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Bathroom Vanities Market

Bathroom Vanities Market Size By Material (Stone, Ceramic, Glass, Wood, and Metal), Size (24 - 35 Inch, 38 - 47 Inch, and 48 - 60 Inch), Application (Residential, and Commercial), Global Industry Analysis, Share, Growth, Trends, and Forecast 2022 to 2030

Base Year: 2021 Historical Data: 2019-20
  • Report ID: TBI-13173
  • Published Date: Dec, 2022
  • Pages: 238
  • Category: Consumer Goods
  • Format: PDF
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The bathroom vanities market was estimated at around USD 35.8 billion in 2021, growing at a CAGR of nearly 6.4% during 2022-2030. The market is projected to reach approximately USD 62.5 billion by 2030.

Bathroom Vanities Market: Overview

A bathroom vanity is made up of a sink or bowl for the toilet and various storage units surrounding it. These bathroom vanities are typically constructed of materials that are water and dampness resistant, such as wood, stone, ceramic, glass, metal, and so on. They frequently come in various sizes. Over the past few decades, bathroom vanities have undergone significant design and technology development, leading to amazing style and remodeling demand. The first signs of furniture in bathrooms were initially observed by trend observers more than ten years ago. This is now considered normal practice, and there is a vast selection of attractive and sturdy furniture designed expressly for bathroom purposes. Due to the rising need for residential buildings and supporting infrastructure, the multi-utility home décor and bathroom utilities trend is projected to continue growing. Additionally, it is anticipated that the rising demand for furniture units with greater functionality would encourage the installation of specialty countertops spurring the growth of the sector.

Bathroom Vanities Market

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Bathroom Vanities Market: COVID – 19 Impact Analysis

The COVID-19 pandemic outbreak has had an effect on all industries and has resulted in a number of unexpected changes to the global economy. Every industry in the globe has been impacted by COVID-19, with the hotel industry taking the most hit. Lockdowns and travel restrictions have an impact on the market for business bathroom vanities. The travel industry as a whole has seen a significant fall as a result of lingering health issues brought on by the ongoing epidemic and the faltering economy. Businesses operating there endured a serious financial downturn and decreased product demand as a result of the global COVID-19 outbreak. International trade was greatly hampered by the COVID-19 epidemic, making it difficult for enterprises to exchange goods. But due to factors like the rising popularity of home remodeling, the digitalization and automation of the furniture industry, and the pressure from low prices on manufacturers to innovate their current processes, the market is predicted to increase significantly over the next several years.

Bathroom Vanities Market: Growth Drivers

Rising demand for personalized bathroom vanities to accelerate the market’s growth

Due to its accessibility and aesthetic appeal, customized bath vanities made of granite, marble, lava stone, and engineered stone are in high demand. This trend is expected to continue during the projection period. As a result of this industry trend, leading market players are expanding their product ranges to include items made of cutting-edge materials. The Isoe bath cabinet was one of these items, and it was introduced in December 2021 by HiB, a prominent bathroom accessory maker. It had enhanced functionality, a ton of features, and a versatile design. It came in three sizes: 50 cm, 60 cm, and 80 cm.

Rising residential and commercial construction industry

As a result of the increasing number of initiatives taken by the governments of numerous countries, including China, Japan, India, and Indonesia, new residential and commercial facilities are expected to be created. All of these factors are predicted to accelerate market expansion throughout the projection period. The increasing rate of home construction and completion in developed areas is one of the main factors boosting the market's rise. The demand for new homes is significantly influenced by the spending power of people in industrialized nations and their preference for clever and environmentally friendly architecture. Additionally, remodeling and refurbishment projects have increased in developed regions of the world. Rising demand for practical bathrooms and contemporary bathroom amenities has sparked home interior renovation projects, which is in turn strengthening the business.

Bathroom Vanities Market: Segmentation Analysis

The bathroom vanities market is categorized into the material, size, and application. According to material, the market for wood segment is estimated to lead the market during the projection period. The growing need for modern bathroom interiors that offer a comfortable environment is one of the key factors pushing the need for wooden bathroom furniture. The segment's growth will be aided by increased availability to cutting-edge furniture designs and the emergence of foreign companies that offer remodeling services within a specific timeframe and budget.

