The 2011 Report on Manufacturing Navigational, Measuring, Electromedical, and Control Instruments: World Market Segmentation by City

Market Potential Estimation Methodology Overview This study covers the world outlook for manufacturing navigational, measuring, electromedical, and control instruments across more than 2000 cities. For the year reported, estimates are given for the latent demand, or potential industry earnings (P.I.E.), for the city in question (in millions of U.S. dollars), the percent share the city is of the region and of the globe. These comparative benchmarks allow the reader to quickly gauge a city vis-à-vis others. Using econometric models which project fundamental economic dynamics within each country and across countries, latent demand estimates are created. This report does not discuss the specific players in the market serving the latent demand, nor specific details at the product level. The study also does not consider short-term cyclicalities that might affect realized sales. The study, therefore, is strategic in nature, taking an aggregate and long-run view, irrespective of the players or products involved. This study does not report actual sales data (which are simply unavailable, in a comparable or consistent manner in virtually all of the cities of the world). This study gives, however, my estimates for the worldwide latent demand, or the P.I.E. for manufacturing navigational, measuring, electromedical, and control instruments. It also shows how the P.I.E. is divided across the world’s cities. In order to make these estimates, a multi-stage methodology was employed that is often taught in courses on international strategic planning at graduate schools of business. What is Latent Demand and the P.I.E.? The concept of latent demand is rather subtle. The term latent typically refers to something that is dormant, not observable, or not yet realized. Demand is the notion of an economic quantity that a target population or market requires under different assumptions of price, quality, and distribution, among other factors. Latent demand, therefore, is commonly defined by economists as the industry earnings of a market when that market becomes accessible and attractive to serve by competing firms. It is a measure, therefore, of potential industry earnings (P.I.E.) or total revenues (not profit) if a market is served in an efficient manner. It is typically expressed as the total revenues potentially extracted by firms. The “market” is defined at a given level in the value chain. There can be latent demand at the retail level, at the wholesale level, the manufacturing level, and the raw materials level (the P.I.E. of higher levels of the value chain being always smaller than the P.I.E. of levels at lower levels of the same value chain, assuming all levels maintain minimum profitability). The latent demand for manufacturing navigational, measuring, electromedical, and control instruments is not actual or historic sales. Nor is latent demand future sales. In fact, latent demand can be lower either lower or higher than actual sales if a market is inefficient (i.e., not representative of relatively competitive levels). Inefficiencies arise from a number of factors, including the lack of international openness, cultural barriers to consumption, regulations, and cartel-like behavior on the part of firms. In general, however, latent demand is typically larger than actual sales in a city market. Another reason why sales do not equate to latent demand is exchange rates. In this report, all figures assume the long-run efficiency of currency markets. Figures, therefore, equate values based on purchasing power parities across countries. Short-run distortions in the value of the dollar, therefore, do not figure into the estimates. Purchasing power parity estimates of country income were collected from official sources, and extrapolated using standard econometric models. The report uses the dollar as the currency of comparison, but not as a measure of transaction volume. The units used in this report are: US $ mln. For reasons discussed later, this report does not consider the notion of “unit quantities”, only total latent revenues (i.e., a calculation of price times quantity is never made, though one is implied). The units used in this report are U.S. dollars not adjusted for inflation (i.e., the figures incorporate inflationary trends) and not adjusted for future dynamics in exchange rates (i.e., the figures reflect average exchange rates over recent history). If inflation rates or exchange rates vary in a substantial way compared to recent experience, actually sales can also exceed