand for specific lightweight materials. The focus on SUVs and trucks, which may use different materials compared to smaller vehicles, had implications for material choices. Automotive manufacturers worldwide faced production halts and delays due to lockdowns, restrictions, and workforce challenges. This affected the integration of lightweight materials into new vehicle models and slowed down the pace of lightweighting initiatives. The economic impact of the pandemic led to financial constraints for both automakers and consumers. Cost considerations became more critical, potentially influencing the prioritization of lightweight materials based on their cost-effectiveness. Research and development activities in the automotive sector faced disruptions, impacting the introduction of new lightweight materials and technologies. Some planned innovations or material advancements may have been delayed or put on hold.
SEGMENTATION ANALYSIS:
Metals segment is anticipated to grow significantly during the forecast period
Aluminum alloys are widely used in the automotive industry due to their lightweight properties and strength. The growth in the use of aluminum alloys, especially in body structures, chassis components, and powertrain elements, contributes significantly to the overall lightweighting efforts. High-strength steel, characterized by its improved strength-to-weight ratio, is increasingly adopted in various automotive applications. Automakers utilize advanced high-strength steel grades to enhance the structural integrity of vehicles while keeping weight in check. Continued research and development in metallurgy lead to the creation of advanced high-strength alloys. These alloys offer a combination of strength, ductility, and formability, making them suitable for lightweight components in different parts of the vehicle.
The Powertrain segment is anticipated to grow significantly during the forecast period
The powertrain segment is a critical area where automakers focus on improving efficiency and reducing emissions. Lightweight materials, such as high-strength alloys and composites, contribute to the development of lighter and more fuel-efficient powertrain components, aligning with global emission standards. The automotive industry is experiencing a significant shift towards electric and hybrid powertrains. In these alternative powertrains, lightweight materials play a crucial role in optimizing the performance of electric motors, batteries, and associated components. The growth of lightweight materials aligns with the electrification trend. Even in traditional internal combustion engines, the use of lightweight materials in the powertrain helps improve fuel efficiency. Lightweight alloys, advanced polymers, and composite materials are employed in engine components, transmission systems, and exhaust systems to reduce overall vehicle weight.
REGIONAL ANALYSIS:
The Asia Pacific region is set to witness significant growth during the forecast period
The Asia Pacific region, particularly countries like China and India, has been experiencing robust growth in vehicle production. As the automotive industry expands to meet domestic and international demand, there is an increased focus on lightweight materials to enhance fuel efficiency and meet emission standards. With an expanding middle class and increased urbanization in the Asia Pacific, there’s a growing demand for vehicles. Consumers are increasingly valuing fuel efficiency, and automakers are responding by incorporating lightweight materials to improve the overall fuel economy of vehicles. Governments and regulatory bodies in the Asia Pacific region are setting stringent emission reduction targets. Lightweight materials play a crucial role in achieving these targets by contributing to the development of more fuel-efficient and environmentally friendly vehicles. The Asia Pacific region is witnessing a surge in the adoption of electric vehicles and hybrids. Lightweight materials are essential in the construction of batteries, electric drivetrains, and overall vehicle structures for these alternative powertrains. Ongoing advancements in material science and engineering are leading to the development of innovative lightweight materials. The adoption of advanced composites, high-strength alloys, and other materials contributes to the overall weight reduction strategies in vehicle manufacturing.
COMPETITIVE ANALYSIS
The global Automotive Lightweight Materials market is reasonably competitive with mergers, acquisitions, and product launches. See some of the major key players in the market.
- BASF SE
- BASF SE, Stellantis, and L&L Products collaborated to develop the lightweight transmission mounting system (TMS) in August 2021. The composite tunnel reinforcement (CTR), one of its constituent parts, is situated beneath the car and is a crucial element of the TMS. The product engineering capabilities of BASF SE are expected to be improved by this inventive lightweight solution.
- Toray Industries
- LyondellBasell
- Novelis Inc
- ArcelorMittal
- In order to develop and construct complex metal and hybrid structures for body-in-white and chassis, ArcelorMittal and KIRCHHOFF Automotive GmbH signed a memorandum of understanding (MoU) in March 2024. ArcelorMittal hopes to break into the market for lightweight vehicle materials with this venture.
- Alcoa Corporation
- Owens Corning
- Stratasys Ltd.
