Market Size Analysis: Enhancing Sales, Business Stability and Brand Recognition for an Automotive Manufacturer
Automotive Market Size Analysis About the Client The client is a leading automotive manufacturer serving throughout the Western United States and South America. With a workforce of 650+, the company was looking to expand its access to new geographies Business Challenge A new wave of change is poised to transform the US automotive industry. With [...]READ MORE >>
Automotive Market Size Analysis
About the Client
The client is a leading automotive manufacturer serving throughout the Western United States and South America. With a workforce of 650+, the company was looking to expand its access to new geographies
A new wave of change is poised to transform the US automotive industry. With technological advancements and entry of new players in the market, automakers are facing fierce competition. This has reshaped the landscape and transformed customer behavior and expectations. Moreover, there’s a growing demand for customization and greater customer intimacy. Hence, automakers are forced to find new ways to get closer to the customer while maintaining profitability.
Recent research shows that developing new products and connections across industries will unlock new revenue streams for a business. Hence, companies in the automotive industry are looking for ways to expand their business to new markets.
Business Case: Infiniti Research was approached by a major automotive manufacturer who wanted to fair perspective of the market and their competitors. In addition, the company encountered a decline in its sales rate for its automotive products and wanted to improve its market share by expanding its business to new geographies.
Know how leveraging market size analysis can support your organization in strategically entering a new market or expanding in an existing market.
Top Challenges Faced by Automotive Manufacturer
Problem Statement 1
With the recent advancements in the automotive industry, the client was finding it very challenging to expand their business across new geographies and distinguish themselves in terms of their product offerings. Hence, with Infiniti’s market size analysis, client wanted to evaluate their expansion opportunities.
Problem Statement 2
The rising customer demands, ongoing digital transformation, regulatory changes, and new industry structures were highly challenging for the automotive industry client. Hence, with market size analysis, the client wanted to develop an appropriate market entry strategy that would help them transform their business processes and help them propel forward.
Problem Statement 3
The client faced challenges in developing an effective route-to-market strategy in order to better market their automotive products. With Infiniti’s market size analysis solutions, they also wanted a detailed analysis of the market components such as entry barriers, new opportunities, market size estimation, and risks to capture higher market shares in a cost-efficient manner.
Problem Statement 4
With the evolving customer attitudes and price fluctuations, the client faced major challenges in positioning themselves in the evolving marketplace. Hence, the client also was in pursuit of new revenue streams to scale up their position in the global automotive market.
Solutions Offered and Value Delivered
To help the client analyze the market they wished to enter, the experts at Infiniti Research conducted a detailed market size analysis.
The initial phase of the market size analysis focused on conducting interviews and discussions with key stakeholders, to analyze the developments in the automotive market and the key strategies adopted by market leaders. This helped the client understand the competitive scenario and adjust their marketing strategies accordingly.
Based on research data, the experts at Infiniti Research analyzed the automotive products market in the target geographies to identify the market drivers and trends of the industry. This phase of market size analysis solution helped them estimate the compound annual growth rate (CAGR) of the automotive products market in the target geographies for the next five years.
The next phase of market size analysis engagement was development of a new business plan to help the client market the automotive products in the new segments.
The devised business plan served as a blueprint that helped the client to expand the scope of their business. It included detailed information on their business goals, budgets, major action items and timelines, and effective methods to monitor and evaluate their success in new market segments.
Infiniti’s market size analysis helped the client gain better understanding of the automotive market and identify untapped market opportunities. Market size analysis further helped the client to enhance their current route-to-market strategy, to market their products in a more productive manner. The market size analysis subsequently helped them enhance sales, business stability, and brand recognition. Furthermore, through the implementation of new business plan, they were able to achieve higher market share in the new segments.
Infiniti’s market size analysis further helped the client to:
- Determine the most suitable mode to enter the new market
- Estimate the demand and supply for their products in the new market
- Develop an accurate business plan to achieve high market share in new segments
- Enhance sales, business stability, and brand recognition
What is market size analysis?
Market size analysis helps organizations to find new market niches, add values to their data, operate more efficiently, and minimize risks across geographies. Market size analysis is also a key component of any strategic marketing planning. Additionally, gathering data on the size of the target market allows businesses to evaluate opportunities and accurately plan their marketing approach and investments.
How do you determine market size?
Market size analysis is a fundamental task for any businesses, particularly companies seeking to enter a new market or expanding their business. Given our experience in formulating go-to-market strategies for global organizations, we’ve outlined the market size analysis steps that are most critical for success.
Outline the target customers: Given the importance of outlining the target customer, it is decisive for companies to set aside suitable time range to conduct a proper analysis of the target market and the customers.
Evaluate the number of target customers: Evaluating the total number of target customers with the help of in the market helps companies understand where a business stands in the market.
Apply the market size data: Calculations of the best-case and worst-case scenarios come handy for companies to evaluate the risks of entering a new segment.
Why Partner with Infiniti Research?
With over 15 years of experience in the field of market research, we have delivered over 10,000 market research projects for leading Fortune 500 companies across industries. Our research team comprises of 500+ market experts who hold regular discussions with clients to ensure all requirements and offer detailed insights to help them develop action plans and market strategies.
Market size analysis can help you understand and avoid potential problems before they appear and make the transition a whole lot smoother!
CONTACT US to know more about our services!