latent demand (when expressed in U.S. dollars, not adjusted for inflation). On the other hand, latent demand can be typically higher than actual sales as there are often distribution inefficiencies that reduce actual sales below the level of latent demand. As mentioned earlier, this study is strategic in nature, taking an aggregate and long-run view, irrespective of the players or products involved. If fact, all the current products or services on the market can cease to exist in their present form (i.e., at a brand-, R&D specification, or corporate-image level) and all the players can be replaced by other firms (i.e., via exits, entries, mergers, bankruptcies, etc.), and there will still be an international latent demand for manufacturing navigational, measuring, electromedical, and control instruments at the aggregate level. Product and service offering details, and the actual identity of the players involved, while important for certain issues, are relatively unimportant for estimates of latent demand. The Methodology In order to estimate the latent demand for manufacturing navigational, measuring, electromedical, and control instruments on a city-by-city basis, I used a multi-stage approach. Before applying the approach, one needs a basic theory from which such estimates are created. In this case, I heavily rely on the use of certain basic economic assumptions. In particular, there is an assumption governing the shape and type of aggregate latent demand functions. Latent demand functions relate the income of a country, city, state, household, or individual to realized consumption. Latent demand (often realized as consumption when an industry is efficient), at any level of the value chain, takes place if an equilibrium in realized. For firms to serve a market, they must perceive a latent demand and be able to serve that demand at a minimal return. The single most important variable determining consumption, assuming latent demand exists, is income (or other financial resources at higher levels of the value chain). Other factors that can pivot or shape demand curves include external or exogenous shocks (i.e., business cycles), and or changes in utility for the product in question. Ignoring, for the moment, exogenous shocks and variations in utility across countries, the aggregate relation between income and consumption has been a central theme in economics. The figure below concisely summarizes one aspect of problem. In the 1930s, John Meynard Keynes conjectured that as incomes rise, the average propensity to consume would fall. The average propensity to consume is the level of consumption divided by the level of income, or the slope of the line from the origin to the consumption function. He estimated this relationship empirically and found it to be true in the short-run (mostly based on cross-sectional data). The higher the income, the lower the average propensity to consume. This type of consumption function is labeled "A" in the figure below (note the rather flat slope of the curve). In the 1940s, another macroeconomist, Simon Kuznets, estimated long-run consumption functions which indicated that the marginal propensity to consume was rather constant (using time series data across countries). This type of consumption function is show as "B" in the figure below (note the higher slope and zero-zero intercept). The average propensity to consume is constant. Is it declining or is it constant? A number of other economists, notably Franco Modigliani and Milton Friedman, in the 1950s (and Irving Fisher earlier), explained why the two functions were different using various assumptions on intertemporal budget constraints, savings, and wealth. The shorter the time horizon, the more consumption can depend on wealth (earned in previous years) and business cycles. In the long-run, however, the propensity to consume is more constant. Similarly, in the long run, households, industries or countries with no income eventually have no consumption (wealth is depleted). While the debate surrounding beliefs about how income and consumption are related and interesting, in this study a very particular school of thought is adopted. In particular, we are considering the latent demand for manufacturing navigational, measuring, electromedical, and control instruments across some 230 countries. The smallest have fewer than 10,000 inhabitants. I assume that all of these counties fall along a "long-run" aggregate consumption function. This long-run function applies despite some of these countries having wealth, current income dominates the latent demand for manufacturing navigational, measuring, electromedical, and control