Based on size, the market for 38-47-inch segment is estimated to lead the market during the forecast period. Good storage capacity and the ability to fit efficiently in limited bathroom spaces are the main factors driving the segment. Medium-sized vanities stand out when it comes to the room's aesthetic value because they are made to be little and not take up the full bathroom space.

By application, the residential segment is anticipated to dominant the bathroom vanities market during the forecast period. The home market has undergone considerable technology and design advancements in recent years, resulting in products with amazing aesthetics and multipurpose utility. Different houses have different needs when it comes to bathroom cabinet goods. The most popular choice among consumers is mirrored single-door vanities because of their availability, pattern variety, and dependability. The residential sector has grown dramatically over the past few years due to the need for new homes and home modifications.

Report Scope

Attribute Description
Base Year 2021
Forecast period 2022-2030
Report Coverage Revenue estimation and forecast, company profile, competitive landscape, growth factors, and recent trends
Regional scope North America, Europe, Asia Pacific, Middle East & Africa, and Latin America
Market Size(unit) USD Billion
CAGR (2022 to 2030) 6.4%
Segments Covered

By Material
By Size
By Application

Key Insights:

  • Based on material segmentation, the wood segment is estimated to hold the largest market share during the forecast period.
  • Based on size segmentation, the 38-47-inch segment is estimated to hold the largest market share during the forecast period.
  • Based on application segmentation, the residential segment is the leading revenue-generating category during the forecast period.
  • On the basis of geography/region, the Asia Pacific region was the leading revenue generator in 2021.

Recent Development

  • October 2022: By providing a wider range of cabinet and basin options, Geberit incorporated new product developments to its Geberit iCon and ONE series.
  • April 2021: An international manufacturer of bathroom accessories, Duravit, introduced the D-Neo line of goods, which guarantee a high level of quality and stylish design. With the introduction of this product, the firm made rectangular mirror and mirror cabinet alternatives with LED edge illumination available.

Regional Landscape

Asia-Pacific, which currently dominates the market's revenue share, is anticipated to remain one of the most alluring markets during the projection period. Recent improvements in the region's population growth and rising standard of living have enhanced the growth possibilities for the building industry. Growing disposable income has stimulated the overall retail market in the area. During the forecast period, it is expected that the rapid change in lifestyles in developing countries like China and India will fuel regional market expansion.

List of the prominent players in the Global Bathroom vanities market:

  • American Woodmark Corporation
  • Avanity Corporation
  • Bellaterra Home, LLC
  • Design Element Group, Inc.
  • Design House (DHI Corp.)
  • DuPont
  • Empire Industries, Inc.
  • JSG Oceana
  • Kohler Company
  • Wilsonart International LLC

The global Bathroom vanities market is segmented as follows:

By Material

  • Stone
  • Ceramic
  • Glass
  • Wood
  • Metal

By Size

  • 24 - 35 Inch
  • 38 - 47 Inch
  • 48 - 60 Inch

By Application

  • Residential
  • Commercial

By Region/Geography

  • North America
  • The U.S.
  • Canada
  • Mexico
  • Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
  • Asia Pacific
  • China
  • Japan
  • India
  • Australia
  • South Korea
  • Rest of Asia Pacific
  • The Middle East & Africa
  • Saudi Arabia
  • UAE
  • Egypt
  • Kuwait
  • South Africa
  • Rest of the Middle East & Africa
  • Latin America
  • Brazil
  • Argentina
  • Rest of Latin America

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  • Further segmentation of the market on the basis of type, application, end use, product, technology, method, process and any other segment depending on the market
  • Segmentation on the basis of any specific country or region
  • Any segment can be classified on the basis of application
  • Application segment can be further divided on the basis of companies
  • The companies profiled are not limited, we can incorporate additional companies of your choice
  • We can split the company market share on the basis of product, application and region
  • Report can be prepared for any specific country/region/segment
  • Customers can be added on the basis of regions and countries
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1. Introduction
    1.1. Objectives of the Study
    1.2. Market Definition
    1.3. Research Scope