- Tata Steel
- POSCO
Scope of the Report
- By Product
- Metals
- Composites
- Plastic
- Other Products
- By Application
- Body in white
- Chassis and Suspension
- Powertrain
- Closures
- Interiors
- Others
- By Region
- North America (the United States & Canada)
- Europe (Germany, UK, France, Spain, Italy, and the Rest of Europe)
- Asia Pacific (China, Japan, India, and Rest of Asia Pacific)
- Rest of the World (the Middle East & Africa, Latin America, and Rest of The World)
Keys reasons to purchasing this report
- It provides a technological development map over time to understand the industry’s growth rate and indicates how the Automotive Lightweight Materials market is evolving.
- The report offers a dynamic method to various factors that drive or restrain the growth of the market and specifies which Automotive Lightweight Materials submarket will be the main driver of the overall market from 2024 to 2032.
- It renders a definite analysis of changing competitive dynamics and stipulates the leading players and what are their prospects over the forecast period.
- It builds a nine-year estimate based on how the market is predicted to grow and shows what will market shares of the global region change by 2032 and which country will lead the market in 2032.
Table of Contents
- Executive Summary
- Market Snapshot
- Regional Analysis
- Segment Analysis
- Overview and scope
- Market Vision
- Market Definition
- Market Segmentation
- Market Vision
- Global Automotive Lightweight Materials Market Overview By Region: 2019 VS 2023 VS 2032
- Global Automotive Lightweight Materials Market Size by Regions (2019-2023) (USD Million)
- North America Automotive Lightweight Materials Market Size by Country (2019-2023) (USD Million)
- Europe Automotive Lightweight Materials Market Size by Country (2019-2023) (USD Million)
- Asia Pacific America Automotive Lightweight Materials Market Size by Country (2019-2023) (USD Million)
- Rest of the World Automotive Lightweight Materials Market Size by Country (2019-2023) (USD Million)
- Global Automotive Lightweight Materials Market Size by Regions (2024-2032) (USD Million)
- North America Automotive Lightweight Materials Market Size by Country (2024-2032) (USD Million)
- Europe Automotive Lightweight Materials Market Size by Country (2024-2032) (USD Million)
- Asia Pacific Automotive Lightweight Materials Market Size by Country (2024-2032) (USD Million)
- Rest of the World Automotive Lightweight Materials Market Size by Country (2024-2032) (USD Million)
- Global Automotive Lightweight Materials Market Size by Regions (2019-2023) (USD Million)
- Global Automotive Lightweight Materials Market Dynamics
- Market Overview
- Market Drivers
- Market Restraints/ Challenges Analysis
- Market Opportunities
- PESTLE Analysis
- Porter’s Five Forces Model
- Bargaining Power of Suppliers
- Bargaining Power of Buyers
- The threat of New Entrants
- Threat of Substitutes
- Intensity of Rivalry
- Value Chain Analysis/Supply Chain Analysis
- Covid-19 Impact Analysis on Global Automotive Lightweight Materials Market
- Market Overview
** In – depth qualitative analysis will be provided in the final report subject to market
- Global Automotive Lightweight Materials Market, By PRODUCT
- Overview
- Global Automotive Lightweight Materials Market Size By Product (2019 – 2032) (USD Million)
- Key Findings for Automotive Lightweight Materials Market – By Product
- Metals
- Composites
- Plastic
- Other Products
- Global Automotive Lightweight Materials Market, By Applications
- Overview
- Key Findings for Automotive Lightweight Materials Market – By Applications
- Body in white
- Chassis and Suspension
- Powertrain
- Closures
- Interiors
- Others
- Global Automotive Lightweight Materials Market, by region
- Key Findings For Automotive Lightweight Materials Market- By region
- Overview
- Global Automotive Lightweight Materials Market, By Product
- Global Automotive Lightweight Materials Market, By Application
- Global Automotive Lightweight Materials Market- North America
- Overview
- North America Automotive Lightweight Materials Market Size (2019 – 2032) (USD Million)
- North America Automotive Lightweight Materials Market, By Product
- North America Automotive Lightweight Materials Market, By Application
- North America Automotive Lightweight Materials Market Size by Countries
- United States
- Canada
- Global Automotive Lightweight Materials Market- Europe
- Overview