instruments. So, latent demand in the long-run has a zero intercept. However, I allow firms to have different propensities to consume (including being on consumption functions with differing slopes, which can account for differences in industrial organization, and end-user preferences). Given this overriding philosophy, I will now describe the methodology used to create the latent demand estimates for manufacturing navigational, measuring, electromedical, and control instruments. Since ICON Group has asked me to apply this methodology to a large number of categories, the rather academic discussion below is general and can be applied to a wide variety of categories, not just manufacturing navigational, measuring, electromedical, and control instruments. Step 1. Product Definition and Data Collection Any study of latent demand across countries requires that some standard be established to define “efficiently served”. Having implemented various alternatives and matched these with market outcomes, I have found that the optimal approach is to assume that certain key countries or cities are more likely to be at or near efficiency than others. These are given greater weight than others in the estimation of latent demand compared to others for which no known data are available. Of the many alternatives, I have found the assumption that the world’s highest aggregate income and highest income-per-capita markets reflect the best standards for “efficiency”. High aggregate income alone is not sufficient (i.e., China has high aggregate income, but low income per capita and can not assumed to be efficient). Aggregate income can be operationalized in a number of ways, including gross domestic product (for industrial categories), or total disposable income (for household categories; population times average income per capita, or number of households times average household income per capita). Brunei, Nauru, Kuwait, and Lichtenstein are examples of countries with high income per capita, but not assumed to be efficient, given low aggregate level of income (or gross domestic product); these countries have, however, high incomes per capita but may not benefit from the efficiencies derived from economies of scale associated with large economies. Only countries with high income per capita and large aggregate income are assumed efficient. This greatly restricts the pool of countries to those in the OECD (Organization for Economic Cooperation and Development), like the United States, or the United Kingdom (which were earlier than other large OECD economies to liberalize their markets). The selection of countries is further reduced by the fact that not all countries in the OECD report industry revenues at the category level. Countries that typically have ample data at the aggregate level that meet the efficiency criteria include the United States, the United Kingdom and in some cases France and Germany. Latent demand is therefore estimated using data collected for relatively efficient markets from independent data sources (e.g. Euromonitor, Mintel, Thomson Financial Services, the U.S. Industrial Outlook, the World Resources Institute, the Organization for Economic Cooperation and Development, various agencies from the United Nations, industry trade associations, the International Monetary Fund, and the World Bank). Depending on original data sources used, the definition of “manufacturing navigational, measuring, electromedical, and control instruments” is established. In the case of this report, the data were reported at the aggregate level, with no further breakdown or definition. In other words, any potential product or service that might be incorporated within manufacturing navigational, measuring, electromedical, and control instruments falls under this category. Public sources rarely report data at the disaggregated level in order to protect private information from individual firms that might dominate a specific product-market. These sources will therefore aggregate across components of a category and report only the aggregate to the public. While private data are certainly available, this report only relies on public data at the aggregate level without reliance on the summation of various category components. In other words, this report does not aggregate a number of components to arrive at the “whole”. Rather, it starts with the “whole”, and estimates the whole for all cities and the world at large (without needing to know the specific parts that went into the whole in the first place). Given this caveat, this study covers “manufacturing navigational, measuring, electromedical, and control instruments” as defined