Market Research in Sweden2019-11-11
Swedish market is a well-established export-based market in the world. According to the world market research, Sweden is named the country with 9th highest Global competitiveness index in the world. Sweden’s developed economy highly relays on the foreign trade and major exports are telecommunications, pharmaceutical, chemical products and electronic appliances.
Sweden has very competent and progressed engineering, steel and mining industries in the country which play an important role in the economic development. Sweden is a member of Nordic countries which has 12th largest economy in the world with U.S. $1.35 trillion GDP. Market research shows that it is the largest and versatile market among the Nordic countries.
Sweden is very liberal and flexible open market economy. Sweden did not take any part in World War II which really helped to keep intact the banking system and economy of the country. Most of the European countries were affected due to World War II.
Over the years, Sweden has accomplished a very modern and sophisticated standard of living. The country also has very active welfare system in the country which attracts the immigrants from other countries. The country has 10 million of population, with 25% immigrants from Europe, Asia and African countries.
Swedish market is one of the most ingenious, ambitious, and translucent market in the world. The ports of the country play significant role in the development of its economy. Eighty-two ports in the country make the transportation very easy and convenient.
The market research suggests that the export of the country is responsible for the one-third of the Sweden’s GDP. Sweden used to export the raw and semi-manufactured products such as steel, sawn wood and pulp. But in recent past years, government has shifted the attention towards the export of manufactured products including hi-tech industrial equipment, telecommunication products, paper products, cars and chemical products.
Market opportunities in Sweden:
The Swedish economy is growing with a great pace and it is a very attractive market for the local and foreign investors due to very stable external and internal market links, innovative distribution system and very skilled men power in the country.
There are total eighty-two ports in the countries which provide a comfortable and advanced transportation for trade. The port of Gavle and port of Göteborg are the major ports which play an important role in the stable economy of Sweden.
Agriculture is an important sector in Sweden which is very suitable for the investment. Sweden is a vital exporter of Agricultural and forest products. There is a heavy investment in the wood products, furniture, pre-designed houses, and paper products and there is a lot more room for the investors.
According to the market research, there is huge demand of advanced and innovative technologies such as IT services and smart devices in the Swedish market. So it is ideal market for the investment in the new technologies. Sweden is a big producer and exporter of iron and steel. The market research shows that the Steel and iron industries are the major in the country and it has a lot of attractions for the foreign investors.
According to market research in Sweden, 70 percent of the internet users prefer to do online shopping for garments, footwear and technology products. So the market is ideal for the investment in e-commerce business.
Market Challenges in Sweden:
Market research in Sweden shows that Swedish market is open, active and very competitive market and there are many well-established local and foreign business enterprises in the market so the startups face a heavy competition from them. The startup companies must offer exceptional services in a suitable price to accomplish success.
The labor is very expensive in Sweden and you have to pay very high wages to your employees. So you will have to hire very costly labor if you are setting-up a company. The individual taxes are also very high in Sweden. There is a 25 percent of valued-added tax on any kind of import or sale in the country which is very high as compared to other European countries.
Entering the Swedish market:
Swedish market is an open market for the foreign investment but it’s also very competitive due to its versatile industries. There are many well-settled competitors in the market. So to jump-in to startup or enhance business in the market you need to do a comprehensive market research in Sweden.
The market research should be made to analyze the competitive advantages in the Swedish market such as prices, brands and quality. The qualitative and quantitative market research in Sweden will help you to construct a successful business in the country.
Market research in Sweden can be tricky and needs a team of competent market analysts. We have a highly qualified and experienced team for market research in Sweden. We also provide the quality solutions for C2C and B2B business by doing a comprehensive market research.
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