2. Research Methodology and Assumptions

3. Executive Summary

4. Premium Insights
    4.1. Porter’s Five Forces Analysis
    4.2. Value Chain Analysis
    4.3. Top Investment Pockets
          4.3.1. Market Attractiveness Analysis By Material
          4.3.2. Market Attractiveness Analysis By Size
          4.3.3. Market Attractiveness Analysis By Application
    4.4. Industry Trends

5. Market Dynamics
    5.1. Market Evaluation
    5.2. Drivers
          5.2.1. Rising demand for personalized bathroom vanities to accelerate the market’s growth
          5.2.2. Rising residential and commercial construction industry
    5.3. Restrains
          5.3.1. Increasing health concerns related to MDF manufacturing would hamper the market
    5.4. Opportunities
          5.4.1. High disposable income and inclination towards luxurious life

6. Global Bathroom Vanities Market Analysis and Forecast, By Material
    6.1. Segment Overview
    6.2. Stone
    6.3. Ceramic
    6.4. Glass
    6.5. Wood
    6.6. Metal

7. Global Bathroom Vanities Market Analysis and Forecast, By Size
    7.1. Segment Overview
    7.2. 24 - 35 Inch
    7.3. 38 - 47 Inch
    7.4. 48 - 60 Inch

8. Global Bathroom Vanities Market Analysis and Forecast, By Application
    8.1. Segment Overview
    8.2. Residential
    8.3. Commercial

9. Global Bathroom Vanities Market Analysis and Forecast, By Regional Analysis
    9.1. Segment Overview
    9.2. North America
          9.2.1. U.S.
          9.2.2. Canada
          9.2.3. Mexico
    9.3. Europe
          9.3.1. Germany
          9.3.2. France
          9.3.3. U.K.
          9.3.4. Italy
          9.3.5. Spain
          9.3.6. Rest of Europe
    9.4. Asia-Pacific
          9.4.1. Japan
          9.4.2. China
          9.4.3. India
          9.4.4. Australia
          9.4.5. South Korea
          9.4.6. Rest of Asia-Pacific
    9.5. South America
          9.5.1. Brazil
          9.5.2. Argentina
          9.5.3. Rest of South America
    9.6. Middle East and Africa
          9.6.1. UAE
          9.6.2. South Africa
          9.6.3. Saudi Arabia
          9.6.4. Rest of Middle East & Africa

10. Global Bathroom Vanities Market-Competitive Landscape
    10.1. Overview
    10.2. Market Share of Key Players in the Bathroom Vanities Market
          10.2.1. Global Company Market Share
          10.2.2. North America Company Market Share
          10.2.3. Europe Company Market Share
          10.2.4. APAC Company Market Share
    10.3. Competitive Situations and Trends
          10.3.1. Material Launches and Developments
          10.3.2. Partnerships, Collaborations, and Agreements
          10.3.3. Mergers & Acquisitions
          10.3.4. Expansions