- Europe Automotive Lightweight Materials Market Size (2019 – 2032) (USD Million)
- Europe Automotive Lightweight Materials Market, By Product
- Europe Automotive Lightweight Materials Market, By Application
- Europe Automotive Lightweight Materials Market Size by Countries
- Germany
- UK
- France
- Spain
- Italy
- Rest of Europe
- Global Automotive Lightweight Materials Market – Asia Pacific
- Overview
- Asia Pacific Automotive Lightweight Materials Market Size (2019 – 2032) (USD Million)
- Asia Pacific Automotive Lightweight Materials Market, By Product
- Asia Pacific Automotive Lightweight Materials Market, By Applications
- Asia Pacific Automotive Lightweight Materials Market Size by Countries
- China
- Japan
- India
- Rest of Asia Pacific
- Global Automotive Lightweight Materials Market- Rest of World
- Overview
- Rest of World Automotive Lightweight Materials Market Size (2019 – 2032) (USD Million)
- Rest of World Automotive Lightweight Materials Market, By Product
- Rest of World Automotive Lightweight Materials Market, By Applications
- Rest of World Automotive Lightweight Materials Market Size by Regions
- Middle East & Africa
- Latin America
- Rest Of The World
- GLOBAL Automotive Lightweight Materials MARKET- Competitive Landscape
- Key Strategies Adopted by the Leading Players
- Recent Developments
- Investments & Expansions
- New End-User Launches
- Mergers & Acquisitions
- Agreements, Joint Ventures, and Partnerships
- GLOBAL Automotive Lightweight Materials MARKET- Company Profiles
- BASF SE
- Company Overview
- Financial Overview
- Product Offered
- Key Developments
- Toray Industries
- BASF SE
- Toray Industries
- LyondellBasell
- Novelis Inc
- ArcelorMittal
- Alcoa Corporation
- Owens Corning
- Stratasys Ltd.
- Tata Steel
- POSCO
- BASF SE
- Our Research Methodology
- Data Triangulation
- Data Sources
- Secondary Sources
- Primary Sources
- Assumptions/ Limitations For The Study
- Research & Forecasting Methodology
- Appendix
- Disclaimer
- Contact Us
List Of Tables
- Global Automotive Lightweight Materials Historic Market Size By Regions (2019 – 2023) (USD Million)
- Global Automotive Lightweight Materials Forecasted Market Size By Regions (2024-2032) (USD Million)
- Global Automotive Lightweight Materials Market- Drivers
- Global Automotive Lightweight Materials Market- Restraint /Challenges
- Global Automotive Lightweight Materials Market- Opportunity Analysis
- Global Automotive Lightweight Materials Market Size By Product (2019 – 2032) (USD Million)
- Global Automotive Lightweight Materials Market Size By Metals (2019 – 2032) (USD Million)
- Global Automotive Lightweight Materials Market Size By Composites (2019 – 2032) (USD Million)
- Global Automotive Lightweight Materials Market Size By Plastic (2019 – 2032) (USD Million)
- Global Automotive Lightweight Materials Market Size By Elastomers (2019 – 2032) (USD Million)
- Global Automotive Lightweight Materials Market Size By Body in white (2019 – 2032) (USD Million)
- Global Automotive Lightweight Materials Market Size By Chassis and Suspension (2019 – 2032) (USD Million)
- Global Automotive Lightweight Materials Market Size By Powertrain (2019 – 2032) (USD Million)
- Global Automotive Lightweight Materials Market Size By Closures (2019 – 2032) (USD Million)
- Global Automotive Lightweight Materials Market Size By Interiors (2019 – 2032) (USD Million)
- Global Automotive Lightweight Materials Market Size By Others (2019 – 2032) (USD Million)
- North America Automotive Lightweight Materials Market Size By Product (2019 – 2032) (USD Million)
- North America Automotive Lightweight Materials Market Size By Metals (2019 – 2032) (USD Million)
- North America Automotive Lightweight Materials Market Size By Composites (2019 – 2032) (USD Million)
- North America Automotive Lightweight Materials Market Size By Plastic (2019 – 2032) (USD Million)
- North America Automotive Lightweight Materials Market Size By Elastomers (2019 – 2032) (USD Million)
- North America Automotive Lightweight Materials Market Size By Applications (2019 – 2032) (USD Million)
- North America Automotive Lightweight Materials Market Size By Body in white (2019 – 2032) (USD Million)
- North America Automotive Lightweight Materials Market Size By Chassis and Suspension (2019 – 2032) (USD Million)
- North America Automotive Lightweight Materials Market Size By Powertrain (2019 – 2032) (USD Million)
- North America Automotive Lightweight Materials Market Size By Closures (2019 – 2032) (USD Million)
