Filling Equipment Market by End-user and Geography - Forecast and Analysis 2022-2026

Published: Jun 2022 Pages: 141 SKU: IRTNTR73632

The filling equipment market share is expected to increase to USD 2.17 billion from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 4.94%.

This filling equipment market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers filling equipment market segmentation by end-user (food and beverage, pharmaceutical, chemicals and petrochemicals, and others) and geography (APAC, Europe, North America, South America, and Middle East and Africa). The filling equipment market report also offers information on several market vendors, including ACASI Machinery Inc., Aetnagroup S.p.A., Barry-Wehmiller Group Inc., Coesia SpA, E PAK Machinery Inc., Feige FILLING GmbH, Filamatic, FILLING EQUIPMENT Co. Inc., GEA Group Aktiengesellschaft, John Bean Technologies Corp., KRONES AG, Marchesini Group Spa, Rapak, Ronchi Mario SpA, Wenzhou Runli Machinery Co. Ltd, Shanghai Dahe Packing Machinery Co. Ltd., Shanghai Xingfei Packaging Machinery Co. Ltd., Syntegon Technology GmbH, The Adelphi Group of Companies, and Tetra Pak Group among others.

What will the Filling Equipment Market Size be During the Forecast Period?

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Filling Equipment Market: Key Drivers, Trends, and Challenges

The growth in petrochemical and chemical industry in leading countries of APAC is notably driving the filling equipment market growth, although factors such as the increased concerns over hygiene and safety of machinery parts may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the filling equipment industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Filling Equipment Market Driver

One of the key factors driving growth in the filling equipment market is the growth in petrochemical and chemical industry in leading countries of APAC. The Indian petrochemical and chemical industry has been growing tremendously owing to the increased demand from the process, manufacturing, and agricultural industries. Petrochemical and chemical plants include methanol plants, ethylene plants, and fertilizer plants. The need for filling equipment in these plants is diverse and includes applications such as transferring fluids from one process to another in the chemical industry. China is a leading market for chemicals globally and is among the largest contributors to both the production and consumption of base chemicals. The country has planned to increase its production capacities of both conventional and unconventional chemicals. These factors are expected to fuel the growth of the petrochemical and chemical industry in the region. This is expected to increase the demand for filling equipment from regional manufacturers and, thereby, drive the growth of the regional filling equipment market.

Key Filling Equipment Market Trend

The increasing domestic shipments of packaging machinery in the US is a filling equipment market trend that is expected to have a positive impact in the coming years. The US is one of the largest markets for packaging machinery. Significant growth in this industry is mainly due to the increase in the demand from the food and beverage industry. The main reasons for the growing beverage market in the US are the rising population and urbanization and the emerging middle-class population. The pharmaceutical and beverage industry are key drivers of the packaging machinery market in the US, with the pharmaceutical sector predicted to grow the fastest among all sectors in 2022; it will be followed by the beverage industry. Factors such as changing consumer habits, new regulations, and economic development are fueling the growth in this sector. Therefore, these factors are expected to increase the demand for filling equipment from the beverage industry and pharmaceutical industry, which is expected to drive the growth of the market in focus.

Key Filling Equipment Market Challenge

The increased concerns over hygiene and safety of machinery parts will be a major challenge for the filling equipment market during the forecast period. Food regularly comes in contact with various surfaces throughout the packaging line. Therefore, manufacturers prefer packaging equipment that is designed to maintain strict hygiene standards. Not only does product packaging need to be airtight but the product also needs to be protected from being contaminated during the packaging process. The use of the right type of sanitary bottling machinery and equipment in production lines can help prevent the contamination of products. Vendors are encouraged to offer packaging machines that meet the existing requirements and are flexible enough to meet future requirements in terms of durability and cleanliness. They need to be careful while selecting components to build such machines. Due to competitive pressures and low margins, an increasing number of suppliers are finding it difficult to find cost-effective solutions while optimizing delivery times, which are critical to remain competitive in the regional filling equipment market.

This filling equipment market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.

Parent Market Analysis

Technavio categorizes the global filling equipment market as a part of the global industrial machinery market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the filling equipment market during the forecast period.

Who are the Major Filling Equipment Market Vendors?

