Research Methodology on Elevators Market
Research methodology is the most crucial component of every research report that directs the course of the research and provides a systematic and organized processing of data. As it is proposed that the global elevator market will be studied, its purpose is to identify the factors affecting the growth of the elevator market including market trends, customer preferences, various competitive strategies employed by organizations, and so on. Therefore, a comprehensive research methodology has been formulated to conduct an in-depth investigation of the relevant market with clarity and precision.
Information Procurement Process
To acquire the most accurate data for the research, a combination of primary and secondary research approaches have been adopted. Several sources such as reports from market research firms, Google Scholar and other identified resources, SEC filings from the past 5 years, various industry publications, surveys, Google and other newsgroups, websites, and journals have been taken into consideration for the secondary research. Each of these sources of information has been scanned and assimilated to provide an accurate insight into the market.
Primary research involves direct contact with industry experts, including C-level executives, marketing and sales managers, and executives from key market participants, associations and authorities. The primary research helps to understand the impact of the company’s strategies on customer value transfer, customers' acceptance of their products, and the changes in customer preferences and trends. A report was written as a baseline for collecting primary data which includes recommendations on the primary approaches to be followed such as:
• In-depth interviews with subject matter experts
• Interviews with major players in the elevator market
• In-store surveys and customer feedback surveys
• Manufacturers' nations, supply chain analysis
Market Model
Data triangulation has been used to crosscheck and validate the secondary and primary surveys to contribute towards a holistic in-depth report and orderly presentation of the data. A range of metrics have been utilized including, but not limited to, bottom-up approach, top-down approach, factor analysis, time-series analysis, and demand side and supply side data triangulation.
Bottom-Up Method
The bottom-up approach has been used to compute the overall size of the elevator market from the individual product segments and sub-segments. Revenues related to every product segment have been identified through primary research and relevant industries. The revenue of the elevator market has been used to triangulate the overall market share and size.
Top-Down Approach
The top-down approach has been used to revise the estimated market size along with verification of its breakdown among various equipment types. Data from highly reliable sources has been used to estimate the elevator market size including revenues of top-selling elevator manufacturers.
Factor Analysis
Data collected from both primary and secondary sources have been verified by analyzing various market dynamics at a regional level through factor analysis. The resulting data has been verified through analysis of the macro and micro economic elements.
Time-Series Analysis
This technique has been utilized to get an understanding of the annual and seasonal patterns in the elevator market. It helps to observe the trend of demand for the same and to analyze the key trends for making predictions and capturing future opportunities.
Demand Side/Supply Side Data Triangulation
The demand side of the market has been studied by understanding customer preferences and needs through surveys and interviews conducted in the process of primary research. Further, the supply side of the market has been studied with the help of reports from leading manufacturers, price developments, production, labour costs, raw materials etc.
Although it is difficult to acquire the exact data, an exhaustive evaluation and triangulation of the data from other sources such as industry publications, reports, and other online databases have been undertaken to provide a complete mosaic and appropriate synthesis of data.
Data Analysis and Validation
The data related to customer preferences, market trends, competitive strategies, economic changes, government guidelines, and so on have been collected and analyzed through various instruments such as descriptive analytics, predictive analytics, and advanced analytical tools. This data then has been validated through meetings with industry experts, comments from distributors and suppliers, and thorough interviews with industry professionals.
Based on the extensive research process discussed above, a comprehensive research report for the global elevator market is prepared. The research report addresses the demographics of the region where the study has been conducted, the competitive landscape, the distribution channels, the regional dynamics, and the challenges of the elevator market. It also comprises an in-depth analysis of the technological advancements happening in the market and the development strategies adopted by the companies to capture the potential opportunities in the elevator market along with forecasts till 2030.