by the North American Industrial Classification system or NAICS (pronounced “nakes”). manufacturing navigational, measuring, electromedical, and control instruments The NAICS code for manufacturing navigational, measuring, electromedical, and control instruments is 3345. It is for this definition of manufacturing navigational, measuring, electromedical, and control instruments that the aggregate latent demand estimates are derived. “Manufacturing navigational, measuring, electromedical, and control instruments” is specifically defined as follows: 3345 Navigational, Measuring, Electromedical, and Control Instruments Manufacturing  33451 This industry comprises establishments primarily engaged in manufacturing navigational, measuring, electromedical, and control instruments. Examples of products made by these establishments are aeronautical instruments, appliance regulators and controls (except switches), laboratory analytical instruments, navigation and guidance systems, and physical properties testing equipment.  334510 This U.S. industry comprises establishments primarily engaged in manufacturing electromedical and electrotherapeutic apparatus, such as magnetic resonance imaging equipment, medical ultrasound equipment, pacemakers, hearing aids, electrocardiographs, and electromedical endoscopic equipment.  3345101 Electromedical equipment  33451010 Electromedical equipment (diagnostic, therapeutic, patient monitoring, etc.), excluding ionizing radiation equipment and hearing aids  3345101000 Electromedical equipment (diagnostic, therapeutic, patient monitoring, etc.), excluding ionizing radiation equipment and hearing aids  33451011 Medical diagnostic equipment  3345101100 Electromedical equipment, including diagnostic, therapeutic, and patient monitoring equipment (excluding ionizing radiation equipment)  3345101103 Magnetic resonance imaging equipment (MRI)  3345101106 Ultrasound scanning devices  3345101109 Electrocardiograph (EKG)  3345101112 Electroencephalograph (EEG) and electromyograph (EMG)  3345101115 Audiological equipment  3345101118 Endoscopic equipment (bronchoscope, cystoscope, proctosigmoidoscope, colonoscope, etc.)  3345101121 Respiratory analysis equipment  3345101124 All other medical diagnostic equipment  33451012 Medical therapy equipment  3345101227 Medical patient intensive care~coronary care units, including component modules such as temperature, blood pressure, and pulse monitoring equipment  3345101231 Medical prenatal monitoring equipment  3345101234 Medical patient respiratory monitoring equipment  3345101237 All other patient monitoring equipment  3345101241 Medical ultrasound therapy equipment  3345101244 Medical therapy pacemakers  3345101247 Medical therapy defibrillators  3345101251 Medical therapy dialyzers (includes machines and equipment)  3345101254 Medical therapy laser equipment  3345101257 All other medical therapy equipment  33451013 Other electromedical equipment  3345101361 Medical electrosurgical equipment  3345101364 Medical heart~lung machines (excluding iron lungs)  3345101367 Medical blood flow systems  3345101371 All other surgical support systems  3345101374 Other electromedical equipment, except diagnostic and therapeutic  33451014 Parts and accessories for electromedical equipment  3345101477 Electromedical parts and accessories, including diagnostic and therapeutic  3345103 Electronic hearing aids  33451031 Electronic hearing aids, complete units  3345103100 Electronic hearing aids, complete units  334510M Miscellaneous receipts  334510P Primary products  334510S Secondary products  334510SM Secondary products and miscellaneous receipts  334511 This U.S. industry comprises establishments primarily engaged in manufacturing search, detection, navigation, guidance, aeronautical, and nautical systems and instruments. Examples of products made by these establishments are aircraft instruments (except engine), flight recorders, navigational instruments and systems, radar systems and equipment, and sonar systems and equipment.  