The report analyzes the market's competitive landscape and offers information on several market vendors, including:

 

  • ACASI Machinery Inc.
  • Aetnagroup S.p.A.
  • Barry-Wehmiller Group Inc.
  • Coesia SpA
  • E PAK Machinery Inc.
  • Feige FILLING GmbH
  • Filamatic
  • FILLING EQUIPMENT Co. Inc.
  • GEA Group Aktiengesellschaft
  • John Bean Technologies Corp.
  • KRONES AG
  • Marchesini Group Spa
  • Rapak
  • Ronchi Mario SpA
  • Wenzhou Runli Machinery Co. Ltd
  • Shanghai Dahe Packing Machinery Co. Ltd.
  • Shanghai Xingfei Packaging Machinery Co. Ltd.
  • Syntegon Technology GmbH
  • The Adelphi Group of Companies
  • Tetra Pak Group

 

This statistical study of the filling equipment market encompasses successful business strategies deployed by the key vendors. The filling equipment market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.

Product Insights and News

  • aetnagroup.com - The company offers filling machines for beverage, food, detergents, lube and edible oil and tissue industries for flexible packaging.

  • aetnagroup.com - Under the unified segment, the company offers Robopac machinery, Robopac systems, Robopac packers, and others.

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The filling equipment market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.

Filling Equipment Market Value Chain Analysis

Our report provides extensive information on the value chain analysis for the filling equipment market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.

Which are the Key Regions for Filling Equipment Market?

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44% of the market's growth will originate from APAC during the forecast period. China and Japan are the key markets for filling equipment in APAC. Market growth in this region will be faster than the growth of the market in other regions.

The increase in consumption in the beverage sector will facilitate the filling equipment market growth in APAC over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

COVID Impact and Recovery Analysis

Private consumption expenditure in India in 2020 and the first half of 2021 declined by 6%, owing to the outbreak of COVID-19 in 2020. This decrease in consumption expenditure negatively impacted the growth of end-user industries and, in turn, affected the growth of the regional filling equipment market in 2020. However, new capital investments and strategic mergers and acquisitions are expected to positively influence the market growth during the forecast period. The implementation of large-scale COVID-19 vaccination drives led to a revival of operations in end-user industries, such as chemical and food and beverage, which is anticipated to boost market growth during the forecast period.

What are the Revenue-generating End-user Segments in the Filling Equipment Market?

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The filling equipment market share growth by the food and beverages segment will be significant during the forecast period. The growing urbanization and health consciousness among individuals and rising disposable incomes of consumers have cumulatively contributed to an increase in the consumption of healthy and ready-to-eat food. These factors are anticipated to contribute to the rise in the sales of equipment such as filling equipment used in the food and beverage industry.

This report provides an accurate prediction of the contribution of all the segments to the growth of the filling equipment market size and actionable market insights on post COVID-19 impact on each segment.

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Food and Beverage Filling Equipment market - The market share is expected to increase to USD 912.18 million from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 5.89%.

Filling Equipment Market Scope

Report Coverage

Details

Page number

120

Base year

2021

Forecast period

2022-2026

Growth momentum & CAGR

Accelerate at a CAGR of 4.94%

Market growth 2022-2026

$ 2.17 billion

Market structure

Fragmented

YoY growth (%)

4.4

Regional analysis

APAC, Europe, North America, South America, and Middle East and Africa

Performing market contribution

APAC at 44%

Key consumer countries

US, China, Japan, Germany, and Italy

Competitive landscape

Leading companies, Competitive strategies, Consumer engagement scope

Key companies profiled

ACASI Machinery Inc., Aetnagroup S.p.A., Barry-Wehmiller Group Inc., Coesia SpA, E PAK Machinery Inc., Feige FILLING GmbH, Filamatic, FILLING EQUIPMENT Co. Inc., GEA Group Aktiengesellschaft, John Bean Technologies Corp., KRONES AG, Marchesini Group Spa, Rapak, Ronchi Mario SpA, Wenzhou Runli Machinery Co. Ltd, Shanghai Dahe Packing Machinery Co. Ltd., Shanghai Xingfei Packaging Machinery Co. Ltd., Syntegon Technology GmbH, The Adelphi Group of Companies, and Tetra Pak Group

Market dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period

Customization purview

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What are the Key Data Covered in this Filling Equipment Market Report?