11. Company Profiles
    11.1. American Woodmark Corporation
          11.1.1. Business Overview
          11.1.2. Company Snapshot
          11.1.3. Company Market Share Analysis
          11.1.4. Company Application Portfolio
          11.1.5. Recent Developments
          11.1.6. SWOT Analysis
    11.2. Avanity Corporation
          11.2.1. Business Overview
          11.2.2. Company Snapshot
          11.2.3. Company Market Share Analysis
          11.2.4. Company Application Portfolio
          11.2.5. Recent Developments
          11.2.6. SWOT Analysis
    11.3. Bellaterra Home, LLC
          11.3.1. Business Overview
          11.3.2. Company Snapshot
          11.3.3. Company Market Share Analysis
          11.3.4. Company Application Portfolio
          11.3.5. Recent Developments
          11.3.6. SWOT Analysis
    11.4. Design Element Group, Inc.
          11.4.1. Business Overview
          11.4.2. Company Snapshot
          11.4.3. Company Market Share Analysis
          11.4.4. Company Application Portfolio
          11.4.5. Recent Developments
          11.4.6. SWOT Analysis
    11.5. Design House (DHI Corp.)
          11.5.1. Business Overview
          11.5.2. Company Snapshot
          11.5.3. Company Market Share Analysis
          11.5.4. Company Application Portfolio
          11.5.5. Recent Developments
          11.5.6. SWOT Analysis
    11.6. Dupont
          11.6.1. Business Overview
          11.6.2. Company Snapshot
          11.6.3. Company Market Share Analysis
          11.6.4. Company Application Portfolio
          11.6.5. Recent Developments
          11.6.6. SWOT Analysis
    11.7. Empire Industries, Inc.
          11.7.1. Business Overview
          11.7.2. Company Snapshot
          11.7.3. Company Market Share Analysis
          11.7.4. Company Application Portfolio
          11.7.5. Recent Developments
          11.7.6. SWOT Analysis
    11.8. JSG Oceana
          11.8.1. Business Overview
          11.8.2. Company Snapshot
          11.8.3. Company Market Share Analysis
          11.8.4. Company Application Portfolio
          11.8.5. Recent Developments
          11.8.6. SWOT Analysis
    11.9. Kohler Company
          11.9.1. Business Overview
          11.9.2. Company Snapshot
          11.9.3. Company Market Share Analysis
          11.9.4. Company Application Portfolio
          11.9.5. Recent Developments
          11.9.6. SWOT Analysis
    11.10. Wilsonart International LLC
          11.10.1. Business Overview
          11.10.2. Company Snapshot
          11.10.3. Company Market Share Analysis
          11.10.4. Company Application Portfolio
          11.10.5. Recent Developments
          11.10.6. SWOT Analysis
 