3345111 Aeronautical, nautical & navigational instruments, not sending/receiving radio  33451110 Aeronautical, nautical, and navigational instruments, not sending or receiving radio signals  3345111000 Aeronautical, nautical, and navigational instruments, not sending or receiving radio signals, except engine instruments  33451111 Aeronautical, nautical, and navigational instruments, not sending or receiving radio signals (except engine instruments)  3345111100 Aeronautical, nautical, and navigational instruments, not sending or receiving radio signals (except engine instruments)  3345111101 Flight and navigation compasses (all types)  3345111103 Flight and navigation altimeters (except radio and radar altimeters)  3345111105 Flight and navigation airspeed indicators (including machmeters and air data computers)  3345111107 Flight and navigation acceleration indicators and systems components  3345111109 Flight and navigation rate_of_climb indicators  3345111111 Flight and navigation angle_of_attack indicators  3345111113 Flight and navigation artificial horizon flight instruments  3345111115 Other flight and navigation sensors, transmitters, and displays  33451112 Gyroscopes and airframe equipment instruments  3345111217 Vertical gyroscopes (sold separately)  3345111219 Directional gyroscopes (sold separately)  3345111221 Free torqued and untorqued gyroscopes (sold separately)  3345111223 Rate, inertial grade gyroscopes (sold separately)  3345111225 Rate, noninertial grade gyroscopes (sold separately)  3345111227 Airframe equipment instruments, position indicators (mechanical)  3345111229 Airframe equipment instruments, hydraulic systems (electrical and mechanical)  3345111231 Airframe equipment instruments, cabin environmental measuring and control instruments  3345111233 Other aerospace flight instruments, including parts sold separately  33451113 Nautical instruments (all types)  3345111335 Nautical instruments (all types)  33451114 Parts and components for aeronautical, nautical, and navigational instruments, except aircraft engine instruments (sold separately)  3345111437 Parts and components for aeronautical, nautical, and navigational instruments, except aircraft engine instruments (sold separately)  3345113 Search, detection, navigation, and guidance systems and equipment  33451130 Search, detection, navigation, and guidance systems and equipment  3345113000 Search, detection, navigation, and guidance systems and equipment  33451131 Search, detection, navigation, and guidance systems and equipment  3345113100 Search, detection, navigation, and guidance systems and equipment  3345113101 Light reconnaissance and surveillance electronic systems and equipment (infrared, ultraviolet, and visible light) (bomb_defense equipment, fire control equipment (except optical systems), etc.)  3345113103 Electronic checkout, monitoring, evaluation, and other electronic support equipment for light reconnaissance and surveillance electronic systems, IFF equipment  3345113105 Electronic checkout, monitoring, evaluation, and other electronic support equipment for light reconnaissance and surveillance electronic systems, proximity fuses  33451132 Search, detection, and acquisition radar systems and equipment  3345113207 Airborne and missile~space radar search, detection, and acquisition systems and equipment  3345113209 Ship (marine) radar search, detection, and acquisition systems and equipment  3345113211 Ground radar search, detection, and acquisition systems and equipment  33451133 Tracking radar systems and equipment  3345113313 Airborne and missile~space radar tracking systems and equipment  3345113315 Ship (marine) radar tracking systems and equipment  3345113317 Ground radar tracking systems and equipment  3345113319 Instrumentation radar systems and equipment, airborne, missile~space and ship (marine) radar  3345113321 Instrumentation radar systems and equipment, ground radar  3345113323 Tracking radar systems and equipment, electronic checkout, monitoring, evaluation, and other electronic support equipment  33451134 Sonar search, detection, and communication equipment, and electronic warfare systems  3345113425 Sonar search, detection, tracking and communication systems and equipment, including ASW for surface ship applications  3345113427 Sonar search, detection, tracking and communication systems and equipment, including ASW for submarine applications  3345113429 Sonar search, detection, tracking and communication systems and equipment, including ASW for airborne  3345113431 Sonar search, detection, tracking and communication systems and equipment, including ASW for electronic checkout, monitoring, evaluation, and other electronic support equipment (including submerged)  3345113433 Specialized command and control data processing and display equipment (sold separately)  3345113435 Search, detection, identification, and tracking systems and equipment, nec  3345113437 Electronic warfare and countermeasures systems and equipment, communications and radar jamming equipment  3345113439 Electronic warfare and countermeasures systems and equipment, underwater countermeasures equipment  3345113441 Electronic warfare and countermeasures systems and equipment, other active countermeasure equipment (excluding passive materials)  