  • CAGR of the market during the forecast period 2022-2026
  • Detailed information on factors that will drive filling equipment market growth during the next five years
  • Precise estimation of the filling equipment market size and its contribution to the parent market
  • Accurate predictions on upcoming trends and changes in consumer behavior
  • The growth of the filling equipment industry across APAC, Europe, North America, South America, and Middle East and Africa
  • A thorough analysis of the market's competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of filling equipment market vendors

We can help! Our analysts can customize this report to meet your requirements. Get in touch

1 Executive Summary

  • 1.1 Market overview
    • Exhibit 01: Executive Summary – Chart on Market Overview
    • Exhibit 02: Executive Summary – Data Table on Market Overview
    • Exhibit 03: Executive Summary – Chart on Global Market Characteristics
    • Exhibit 04: Executive Summary – Chart on Market by Geography
    • Exhibit 05: Executive Summary – Chart on Market Segmentation by End-user
    • Exhibit 06: Executive Summary – Chart on Incremental Growth
    • Exhibit 07: Executive Summary – Data Table on Incremental Growth
    • Exhibit 08: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

  • 2.1 Market ecosystem
    • Exhibit 09: Parent market
    • Exhibit 10: Market Characteristics

3 Market Sizing

  • 3.1 Market definition
    • Exhibit 11: Offerings of vendors included in the market definition
  • 3.2 Market segment analysis
    • Exhibit 12: Market segments
  • 3.3 Market size 2021
    • 3.4 Market outlook: Forecast for 2021-2026
      • Exhibit 13: Chart on Global - Market size and forecast 2021-2026 ($ million)
      • Exhibit 14: Data Table on Global - Market size and forecast 2021-2026 ($ million)
      • Exhibit 15: Chart on Global Market: Year-over-year growth 2021-2026 (%)
      • Exhibit 16: Data Table on Global Market: Year-over-year growth 2021-2026 (%)

    4 Five Forces Analysis

    • 4.1 Five forces summary
      • Exhibit 17: Five forces analysis - Comparison between 2021 and 2026
    • 4.2 Bargaining power of buyers
      • Exhibit 18: Chart on Bargaining power of buyers – Impact of key factors 2021 and 2026
    • 4.3 Bargaining power of suppliers
      • Exhibit 19: Bargaining power of suppliers – Impact of key factors in 2021 and 2026
    • 4.4 Threat of new entrants
      • Exhibit 20: Threat of new entrants – Impact of key factors in 2021 and 2026
    • 4.5 Threat of substitutes
      • Exhibit 21: Threat of substitutes – Impact of key factors in 2021 and 2026
    • 4.6 Threat of rivalry
      • Exhibit 22: Threat of rivalry – Impact of key factors in 2021 and 2026
    • 4.7 Market condition
      • Exhibit 23: Chart on Market condition - Five forces 2021 and 2026

    5 Market Segmentation by End-user

    • 5.1 Market segments
      • Exhibit 24: Chart on End-user - Market share 2021-2026 (%)
      • Exhibit 25: Data Table on End-user - Market share 2021-2026 (%)
    • 5.2 Comparison by End-user
      • Exhibit 26: Chart on Comparison by End-user
      • Exhibit 27: Data Table on Comparison by End-user
    • 5.3 Food and beverage - Market size and forecast 2021-2026
      • Exhibit 28: Chart on Food and beverage - Market size and forecast 2021-2026 ($ million)
      • Exhibit 29: Data Table on Food and beverage - Market size and forecast 2021-2026 ($ million)
      • Exhibit 30: Chart on Food and beverage - Year-over-year growth 2021-2026 (%)
      • Exhibit 31: Data Table on Food and beverage - Year-over-year growth 2021-2026 (%)
    • 5.4 Pharmaceutical - Market size and forecast 2021-2026
      • Exhibit 32: Chart on Pharmaceutical - Market size and forecast 2021-2026 ($ million)
      • Exhibit 33: Data Table on Pharmaceutical - Market size and forecast 2021-2026 ($ million)
      • Exhibit 34: Chart on Pharmaceutical - Year-over-year growth 2021-2026 (%)
      • Exhibit 35: Data Table on Pharmaceutical - Year-over-year growth 2021-2026 (%)
    • 5.5 Chemicals and petrochemicals - Market size and forecast 2021-2026
      • Exhibit 36: Chart on Chemicals and petrochemicals - Market size and forecast 2021-2026 ($ million)
      • Exhibit 37: Data Table on Chemicals and petrochemicals - Market size and forecast 2021-2026 ($ million)
      • Exhibit 38: Chart on Chemicals and petrochemicals - Year-over-year growth 2021-2026 (%)
      • Exhibit 39: Data Table on Chemicals and petrochemicals - Year-over-year growth 2021-2026 (%)
    • 5.6 Others - Market size and forecast 2021-2026
      • Exhibit 40: Chart on Others - Market size and forecast 2021-2026 ($ million)
      • Exhibit 41: Data Table on Others - Market size and forecast 2021-2026 ($ million)
      • Exhibit 42: Chart on Others - Year-over-year growth 2021-2026 (%)
      • Exhibit 43: Data Table on Others - Year-over-year growth 2021-2026 (%)
    • 5.7 Market opportunity by End-user
      • Exhibit 44: Market opportunity by End-user ($ million)