List of Table

1. Global Bathroom Vanities Market, By Material, 2022-2030(USD Billion) 

2. Global Stone Bathroom Vanities Market, By Region, 2022-2030(USD Billion) 

3. Global Ceramic Bathroom Vanities Market, By Region, 2022-2030(USD Billion) 

4. Global Glass Bathroom Vanities Market, By Region, 2022-2030(USD Billion) 

5. Global Wood Bathroom Vanities Market, By Region, 2022-2030(USD Billion) 

6. Global Metal Bathroom Vanities Market, By Region, 2022-2030(USD Billion) 

7. Global Bathroom Vanities Market, By Size, 2022-2030(USD Billion) 

8. Global 24 - 35 Inch Bathroom Vanities Market, By Region, 2022-2030(USD Billion) 

9. Global 38 - 47 Inch Bathroom Vanities Market, By Region, 2022-2030(USD Billion) 

10. Global 48 - 60 Inch Bathroom Vanities Market, By Region, 2022-2030(USD Billion)

11. Global Bathroom Vanities Market, By Application, 2022-2030(USD Billion) 

12. Global Residential Bathroom Vanities Market, By Region, 2022-2030(USD Billion) 

13. Global Commercial Bathroom Vanities Market, By Region, 2022-2030(USD Billion) 

14. Global Bathroom Vanities Market, By Region, 2022-2030(USD Billion) 

15. Global Bathroom Vanities Market, By North America, 2022-2030(USD Billion) 

16. North America Bathroom Vanities Market, By Material, 2022-2030(USD Billion) 

17. North America Bathroom Vanities Market, By Size, 2022-2030(USD Billion) 

18. North America Bathroom Vanities Market, By Application, 2022-2030(USD Billion) 

19. U.S. Bathroom Vanities Market, By Material, 2022-2030(USD Billion) 

20. U.S. Bathroom Vanities Market, By Size, 2022-2030(USD Billion) 

21. U.S. Bathroom Vanities Market, By Application, 2022-2030(USD Billion)  

22. Canada Bathroom Vanities Market, By Material, 2022-2030(USD Billion) 

23. Canada Bathroom Vanities Market, By Size, 2022-2030(USD Billion) 

24. Canada Bathroom Vanities Market, By Application, 2022-2030(USD Billion) 

25. Mexico Bathroom Vanities Market, By Material, 2022-2030(USD Billion) 

26. Mexico Bathroom Vanities Market, By Size, 2022-2030(USD Billion) 

27. Mexico Bathroom Vanities Market, By Application, 2022-2030(USD Billion) 

28. Europe Bathroom Vanities Market, By Material, 2022-2030(USD Billion) 

29. Europe Bathroom Vanities Market, By Size, 2022-2030(USD Billion) 

30. Europe Bathroom Vanities Market, By Application, 2022-2030(USD Billion) 

31. Germany Bathroom Vanities Market, By Material, 2022-2030(USD Billion) 

32. Germany Bathroom Vanities Market, By Size, 2022-2030(USD Billion) 

33. Germany Bathroom Vanities Market, By Application, 2022-2030(USD Billion) 

34. France Bathroom Vanities Market, By Material, 2022-2030(USD Billion) 

35. France Bathroom Vanities Market, By Size, 2022-2030(USD Billion) 

36. France Bathroom Vanities Market, By Application, 2022-2030(USD Billion) 

37. U.K. Bathroom Vanities Market, By Material, 2022-2030(USD Billion) 

38. U.K. Bathroom Vanities Market, By Size, 2022-2030(USD Billion) 

39. U.K. Bathroom Vanities Market, By Application, 2022-2030(USD Billion)  

40. Italy Bathroom Vanities Market, By Material, 2022-2030(USD Billion) 

41. Italy Bathroom Vanities Market, By Size, 2022-2030(USD Billion) 

42. Italy Bathroom Vanities Market, By Application, 2022-2030(USD Billion) 

43. Spain Bathroom Vanities Market, By Material, 2022-2030(USD Billion) 

44. Spain Bathroom Vanities Market, By Size, 2022-2030(USD Billion) 

45. Spain Bathroom Vanities Market, By Application, 2022-2030(USD Billion) 

46. Rest of Europe Bathroom Vanities Market, By Material, 2022-2030(USD Billion) 

47. Rest of Europe Bathroom Vanities Market, By Size, 2022-2030(USD Billion) 

48. Rest of Europe Bathroom Vanities Market, By Application, 2022-2030(USD Billion) 

49. Asia Pacific Bathroom Vanities Market, By Material, 2022-2030(USD Billion) 

50. Asia Pacific Bathroom Vanities Market, By Size, 2022-2030(USD Billion) 

51. Asia Pacific Bathroom Vanities Market, By Application, 2022-2030(USD Billion) 

52. Japan Bathroom Vanities Market, By Material, 2022-2030(USD Billion) 

53. Japan Bathroom Vanities Market, By Size, 2022-2030(USD Billion) 

54. Japan Bathroom Vanities Market, By Application, 2022-2030(USD Billion) 

55. China Bathroom Vanities Market, By Material, 2022-2030(USD Billion) 

56. China Bathroom Vanities Market, By Size, 2022-2030(USD Billion) 

57. China Bathroom Vanities Market, By Application, 2022-2030(USD Billion) 

58. India Bathroom Vanities Market, By Material, 2022-2030(USD Billion) 

59. India Bathroom Vanities Market, By Size, 2022-2030(USD Billion) 

60. India Bathroom Vanities Market, By Application, 2022-2030(USD Billion) 

