Fluid Management Market for Off-highway

The study involved four major activities in estimating the current size of the fluid management market for off-highway. Exhaustive secondary research was done to collect information on the market, the peer market, and the parent market. The next step was to validate these findings, assumptions, and sizing with the industry experts across value chains through primary research. The top-down approach was employed to estimate the complete market size. Thereafter, market breakdown and data triangulation processes were used to estimate the market size of segments and subsegments.

Secondary Research

In the secondary research process, various secondary sources, such as company annual reports/presentations, press releases, industry association publications [for instance, publications related to fluid management systems for off-highway vehicles], fluid management systems for off-highway vehicles related magazine articles, directories, technical handbooks, World Economic Outlook, trade websites, government organizations websites, and technical articles, company websites, whitepapers, databases, and articles from recognized associations and government publishing sources, were referred to. The secondary data was collected and analyzed to arrive at the overall market size, which was further validated by primary research for an extensive commercial study of the fluid management market for off-highway.

Primary Research

Extensive primary research was conducted after acquiring an understanding of this market scenario through secondary research. Several primary interviews were conducted with market experts from the demand- and supply-side OEMs (in terms of component supply, country-level government associations, and trade associations) and component manufacturers across four major regions: Asia Pacific, Europe, and North America. Approximately 40% and 60% of primary interviews were conducted from the demand and supply sides, respectively. Primary data was collected through questionnaires, emails, LinkedIn, and telephonic interviews. In the canvassing of primaries, various departments within organizations, such as sales, operations, and administration, were covered to provide a holistic viewpoint in the report.
Brief sessions with highly experienced independent consultants were conducted to reinforce findings from primaries after interacting with industry experts. This, along with the opinions of the in-house subject matter experts, led to the findings described in the remainder of this report.
In the primary research process, various primary sources from the supply and demand sides were interviewed to obtain qualitative and quantitative information for the report. The primary sources from the supply side included industry experts, such as Vice Presidents (VPs), marketing directors, technology and innovation directors, and related key executives from various key companies and organizations. The primary sources from the demand side included end users, such as Chief Information Officers (CIOs), consultants, service professionals, technicians, technologists, and managers at public and investor-owned utilities.

Breakdown of Primary Interviews

Note: Others include purchase and sales managers, marketing managers, and product managers.

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Market Size Estimation

The total market size by vehicle type, in both thousand units and USD million, was derived through a bottom-up approach at the country level. Country-level production volumes for each off-highway vehicle type were mapped from company publications, industry publications, and research studies, forming the base input. This was combined with country-level penetration of fluid transfer system components across construction and mining equipment, agricultural equipment, and forklifts, derived through product mapping, paid databases, and validated through primary interviews. Multiplying production volumes by penetration rates provided the country-level market size in terms of volume. In parallel, the average price of fluid transfer system components for each vehicle was estimated at the country-level using supplier data, industry sources, and expert validation. Multiplying volume by average price generated the country-level market size in terms of value, and aggregation across all countries results in the regional market size by vehicle type.

Fluid Management Market for Off-highway : Top-Down and Bottom-Up Approach

Data Triangulation

After arriving at the overall market size using the market size estimation processes as explained above, the market was split into several segments and subsegments. To complete the overall market engineering process and arrive at the exact statistics of each market segment and subsegment, data triangulation and market breakdown procedures were employed, wherever applicable. The data was triangulated by studying various factors and trends from both the demand and supply sides.