    6 Customer Landscape

    • 6.1 Customer landscape overview
      • Exhibit 45: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

    7 Geographic Landscape

    • 7.1 Geographic segmentation
      • Exhibit 46: Chart on Market share by geography 2021-2026 (%)
      • Exhibit 47: Data Table on Market share by geography 2021-2026 (%)
    • 7.2 Geographic comparison
      • Exhibit 48: Chart on Geographic comparison
      • Exhibit 49: Data Table on Geographic comparison
    • 7.3 APAC - Market size and forecast 2021-2026
      • Exhibit 50: Chart on APAC - Market size and forecast 2021-2026 ($ million)
      • Exhibit 51: Data Table on APAC - Market size and forecast 2021-2026 ($ million)
      • Exhibit 52: Chart on APAC - Year-over-year growth 2021-2026 (%)
      • Exhibit 53: Data Table on APAC - Year-over-year growth 2021-2026 (%)
    • 7.4 Europe - Market size and forecast 2021-2026
      • Exhibit 54: Chart on Europe - Market size and forecast 2021-2026 ($ million)
      • Exhibit 55: Data Table on Europe - Market size and forecast 2021-2026 ($ million)
      • Exhibit 56: Chart on Europe - Year-over-year growth 2021-2026 (%)
      • Exhibit 57: Data Table on Europe - Year-over-year growth 2021-2026 (%)
    • 7.5 North America - Market size and forecast 2021-2026
      • Exhibit 58: Chart on North America - Market size and forecast 2021-2026 ($ million)
      • Exhibit 59: Data Table on North America - Market size and forecast 2021-2026 ($ million)
      • Exhibit 60: Chart on North America - Year-over-year growth 2021-2026 (%)
      • Exhibit 61: Data Table on North America - Year-over-year growth 2021-2026 (%)
    • 7.6 South America - Market size and forecast 2021-2026
      • Exhibit 62: Chart on South America - Market size and forecast 2021-2026 ($ million)
      • Exhibit 63: Data Table on South America - Market size and forecast 2021-2026 ($ million)
      • Exhibit 64: Chart on South America - Year-over-year growth 2021-2026 (%)
      • Exhibit 65: Data Table on South America - Year-over-year growth 2021-2026 (%)
    • 7.7 Middle East and Africa - Market size and forecast 2021-2026
      • Exhibit 66: Chart on Middle East and Africa - Market size and forecast 2021-2026 ($ million)
      • Exhibit 67: Data Table on Middle East and Africa - Market size and forecast 2021-2026 ($ million)
      • Exhibit 68: Chart on Middle East and Africa - Year-over-year growth 2021-2026 (%)
      • Exhibit 69: Data Table on Middle East and Africa - Year-over-year growth 2021-2026 (%)
    • 7.8 China - Market size and forecast 2021-2026
      • Exhibit 70: Chart on China - Market size and forecast 2021-2026 ($ million)
      • Exhibit 71: Data Table on China - Market size and forecast 2021-2026 ($ million)
      • Exhibit 72: Chart on China - Year-over-year growth 2021-2026 (%)
      • Exhibit 73: Data Table on China - Year-over-year growth 2021-2026 (%)
    • 7.9 US - Market size and forecast 2021-2026
      • Exhibit 74: Chart on US - Market size and forecast 2021-2026 ($ million)
      • Exhibit 75: Data Table on US - Market size and forecast 2021-2026 ($ million)
      • Exhibit 76: Chart on US - Year-over-year growth 2021-2026 (%)
      • Exhibit 77: Data Table on US - Year-over-year growth 2021-2026 (%)
    • 7.10 Germany - Market size and forecast 2021-2026
      • Exhibit 78: Chart on Germany - Market size and forecast 2021-2026 ($ million)
      • Exhibit 79: Data Table on Germany - Market size and forecast 2021-2026 ($ million)
      • Exhibit 80: Chart on Germany - Year-over-year growth 2021-2026 (%)
      • Exhibit 81: Data Table on Germany - Year-over-year growth 2021-2026 (%)
    • 7.11 Italy - Market size and forecast 2021-2026
      • Exhibit 82: Chart on Italy - Market size and forecast 2021-2026 ($ million)
      • Exhibit 83: Data Table on Italy - Market size and forecast 2021-2026 ($ million)
      • Exhibit 84: Chart on Italy - Year-over-year growth 2021-2026 (%)
      • Exhibit 85: Data Table on Italy - Year-over-year growth 2021-2026 (%)
    • 7.12 Japan - Market size and forecast 2021-2026
      • Exhibit 86: Chart on Japan - Market size and forecast 2021-2026 ($ million)
      • Exhibit 87: Data Table on Japan - Market size and forecast 2021-2026 ($ million)
      • Exhibit 88: Chart on Japan - Year-over-year growth 2021-2026 (%)
      • Exhibit 89: Data Table on Japan - Year-over-year growth 2021-2026 (%)
    • 7.13 Market opportunity by geography
      • Exhibit 90: Market opportunity by geography ($ million)

