Market Growth
Expansion of total market size measured by sales value or units sold.
Formula
Market Growth Rate (%) = ((Current Year Sales − Previous Year Sales) ÷ Previous Year Sales) × 100
Real World
The UK electric vehicle market grew over 40% in 2023 as rising fuel prices and government grants drove consumers toward brands like Tesla and Nissan.
Exam Focus
Always state whether growth is measured by value or volume — the distinction can earn a method mark.
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