India has always been an attractive investment destination for multinationals. Over the years it has emerged as the fastest-growing economy in the world. In fact, Indian economy is expected to rank among top three economic powers of the world by the next decade. Moreover, as per the recent World Bank’s ‘Ease of Doing Business Report 2019’, India ranks at 77th position among 190 countries. All of these factors attract foreign as well as local companies to set-up their base in the country.
While setting up a business in a new country, it is crucial to conduct thorough market research to identify the potential Indian market size. Understanding market size helps you calculate the potential value that market has for your products and services. Besides, it also gives you a sense of market trends. It helps you understand what drives the demand in the market, consumer’s taste and preferences and competition, among other factors.
You can develop your product offerings based on your primary research and stand a better chance to grow your business. Moreover, you can create a viable business plan based on your analysis and approach potential investors.
For determining the potential Indian market size, you may use the data and figures published by the government and trade associations. Apart from this, you can also conduct your own research and studies. However, it is a daunting task to compile accurate information. Therefore, it is ideal to hire an expert who can help you conduct market research after understanding the Indian industry and customers. This will enable to make informed decisions by finding out your product’s potential pricing, customer taste and competition assessment.
Maier+Vidorno’s market research team can help you identify the potential market size and design your Indian market entry strategy.