61. Australia Bathroom Vanities Market, By Material, 2022-2030(USD Billion) 

62. Australia Bathroom Vanities Market, By Size, 2022-2030(USD Billion) 

63. Australia Bathroom Vanities Market, By Application, 2022-2030(USD Billion) 

64. South Korea Bathroom Vanities Market, By Material, 2022-2030(USD Billion) 

65. South Korea Bathroom Vanities Market, By Size, 2022-2030(USD Billion) 

66. South Korea Bathroom Vanities Market, By Application, 2022-2030(USD Billion) 

67. Rest of Asia-Pacific Bathroom Vanities Market, By Material, 2022-2030(USD Billion) 

68. Rest of Asia-Pacific Bathroom Vanities Market, By Size, 2022-2030(USD Billion) 

69. Rest of Asia-Pacific Bathroom Vanities Market, By Application, 2022-2030(USD Billion) 

70. South America Bathroom Vanities Market, By Material, 2022-2030(USD Billion) 

71. South America Bathroom Vanities Market, By Size, 2022-2030(USD Billion) 

72. South America Bathroom Vanities Market, By Application, 2022-2030(USD Billion)  

73. Brazil Bathroom Vanities Market, By Material, 2022-2030(USD Billion) 

74. Brazil Bathroom Vanities Market, By Size, 2022-2030(USD Billion) 

75. Brazil Bathroom Vanities Market, By Application, 2022-2030(USD Billion) 

76. Argentina Bathroom Vanities Market, By Material, 2022-2030(USD Billion) 

77. Argentina Bathroom Vanities Market, By Size, 2022-2030(USD Billion) 

78. Argentina Bathroom Vanities Market, By Application, 2022-2030(USD Billion) 

79. Rest of South America Bathroom Vanities Market, By Material, 2022-2030(USD Billion) 

80. Rest of South America Bathroom Vanities Market, By Size, 2022-2030(USD Billion) 

81. Rest of South America Bathroom Vanities Market, By Application, 2022-2030(USD Billion)

82. Middle East and Africa Bathroom Vanities Market, By Material, 2022-2030(USD Billion) 

83. Middle East and Africa Bathroom Vanities Market, By Size, 2022-2030(USD Billion) 

84. Middle East and Africa Bathroom Vanities Market, By Application, 2022-2030(USD Billion) 

85. UAE Bathroom Vanities Market, By Material, 2022-2030(USD Billion) 

86. UAE Bathroom Vanities Market, By Size, 2022-2030(USD Billion) 

87. UAE Bathroom Vanities Market, By Application, 2022-2030(USD Billion) 

88. South Africa Bathroom Vanities Market, By Material, 2022-2030(USD Billion) 

89. South Africa Bathroom Vanities Market, By Size, 2022-2030(USD Billion) 

90. South Africa Bathroom Vanities Market, By Application, 2022-2030(USD Billion) 

91. Saudi Arabia Bathroom Vanities Market, By Material, 2022-2030(USD Billion) 

92. Saudi Arabia Bathroom Vanities Market, By Size, 2022-2030(USD Billion) 

93. Saudi Arabia Bathroom Vanities Market, By Application, 2022-2030(USD Billion)

94. Rest of Middle East & Africa Bathroom Vanities Market, By Material, 2022-2030(USD Billion) 

95. Rest of Middle East & Africa Bathroom Vanities Market, By Size, 2022-2030(USD Billion) 

96. Rest of Middle East & Africa Bathroom Vanities Market, By Application, 2022-2030(USD Billion)

List of Figures 

1. Global Bathroom Vanities Market Segmentation

2. Bathroom Vanities Market: Research Methodology

3. Market Size Estimation Methodology: Bottom-Up Approach

4. Market Size Estimation Methodology: Top-Down Approach

5. Data Triangulation

6. Porter’s Five Forces Analysis 

7. Value Chain Analysis 

8. Global Bathroom Vanities Market Attractiveness Analysis By Material

9. Global Bathroom Vanities Market Attractiveness Analysis By Size

10. Global Bathroom Vanities Market Attractiveness Analysis By Application

11. Global Bathroom Vanities Market Attractiveness Analysis By Region

12. Global Bathroom Vanities Market: Dynamics

13. Global Bathroom Vanities Market Share By Material(2022 & 2030)

14. Global Bathroom Vanities Market Share By Size(2022 & 2030)

15. Global Bathroom Vanities Market Share By Application(2022 & 2030)

16. Global Bathroom Vanities Market Share by Regions (2022 & 2030)

17. Global Bathroom Vanities Market Share by Company (2021)

The global Bathroom vanities market is segmented as follows:

By Material

  • Stone
  • Ceramic
  • Glass
  • Wood
  • Metal

By Size

  • 24 - 35 Inch
  • 38 - 47 Inch
  • 48 - 60 Inch

By Application

  • Residential
  • Commercial

By Region/Geography

  • North America
  • The U.S.
  • Canada
  • Mexico
  • Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
  • Asia Pacific
  • China
  • Japan
  • India
  • Australia
  • South Korea
  • Rest of Asia Pacific
  • The Middle East & Africa
  • Saudi Arabia
  • UAE
  • Egypt
  • Kuwait
  • South Africa
  • Rest of the Middle East & Africa
  • Latin America
  • Brazil
  • Argentina
  • Rest of Latin America