    8 Drivers, Challenges, and Trends

    • 8.1 Market drivers
      • 8.2 Market challenges
        • 8.3 Impact of drivers and challenges
          • Exhibit 91: Impact of drivers and challenges in 2021 and 2026
        • 8.4 Market trends

          9 Vendor Landscape

          • 9.1 Overview
            • 9.2 Vendor landscape
              • Exhibit 92: Overview on Criticality of inputs and Factors of differentiation
            • 9.3 Landscape disruption
              • Exhibit 93: Overview on factors of disruption
            • 9.4 Industry risks
              • Exhibit 94: Impact of key risks on business

            10 Vendor Analysis

            • 10.1 Vendors covered
              • Exhibit 95: Vendors covered
            • 10.2 Market positioning of vendors
              • Exhibit 96: Matrix on vendor position and classification
            • 10.3 Aetnagroup S.p.A.
              • Exhibit 97: Aetnagroup S.p.A. - Overview
              • Exhibit 98: Aetnagroup S.p.A. - Product / Service
              • Exhibit 99: Aetnagroup S.p.A. - Key offerings
            • 10.4 Barry-Wehmiller Group Inc.
              • Exhibit 100: Barry-Wehmiller Group Inc. - Overview
              • Exhibit 101: Barry-Wehmiller Group Inc. - Product / Service
              • Exhibit 102: Barry-Wehmiller Group Inc. - Key offerings
            • 10.5 Coesia SpA
              • Exhibit 103: Coesia SpA - Overview
              • Exhibit 104: Coesia SpA - Business segments
              • Exhibit 105: Coesia SpA - Key news
              • Exhibit 106: Coesia SpA - Key offerings
              • Exhibit 107: Coesia SpA - Segment focus
            • 10.6 GEA Group Aktiengesellschaft
              • Exhibit 108: GEA Group Aktiengesellschaft - Overview
              • Exhibit 109: GEA Group Aktiengesellschaft - Business segments
              • Exhibit 110: GEA Group Aktiengesellschaft - Key news
              • Exhibit 111: GEA Group Aktiengesellschaft - Key offerings
              • Exhibit 112: GEA Group Aktiengesellschaft - Segment focus
            • 10.7 John Bean Technologies Corp.
              • Exhibit 113: John Bean Technologies Corp. - Overview
              • Exhibit 114: John Bean Technologies Corp. - Business segments
              • Exhibit 115: John Bean Technologies Corp. - Key offerings
              • Exhibit 116: John Bean Technologies Corp. - Segment focus
            • 10.8 KRONES AG
              • Exhibit 117: KRONES AG - Overview
              • Exhibit 118: KRONES AG - Business segments
              • Exhibit 119: KRONES AG - Key offerings
              • Exhibit 120: KRONES AG - Segment focus
            • 10.9 Marchesini Group Spa
              • Exhibit 121: Marchesini Group Spa - Overview
              • Exhibit 122: Marchesini Group Spa - Product / Service
              • Exhibit 123: Marchesini Group Spa - Key offerings
            • 10.10 Syntegon Technology GmbH
              • Exhibit 124: Syntegon Technology GmbH - Overview
              • Exhibit 125: Syntegon Technology GmbH - Product / Service
              • Exhibit 126: Syntegon Technology GmbH - Key offerings
            • 10.11 Tetra Pak Group
              • Exhibit 127: Tetra Pak Group - Overview
              • Exhibit 128: Tetra Pak Group - Business segments
              • Exhibit 129: Tetra Pak Group - Key news
              • Exhibit 130: Tetra Pak Group - Key offerings
              • Exhibit 131: Tetra Pak Group - Segment focus
            • 10.12 The Adelphi Group of Companies
              • Exhibit 132: The Adelphi Group of Companies - Overview
              • Exhibit 133: The Adelphi Group of Companies - Product / Service
              • Exhibit 134: The Adelphi Group of Companies - Key offerings