3345113443 Specialized electronic and communication intelligence equipment  33451135 Missile and space vehicle systems equipment  3345113545 Missile and space vehicle systems equipment, missile~borne and space~ vehicle~borne equipment  3345113547 Missile and space vehicle systems equipment, nonmissile and space vehicle guidance equipment  3345113549 Missile and space vehicle systems equipment, electronic checkout, launching, and other missile and space vehicle support systems  33451136 Navigation systems and equipment  3345113651 Navigation systems and equipment for aircraft, ship and ground navigation; airborne navigational systems; radio receivers and displays  3345113653 Navigation systems and equipment for aircraft, ship and ground navigation; airborne navigational systems; integrated data systems~flight recorders  3345113655 Navigation systems and equipment for aircraft, ship and ground navigation; airborne navigational systems; distance measuring  3345113657 Navigation systems and equipment for aircraft, ship and ground navigation; airborne navigational systems; flight directors~situation display  3345113659 Navigation systems and equipment for aircraft, ship and ground navigation; airborne navigational systems; heads~up display (HUD)  3345113661 Navigation systems and equipment for aircraft, ship and ground navigation; airborne navigational systems; inertial navigation  3345113663 Navigation systems and equipment for aircraft, ship and ground navigation; airborne navigational systems; proximity warning~collision avoidance  3345113665 Navigation systems and equipment for aircraft, ship and ground navigation; airborne navigational systems; complete automatic pilots (both gyroscopic and nongyroscopic)  3345113667 All other navigation systems and equipment for aircraft, ship and ground navigation; airborne navigational systems  3345113669 Navigation systems and equipment for aircraft, ship and ground navigation; surface (ship and ground) navigational systems  3345113671 Navigation systems and equipment for aircraft, ship and ground navigation; underwater navigational systems  3345113673 Navigation systems and equipment for aircraft, ship and ground navigation; electronic checkout, monitoring, evaluation, and other electronic support equipment  334511M Miscellaneous receipts  334511P Primary products  334511S Secondary products  334511SM Secondary products and miscellaneous receipts  334512 This U.S. industry comprises establishments primarily engaged in manufacturing automatic controls and regulators for applications, such as heating, air-conditioning, refrigeration and appliances.  3345120 AUTOMATIC ENVIRONMENTAL CONTROLS FOR MONITORING RESIDENTIAL, COMMERCIAL, AND APPLIANCE USE  33451200 Automatic environmental controls for monitoring residential, commercial, and appliance use  3345120000 Automatic environmental controls for monitoring and regulating residential and commercial environments and appliances  33451201 Automatic environmental controls for monitoring residential, commercial, and appliance use  3345120100 Automatic environmental controls for monitoring residential, commercial, and appliance use  3345120101 Automatic controls of the type principally used as components of air~ conditioning, refrigeration, and comfort heating (including pneumatic controls); electric temperature responsive (thermostats)  3345120102 Automatic controls for air_conditioning, refrigeration, and comfort heating (including pneumatic controls), temperature responsive (thermostats)  3345120103 Automatic controls of the type principally used as components of air~ conditioning, refrigeration, and comfort heating (including pneumatic controls); pneumatic temperature responsive (thermostats)  3345120105 Automatic controls for air_conditioning, refrigeration, and comfort heating (including pneumatic controls), pressure responsive (pressurestats)  3345120107 Automatic controls for air_conditioning, refrigeration, and comfort heating (including pneumatic controls), hydronic responsive  3345120109 Automatic controls for air_conditioning, refrigeration, and comfort heating (including pneumatic controls), humidity responsive (humidistats)  3345120111 Automatic controls for air_conditioning, refrigeration, and comfort heating (including pneumatic controls), light responsive  3345120113 Automatic controls for air_conditioning, refrigeration, and comfort heating (including pneumatic controls), liquid level  3345120115 Automatic controls for air_conditioning, refrigeration, and comfort heating (including pneumatic controls), igniters  3345120117 Automatic controls for air_conditioning, refrigeration, and comfort heating (including pneumatic controls), inherent motor protectors  33451202 Controls for energy control systems for buildings  3345120219 Automatic controls of the type principally used as components of ac, refrigeration, and comfort heating (incl pneumatic controls); microprocessor~ based load programmers for buildings energy control  3345120221 Automatic controls of the type principally used as components of air~ conditioning, refrigeration, and comfort heating (including pneumatic controls); computerized energy control systems for buildings  3345120223 Other automatic controls of the type principally used as components of air~ conditioning, refrigeration, and comfort heating (including pneumatic controls)  3345120225 Controls for major appliances; temperature responsive  3345120227 All other controls for major appliances  3345120229 Parts and components for controls for monitoring residential and commercial environments and appliance regulating controls (sold separately)  3345123 Automatic building, refrigeration and appliance controls  334512M Miscellaneous receipts  334512P Primary products  334512S Secondary products  334512SM Secondary products and miscellaneous receipts  334513 This U.S. industry comprises establishments primarily engaged in manufacturing instruments and related devices for measuring, displaying, indicating, recording, transmitting, and controlling industrial process variables. These instruments measure, display or control (monitor, analyze, and so forth) industrial process variables, such as temperature, humidity, pressure, vacuum, combustion, flow, level, viscosity, density, acidity, concentration, and rotation.  3345130 PROCESS CONTROL INSTRUMENTS  33451300 Process control instruments  3345130000 Process control instruments  33451301 Process control instruments  3345130100 Process control instruments  3345130101 General purpose control system instruments and related equipment, electronic systems, unified architecture, controllers (recording, indicating, or blind)  3345130103 General purpose control system instruments and related equipment, electronic systems, unified architecture, recorders, with or without sefl_ contained set_point stations  3345130105 General purpose control system instruments and related equipment, electronic systems, unified architecture, indicators, with or without sefl_ contained set_point stations  3345130107 General purpose control system instruments and related equipment, electronic systems, unified architecture, auxiliary stations and analog computing devices (manual loaders, ratio stations, etc.)  3345130109 General purpose control system instruments and related equipment, electronic systems, non_unified architecture, all types (except multi_ function process computers)  3345130111 General purpose control system instruments and related equipment, industrial multi_function process computers  3345130113 General purpose control system instruments and related equipment, industrial pneumatic systems, controllers (recording, indicating, or blind)  3345130115 General~purpose pneumatic recorders, with or without self~contained set~ point stations  3345130116 General purpose control system instruments and related equipment, industrial pneumatic systems, recorders and indicators, with or without self_contained set_point stations  3345130117 General~purpose pneumatic indicators, with or without self~contained set~ point stations  3345130119 General purpose control system instruments and related equipment, industrial pneumatic systems, auxiliary stations and analog computing devices (manual loaders, ratio stations, adders, etc.)  334513011G General purpose control system instruments and related equipment, electrical and electronic measuring types, direct_deflecting type controllers, indicators, and recorders  334513011J Electromechanical self~balancing electric or pneumatic controllers, indicators, recorders, and integrators for all other process variables  3345130121 General purpose control system instrument