Methodology

Research has its special purpose to undertake marketing efficiently. In this competitive scenario, businesses need information across all industry verticals; the information about customer wants, market demand, competition, industry trends, distribution channels etc. This information needs to be updated regularly because businesses operate in a dynamic environment. Our organization, The Brainy Insights incorporates scientific and systematic research procedures in order to get proper market insights and industry analysis for overall business success. The analysis consists of studying the market from a miniscule level wherein we implement statistical tools which helps us in examining the data with accuracy and precision. 

Our research reports feature both; quantitative and qualitative aspects for any market. Qualitative information for any market research process are fundamental because they reveal the customer needs and wants, usage and consumption for any product/service related to a specific industry. This in turn aids the marketers/investors in knowing certain perceptions of the customers. Qualitative research can enlighten about the different product concepts and designs along with unique service offering that in turn, helps define marketing problems and generate opportunities. On the other hand, quantitative research engages with the data collection process through interviews, e-mail interactions, surveys and pilot studies. Quantitative aspects for the market research are useful to validate the hypotheses generated during qualitative research method, explore empirical patterns in the data with the help of statistical tools, and finally make the market estimations.

The Brainy Insights offers comprehensive research and analysis, based on a wide assortment of factual insights gained through interviews with CXOs and global experts and secondary data from reliable sources. Our analysts and industry specialist assume vital roles in building up statistical tools and analysis models, which are used to analyse the data and arrive at accurate insights with exceedingly informative research discoveries. The data provided by our organization have proven precious to a diverse range of companies, facilitating them to address issues such as determining which products/services are the most appealing, whether or not customers use the product in the manner anticipated, the purchasing intentions of the market and many others.

Our research methodology encompasses an idyllic combination of primary and secondary initiatives. Key phases involved in this process are listed below:

MARKET RESEARCH PROCESS

Data Procurement:

The phase involves the gathering and collecting of market data and its related information with the help of different sources & research procedures.

The data procurement stage involves in data gathering and collecting through various data sources.

This stage involves in extensive research. These data sources includes:

Purchased Database: Purchased databases play a crucial role in estimating the market sizes irrespective of the domain. Our purchased database includes:

  • The organizational databases such as D&B Hoovers, and Bloomberg that helps us to identify the competitive scenario of the key market players/organizations along with the financial information.
  • Industry/Market databases such as Statista, and Factiva provides market/industry insights and deduce certain formulations. 
  • We also have contractual agreements with various reputed data providers and third party vendors who provide information which are not limited to:
    • Import & Export Data
    • Business Trade Information
    • Usage rates of a particular product/service on certain demographics mainly focusing on the unmet prerequisites

Primary Research: The Brainy Insights interacts with leading companies and experts of the concerned domain to develop the analyst team’s market understanding and expertise. It improves and substantiates every single data presented in the market reports. Primary research mainly involves in telephonic interviews, E-mail interactions and face-to-face interviews with the raw material providers, manufacturers/producers, distributors, & independent consultants. The interviews that we conduct provides valuable data on market size and industry growth trends prevailing in the market. Our organization also conducts surveys with the various industry experts in order to gain overall insights of the industry/market. For instance, in healthcare industry we conduct surveys with the pharmacists, doctors, surgeons and nurses in order to gain insights and key information of a medical product/device/equipment which the customers are going to usage. Surveys are conducted in the form of questionnaire designed by our own analyst team. Surveys plays an important role in primary research because surveys helps us to identify the key target audiences of the market. Additionally, surveys helps to identify the key target audience engaged with the market. Our survey team conducts the survey by targeting the key audience, thus gaining insights from them. Based on the perspectives of the customers, this information is utilized to formulate market strategies. Moreover, market surveys helps us to understand the current competitive situation of the industry. To be precise, our survey process typically involve with the 360 analysis of the market. This analytical process begins by identifying the prospective customers for a product or service related to the market/industry to obtain data on how a product/service could fit into customers’ lives.