            11 Appendix

            • 11.1 Scope of the report
              • 11.2 Inclusions and exclusions checklist
                • Exhibit 135: Inclusions checklist
                • Exhibit 136: Exclusions checklist
              • 11.3 Currency conversion rates for US$
                • Exhibit 137: Currency conversion rates for US$
              • 11.4 Research methodology
                • Exhibit 138: Research methodology
                • Exhibit 139: Validation techniques employed for market sizing
                • Exhibit 140: Information sources
              • 11.5 List of abbreviations
                • Exhibit 141: List of abbreviations
              • in manufacturing industry: Market dynamics in some major processes and discrete industries are changing drastically, and manufacturers are gradually feeling the brunt of excessive demand fluctuations. The fluctuating prices of oil and gas and metals in the global market and the shortage of a skilled workforce worldwide have directly affected the profitability of manufacturing companies. A sudden and unexpected shift in market dynamics can drastically impact manufacturing processes and investments in capital goods.
                • slowdown in the automotive industry: High motorization rates in North America and Europe, the increase in tariffs on imported vehicles in the US and China, and the global economic slowdown are likely to reduce vehicle sales in the coming years. Anticipating a decline in vehicle sales, several vehicle manufacturers are halting their vehicle production. For instance, in March 2019, Ford announced the shutdown of its three vehicle-manufacturing sites in Russia. Similarly, in August 2019, Mahindra and Mahindra Ltd. stopped vehicle production at its manufacturing units in India for 8-14 days. During the same month, Maruti Suzuki announced that it had cut its vehicle production for the sixth consecutive month in 2019. In August 2019, Honda announced a halt in car production at its Argentina-based manufacturing plants. Such a slowdown in the automotive industry is expected to hamper the growth of the market during the forecast period.

                  Research Framework

                  Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

                  INFORMATION SOURCES

                  Primary sources

                  • Manufacturers and suppliers
                  • Channel partners
                  • Industry experts
                  • Strategic decision makers

                  Secondary sources

                  • Industry journals and periodicals
                  • Government data
                  • Financial reports of key industry players
                  • Historical data
                  • Press releases

                  DATA ANALYSIS

                  Data Synthesis

                  • Collation of data
                  • Estimation of key figures
                  • Analysis of derived insights

                  Data Validation

                  • Triangulation with data models
                  • Reference against proprietary databases
                  • Corroboration with industry experts

                  REPORT WRITING

                  Qualitative

                  • Market drivers
                  • Market challenges
                  • Market trends
                  • Five forces analysis

                  Quantitative

                  • Market size and forecast
                  • Market segmentation
                  • Geographical insights
                  • Competitive landscape

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                  Key Questions Answered

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                  • What are the revenue-generating key market segments?
                  • What are the key factors driving and challenging this market’s growth?
                  • Who are the key market vendors and their growth strategies?
                  • What are the latest trends influencing the growth of this market?
                  • What are the variables influencing the market growth in the primary regions?
                  • What are the factors influencing the growth of the parent market?

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