- North America Automotive Lightweight Materials Market Size By Interiors (2019 – 2032) (USD Million)
- North America Automotive Lightweight Materials Market Size By Others (2019 – 2032) (USD Million)
- Europe Automotive Lightweight Materials Market Size By Product (2019 – 2032) (USD Million)
- Europe Automotive Lightweight Materials Market Size By Metals (2019 – 2032) (USD Million)
- Europe Automotive Lightweight Materials Market Size By Composites (2019 – 2032) (USD Million)
- Europe Automotive Lightweight Materials Market Size By Plastic (2019 – 2032) (USD Million)
- Europe Automotive Lightweight Materials Market Size By Elastomers (2019 – 2032) (USD Million)
- Europe Automotive Lightweight Materials Market Size By Applications (2019 – 2032) (USD Million)
- Europe Automotive Lightweight Materials Market Size By Body in white (2019 – 2032) (USD Million)
- Europe Automotive Lightweight Materials Market Size By Chassis and Suspension (2019 – 2032) (USD Million)
- Europe Automotive Lightweight Materials Market Size By Powertrain (2019 – 2032) (USD Million)
- Europe Automotive Lightweight Materials Market Size By Closures (2019 – 2032) (USD Million)
- Europe Automotive Lightweight Materials Market Size By Interiors (2019 – 2032) (USD Million)
- Europe Automotive Lightweight Materials Market Size By Others (2019 – 2032) (USD Million)
- Asia Pacific Automotive Lightweight Materials Market Size By Product (2019 – 2032) (USD Million)
- Asia Pacific Automotive Lightweight Materials Market Size By Metals (2019 – 2032) (USD Million)
- Asia Pacific Automotive Lightweight Materials Market Size By Composites (2019 – 2032) (USD Million)
- Asia Pacific Automotive Lightweight Materials Market Size By Plastic (2019 – 2032) (USD Million)
- Asia Pacific Automotive Lightweight Materials Market Size By Elastomers (2019 – 2032) (USD Million)
- Asia Pacific Automotive Lightweight Materials Market Size By Applications (2019 – 2032) (USD Million)
- Asia Pacific Automotive Lightweight Materials Market Size By Body in white (2019 – 2032) (USD Million)
- Asia Pacific Automotive Lightweight Materials Market Size By Chassis and Suspension (2019 – 2032) (USD Million)
- Asia Pacific Automotive Lightweight Materials Market Size By Powertrain (2019 – 2032) (USD Million)
- Asia Pacific Automotive Lightweight Materials Market Size By Closures (2019 – 2032) (USD Million)
- Asia Pacific Automotive Lightweight Materials Market Size By Interiors (2019 – 2032) (USD Million)
- Asia Pacific Automotive Lightweight Materials Market Size By Others (2019 – 2032) (USD Million)
- Rest of World Automotive Lightweight Materials Market Size By Product (2019 – 2032) (USD Million)
- Rest of World Automotive Lightweight Materials Market Size By Metals (2019 – 2032) (USD Million)
- Rest of World Automotive Lightweight Materials Market Size By Composites (2019 – 2032) (USD Million)
- Rest of World Automotive Lightweight Materials Market Size By Plastic (2019 – 2032) (USD Million)
- Rest of World Automotive Lightweight Materials Market Size By Elastomers (2019 – 2032) (USD Million)
- Rest of World Automotive Lightweight Materials Market Size By Applications (2019 – 2032) (USD Million)
- Rest of World Automotive Lightweight Materials Market Size By Body in white (2019 – 2032) (USD Million)
- Rest of World Automotive Lightweight Materials Market Size By Chassis and Suspension (2019 – 2032) (USD Million)
- Rest of World Automotive Lightweight Materials Market Size By Powertrain (2019 – 2032) (USD Million)
- Rest of World Automotive Lightweight Materials Market Size By Closures (2019 – 2032) (USD Million)
- Rest of World Automotive Lightweight Materials Market Size By Interiors (2019 – 2032) (USD Million)
- Rest of World Automotive Lightweight Materials Market Size By Others (2019 – 2032) (USD Million)
- Data Triangulation
List Of Figures
- Market Highlights
- Market Highlights By Region
- Global Automotive Lightweight Materials Market Size By Product: 2019 VS 2032
- Global Automotive Lightweight Materials Market Size by Applications: 2019 VS 2032
- Global Automotive Lightweight Materials Market Size By Plastic (2019 – 2032) (USD Million)
- Global Automotive Lightweight Materials Market Size By Elastomers (2019 – 2032) (USD Million)
- Global Automotive Lightweight Materials By Metals (USD Million 2019 – 2032)
- Global Automotive Lightweight Materials By Composites (USD Million 2019 – 2032)