Secondary Research: The secondary data sources includes information published by the on-profit organizations such as World bank, WHO, company fillings, investor presentations, annual reports, national government documents, statistical databases, blogs, articles, white papers and others. From the annual report, we analyse a company’s revenue to understand the key segment and market share of that organization in a particular region. We analyse the company websites and adopt the product mapping technique which is important for deriving the segment revenue. In the product mapping method, we select and categorize the products offered by the companies catering to domain specific market, deduce the product revenue for each of the companies so as to get overall estimation of the market size. We also source data and analyses trends based on information received from supply side and demand side intermediaries in the value chain. The supply side denotes the data gathered from supplier, distributor, wholesaler and the demand side illustrates the data gathered from the end customers for respective market domain.

The supply side for a domain specific market is analysed by:

  • Estimating and projecting penetration rates through analysing product attributes, availability of internal and external substitutes, followed by pricing analysis of the product.
  • Experiential assessment of year-on-year sales of the product by conducting interviews.

The demand side for the market is estimated through:

  • Evaluating the penetration level and usage rates of the product.
  • Referring to the historical data to determine the growth rate and evaluate the industry trends

In-house Library: Apart from these third-party sources, we have our in-house library of qualitative and quantitative information. Our in-house database includes market data for various industry and domains. These data are updated on regular basis as per the changing market scenario. Our library includes, historic databases, internal audit reports and archives.

Sometimes there are instances where there is no metadata or raw data available for any domain specific market. For those cases, we use our expertise to forecast and estimate the market size in order to generate comprehensive data sets. Our analyst team adopt a robust research technique in order to produce the estimates:

  • Applying demographic along with psychographic segmentation for market evaluation
  • Determining the Micro and Macro-economic indicators for each region 
  • Examining the industry indicators prevailing in the market. 

Data Synthesis: This stage involves the analysis & mapping of all the information obtained from the previous step. It also involves in scrutinizing the data for any discrepancy observed while data gathering related to the market. The data is collected with consideration to the heterogeneity of sources. Robust scientific techniques are in place for synthesizing disparate data sets and provide the essential contextual information that can orient market strategies. The Brainy Insights has extensive experience in data synthesis where the data passes through various stages:

  • Data Screening: Data screening is the process of scrutinising data/information collected from primary research for errors and amending those collected data before data integration method. The screening involves in examining raw data, identifying errors and dealing with missing data. The purpose of the data screening is to ensure data is correctly entered or not. The Brainy Insights employs objective and systematic data screening grades involving repeated cycles of quality checks, screening and suspect analysis.
  • Data Integration: Integrating multiple data streams is necessary to produce research studies that provide in-depth picture to the clients. These data streams come from multiple research studies and our in house database. After screening of the data, our analysts conduct creative integration of data sets, optimizing connections between integrated surveys and syndicated data sources. There are mainly 2 research approaches that we follow in order to integrate our data; top down approach and bottom up approach.

Market Deduction & Formulation: The final stage comprises of assigning data points at appropriate market spaces so as to deduce feasible conclusions. Analyst perspective & subject matter expert based holistic form of market sizing coupled with industry analysis also plays a crucial role in this stage.

This stage involves in finalization of the market size and numbers that we have collected from data integration step. With data interpolation, it is made sure that there is no gap in the market data. Successful trend analysis is done by our analysts using extrapolation techniques, which provide the best possible forecasts for the market.

Data Validation & Market Feedback: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helps us finalize data-points to be used for final calculations.

The Brainy Insights interacts with leading companies and experts of the concerned domain to develop the analyst team’s market understanding and expertise. It improves and substantiates every single data presented in the market reports. The data validation interview and discussion panels are typically composed of the most experienced industry members. The participants include, however, are not limited to:

  • CXOs and VPs of leading companies’ specific to sector
  • Purchasing managers, technical personnel, end-users
  • Key opinion leaders such as investment bankers, and industry consultants

Moreover, we always validate our data and findings through primary respondents from all the major regions we are working on.

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