1 INTRODUCTION & METHODOLOGY 1.1 Overview and Definitions 1.2 Market Potential Estimation Methodology 1.2.1 Overview 1.2.2 What is Latent Demand and the P.I.E.? 1.2.3 The Methodology 1.2.3.1 Step 1. Product Definition and Data Collection 1.2.3.2 Step 2. Filtering and Smoothing 1.2.3.3 Step 3. Filling in Missing Values 1.2.3.4 Step 4. Varying Parameter, Non-linear Estimation 1.2.3.5 Step 5. Fixed-Parameter Linear Estimation 1.2.3.6 Step 6. Aggregation and Benchmarking 2 USING THE DATA 3 CITY SEGMENTS RANKED BY MARKET SIZE 3.1 Top 15 Markets 3.2 Markets 16 to 30 3.3 Remaining Cities by Market Rank 4 CITY SEGMENTS IN ALPHABETICAL ORDER 4.1 A: from Aalborg to Az Zawiyah 4.2 B: from Bacolod to Bydgoszcz 4.3 C: from Caaguazu to Cyangugu 4.4 D: from Da Nang to Dzhizak 4.5 E: from East London to Esteli 4.6 F: from Fagatogo to Funchal 4.7 G: from Gabes to Gyumri 4.8 H: from Hachinohe to Hyderabad 4.9 I: from Iasi to Izmir 4.10 J: from Jaboatao to Jyvaskyla 4.11 K: from Kabul to Kzyl-Orda 4.12 L: from La Ceiba to Lyon 4.13 M: from Macae to Mzuzu 4.14 N: from Nacala to Nzerekore 4.15 O: from Oaklahoma City to Oyem 4.16 Ö: from Örebro to Örebro 4.17 P: from Pago Pago to Pyuthan 4.18 Q: from Qandahar to Quito 4.19 R: from Rabat to Rustavi 4.20 S: from S. Luis Potosi to Szombathely 4.21 T: from Tabligbo to Tyre 4.22 U: from Uberaba to Utulei 4.23 V: from Vacoas-Phoenix to Vukovar 4.24 W: from Wadi Medani to Wuhan 4.25 X: from Xalapa to Xi'an 4.26 Y: from Yamagata to Yungkang 4.27 Z: from Zadar to Zvishavane 5 CITY SEGMENTS RANKED BY COUNTRY 5.1 Afghanistan 5.2 Albania 5.3 Algeria 5.4 American Samoa 5.5 Andorra 5.6 Angola 5.7 Antigua and Barbuda 5.8 Argentina 5.9 Armenia 5.10 Aruba 5.11 Australia 5.12 Austria 5.13 Azerbaijan 5.14 Bahrain 5.15 Bangladesh 5.16 Barbados 5.17 Belarus 5.18 Belgium 5.19 Belize 5.20 Benin 5.21 Bermuda 5.22 Bhutan 5.23 Bolivia 5.24 Bosnia and Herzegovina 5.25 Botswana 5.26 Brazil 5.27 Brunei 5.28 Bulgaria 5.29 Burkina Faso 5.30 Burma 5.31 Burundi 5.32 Cambodia 5.33 Cameroon 5.34 Canada 5.35 Cape Verde 5.36 Central African Republic 5.37 Chad 5.38 Chile 5.39 China 5.40 Christmas Island 5.41 Colombia 5.42 Comoros 5.43 Congo (formerly Zaire) 5.44 Cook Islands 5.45 Costa Rica 5.46 Cote d'Ivoire 5.47 Croatia 5.48 Cuba 5.49 Cyprus 5.50 Czech Republic 5.51 Denmark 5.52 Djibouti 5.53 Dominica 5.54 Dominican Republic 5.55 Ecuador 5.56 Egypt 5.57 El Salvador 5.58 Equatorial Guinea 5.59 Estonia 5.60 Ethiopia 5.61 Fiji 5.62 Finland 5.63 France 5.64 French Guiana 5.65 French Polynesia 5.66 Gabon 5.67 Georgia 5.68 Germany 5.69 Ghana 5.70 Greece 5.71 Greenland 5.72 Grenada 5.73 Guadeloupe 5.74 Guam 5.75 Guatemala 5.76 Guinea 5.77 Guinea-Bissau 5.78 Guyana 5.79 Haiti 5.80 Honduras 5.81 Hong Kong 5.82 Hungary 5.83 Iceland 5.84 India 5.85 Indonesia 5.86 Iran 5.87 Iraq 5.88 Ireland 5.89 Israel 5.90 Italy 5.91 Jamaica 5.92 Japan 5.93 Jordan 5.94 Kazakhstan 5.95 Kenya 5.96 Kiribati 5.97 Kuwait 5.98 Kyrgyzstan 5.99 Laos 5.100 Latvia 5.101 Lebanon 5.102 Lesotho 5.103 Liberia 5.104 Libya 5.105 Liechtenstein 5.106 Lithuania 5.107 Luxembourg 5.108 Macau 5.109 Madagascar 5.110 Malawi 5.111 Malaysia 5.112 Maldives 5.113 Mali 5.114 Malta 5.115 Marshall Islands 5.116 Martinique 5.117 Mauritania 5.118 Mauritius 5.119 Mexico 5.120 Micronesia Federation 5.121 Moldova 5.122 Monaco 5.123 Mongolia 5.124 Morocco 5.125 Mozambique 5.126 Namibia 5.127 Nauru 5.128 Nepal 5.129 New Caledonia 5.130 New Zealand 5.131 Nicaragua 5.132 Niger 5.133 Nigeria 5.134 Niue 5.135 Norfolk Island 5.136 North Korea 5.137 Norway 5.138 Oman 5.139 Pakistan 5.140 Palau 5.141 Palestine 5.142 Panama 5.143 Papua New Guinea 5.144 Paraguay 5.145 Peru 5.146 Philippines 5.147 Poland 5.148 Portugal 5.149 Puerto Rico 5.150 Qatar 5.151 Republic of Congo 5.152 Reunion 5.153 Romania 5.154 Russia 5.155 Rwanda 5.156 San Marino 5.157 Sao Tome E Principe 5.158 Saudi Arabia 5.159 Senegal 5.160 Seychelles 5.161 Sierra Leone 5.162 Singapore 5.163 Slovakia 5.164 Slovenia 5.165 Solomon Islands 5.166 Somalia 5.167 South Africa 5.168 South Korea 5.169 Spain 5.170 Sri Lanka 5.171 St. Kitts and Nevis 5.172 St. Lucia 5.173 St. Vincent and the Grenadines 5.174 Sudan 5.175 Suriname 5.176 Swaziland 5.177 Sweden 5.178 Switzerland 5.179 Syrian Arab Republic 5.180 Taiwan 5.181 Tajikistan 5.182 Tanzania 5.183 Thailand 5.184 The Bahamas 5.185 The British Virgin Islands 5.186 The Cayman Islands 5.187 The Falkland Islands 5.188 The Gambia 5.189 The Netherlands 5.190 The Netherlands Antilles 5.191 The Northern Mariana Island 5.192 The U.S. Virgin Islands 5.193 The United Arab Emirates 5.194 The United Kingdom 5.195 The United States 5.196 Togo 5.197 Tokelau 5.198 Tonga 5.199 Trinidad and Tobago 5.200 Tunisia 5.201 Turkey 5.202 Turkmenistan 5.203 Tuvalu 5.204 Uganda 5.205 Ukraine 5.206 Uruguay 5.207 Uzbekistan 5.208 Vanuatu 5.209 Venezuela 5.210 Vietnam 5.211 Wallis and Futuna 5.212 Western Sahara 5.213 Western Samoa 5.214 Yemen 5.215 Zambia 5.216 Zimbabwe 6 DISCLAIMERS, WARRANTEES, AND USER AGREEMENT PROVISIONS 6.1 Disclaimers & Safe Harbor 6.2 ICON Group International, Inc. User Agreement Provisions

Order Online - visit http://www.researchandmarkets.com/reports/1582661

Order by Fax - using the order form below

Order By Post - print the order form below and send to

Research and Markets,
Guinness Centre,
Taylors Lane,
Dublin 8,
Ireland.