- Global Automotive Lightweight Materials Market Size By Applications (2019 – 2032) (USD Million)
- Global Automotive Lightweight Materials By Body in white (USD Million 2019 – 2032)
- Global Automotive Lightweight Materials By Chassis and Suspension (USD Million 2019 – 2032)
- Global Automotive Lightweight Materials By Powertrain (USD Million 2019 – 2032)
- Global Automotive Lightweight Materials By Closures (USD Million 2019 – 2032)
- Global Automotive Lightweight Materials By Interiors (USD Million 2019 – 2032)
- Global Automotive Lightweight Materials By Others (USD Million 2019 – 2032)
- North America Automotive Lightweight Materials Market Size (2019 – 2032) (USD Million)
- North America Automotive Lightweight Materials By United States Revenue (USD Million) (2019 – 2032)
- North America Automotive Lightweight Materials By Canada Revenue (USD Million 2019 – 2032)
- Europe Automotive Lightweight Materials Market Size (2019 – 2032) (USD Million)
- Europe Automotive Lightweight Materials By United Kingdom Revenue (USD Million) (2019 – 2032)
- Europe Automotive Lightweight Materials By Germany Revenue (USD Million 2019 – 2032)
- Europe Automotive Lightweight Materials By France Revenue (USD Million 2019 – 2032)
- Europe Automotive Lightweight Materials By Italy Revenue (USD Million 2019 – 2032)
- Europe Automotive Lightweight Materials By Spain Revenue (USD Million 2019 – 2032)
- Europe Automotive Lightweight Materials By Rest Of Europe Revenue (USD Million 2019 – 2032)
- Asia Pacific Automotive Lightweight Materials Market Size (2019 – 2032) (USD Million)
- Asia Pacific Automotive Lightweight Materials By China Revenue (USD Million) (2019 – 2032)
- Asia Pacific Automotive Lightweight Materials By Japan Revenue (USD Million 2019 – 2032)
- Asia Pacific Automotive Lightweight Materials By India Revenue (USD Million 2019 – 2032)
- Asia Pacific Automotive Lightweight Materials By Rest Of APAC Revenue (USD Million 2019 – 2032)
- Rest Of World Automotive Lightweight Materials Market Size (2019 – 2032) (USD Million)
- Rest of World Automotive Lightweight Materials By the Middle East & Africa Revenue (USD Million) ( 2019 – 2032)
- Rest of World Automotive Lightweight Materials By Latin America Revenue (USD Million 2019 – 2032)
- Rest of World Automotive Lightweight Materials By Rest Of The World Revenue (USD Million 2019 – 2032)
- Key Strategies Adopted By The Leading Players
- Secondary Sources
- Primary Research
- Global Automotive Lightweight Materials Market – Research Methodology
Research Methodology
Primary and Secondary Research
In order to understand the market in detail we conduct primary and secondary research. We collect as much information as we can from the market experts through primary research. We contact the experts from both demand and supply side and conduct interviews to understand the actual market scenario. In secondary research, we study and gather the data from various secondary sources such as company annual reports, press releases, whitepapers, paid databases, journals, and many other online sources. With the help of the primary interviews, we validate the data collected from secondary sources and get a deep understanding on the subject matter. Post this our team uses statistical tools to analyses the data to arrive at a conclusion and draft it in presentable manner.
Market Size Estimations
Understanding and presenting the data collected is a crucial task. Market sizing is a critical part of the data analysis and this task is performed by using Top-down and bottom-up approaches. In this process, we place different data points, market information and industry trends at a suitable space. This placement helps us presume the estimated & forecast values for coming few years. We use several mathematical and statistical models to estimate the market sizes of different countries and segments. Each of this is further added up to outline the total market. These approaches are individually done on regional/country and segment level.
Data Triangulation
As we arrive at the total market sizes, the market is again broken down into segments and subsegments. This process is called as data triangulation and is implementable wherever applicable. This step not only helps us conclude the overall market engineering process, but also gives an assurance on accuracy of the data generated. The data is triangulated based on studying the market trends, various growth factors, and aspects of both demand and supply side.
