Growth (Market)
Expansion of market size; increasing total sales.
Formula
Market Growth (%) = ((Market size this year − Market size last year) ÷ Market size last year) × 100
Real World
The global electric vehicle market grew by over 35% in 2023, allowing new entrants like BYD to increase revenues even without immediately stealing share from established rivals.
Exam Focus
Distinguish market growth from market share growth — a firm can grow revenue in an expanding market without becoming relatively more competitive.
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