The 2011 Report on Switchgear and Switchboard Apparatus Manufacturing: World Market Segmentation by City
ICON Group International, January 2011, Pages: 335
Market Potential Estimation Methodology
Overview
This study covers the world outlook for switchgear and switchboard apparatus manufacturing 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 switchgear and switchboard apparatus manufacturing. 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 switchgear and switchboard apparatus manufacturing 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 switchgear and switchboard apparatus manufacturing 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 switchgear and switchboard apparatus manufacturing 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 switchgear and switchboard apparatus manufacturing 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 switchgear and switchboard apparatus manufacturing. 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 switchgear and switchboard apparatus manufacturing. 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 switchgear and switchboard apparatus manufacturing.
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 “switchgear and switchboard apparatus manufacturing” 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 switchgear and switchboard apparatus manufacturing 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 “switchgear and switchboard apparatus manufacturing” as defined by the North American Industrial Classification system or NAICS (pronounced “nakes”). switchgear and switchboard apparatus manufacturing The NAICS code for switchgear and switchboard apparatus manufacturing is 335313. It is for this definition of switchgear and switchboard apparatus manufacturing that the aggregate latent demand estimates are derived. “Switchgear and switchboard apparatus manufacturing” is specifically defined as follows:
335313
This U.S. industry comprises establishments primarily engaged in manufacturing switchgear and switchboard apparatus.
3353131
Switchgear, except ducts and control circuit relays
33531310
Power circuit breakers, all voltages
3353131000
Power circuit breakers, all voltages
3353131001
Power circuit breakers for use in metal~clad switchgear oil and oilless, over 1000 volts
3353131004
Parts for power circuit breakers for use in metal~clad switchgear
3353131007
Power circuit breakers, free standing, oil and oilless, from 15.5 kV through 800 kV and above
3353131011
Parts for power circuit breakers, free standing, oil and oilless, from 15.5 kV through 800 kV and above
3353131013
Power circuit breakers in individual enclosures or for use in low~voltage switchgear, 1000 volts and below, excluding molded case circuit breakers
3353131016
Parts for power circuit breakers in individual enclosures or for use in low~ voltage switchgear, 1000 volts and below, excluding molded case circuit breakers
3353131019
All other power circuit breakers, oil and oilless, network protectors and automatic circuit reclosers
3353131022
Parts for all other power circuit breakers, oil and oilless, network protectors and automatic circuit reclosers
33531311
Power circuit breakers, all voltages
3353131100
Power circuit breakers, all voltages
3353131101
Power circuit breakers (sold separately) for use in metal_clad switchgear (oil and oil_less), over 1,000 volts
3353131103
All other power circuit breakers (sold separately)
3353131129
Parts for all other power circuit breakers
3353132
Power circuit breakers, all voltages
3353133
Panelboards, distribution boards and other switching and interrupting devices
33531330
Low voltage panelboards and distribution boards and other switching and interrupting devices, 1000 volts or less
3353133000
Low voltage panelboards and distribution boards and other switching and interrupting devices, 1000 volts or less
33531331
Low voltage panelboards and distribution boards and other switching and interrupting devices, 1000 volts or less
3353133100
Low voltage panelboards and distribution boards and other switching and interrupting devices, 1000 volts or less
3353133104
Low voltge panelboards (including enclosing cabinets), 1,000 volts and below, circuit breaker type
33531332
Low voltage panelboards, distribution boards, and other switching and interruption devices, 1000 volts and below, except circuit breaker
3353133201
Fusible panelboards, including enclosing cabinets and combination switch fuses
3353133207
Fusible distribution switchboards
3353133211
Circuit breaker distribution switchboards
3353133213
Other distribution switchboards, including theater switchboards
3353133216
Enclosed heavy duty knife switches, except switches commonly known as snap, toggle, and rotary switches and switch devices intended primarily to be used with electric motor controls
3353133219
Enclosed general duty knife switches, except switches commonly known as snap, toggle, and rotary switches and switch devices intended primarily to be used with electric motor controls
3353133222
Enclosed fusible, service entrance, and branch circuit cutout knife switches except switches commonly known as snap, toggle, and rotary switches and switch devices
3353133225
Enclosed circuit breaker type knife switches, except switches commonly known as snap, toggle, and rotary switches and switch devices intended primarily to be used with electric motor controls
3353133228
Grouped metering panel load centers in combinations of two or more meters and related switching units with overcurrent protection associated with each meter
3353133231
Other switching load centers, excluding snap, bolted, toggle, push, rotary
3353133234
Other low voltage panelboards, distribution boards, and other switching and interrupting devices, 1000 volts and below
3353134
Fuses and fuse equipment, under 2,300 volts, excluding power distribution cutouts
3353135
Molded case circuit breakers
33531350
Fuses and fuse equipment, less than 2300 volts, except power distribution cut~ outs
3353135000
Fuses and fuse equipment, less than 2300 volts, except power distribution cut~outs
3353135001
Nonrenewable plug fuses
3353135004
Nonrenewable cartridge fuses
3353135007
Renewable plug and cartridge fuses, including renewable links
3353135011
Other fuses and open fuse material, including cutouts, clips, bases, etc
33531351
Fuses and fuse equipment less than 2300 volts (except power distribution cut_ outs)
3353135100
Fuses and fuse equipment less than 2300 volts (except power distribution cut_outs)
3353135101
Fuse and fuse equipment (except power distribution cutouts), under 2,300 volts, nonrenewable plug type
3353135104
Fuse and fuse equipment (except power distribution cutouts), under 2,300 volts, nonrenewable cartridge type
3353135107
Fuse and fuse equipment (except power distribution cutouts), under 2,300 volts, nonrenewable plug and cartridge types (including renewal links)
3353135111
Fuse and fuse equipment (except power distribution cutouts), under 2,300 volts, other types
3353136
Ducts, incl. plug-in units and accessories (encl. sectionalized prefabricated bus bars)
3353137
MOLDED CASE CIRCUIT BREAKERS, 1000 VOLTS OR LESS
33531370
Molded case circuit breakers, 1000 volts or less
3353137000
Molded case circuit breakers, 1000 volts or less
3353137001
Industrial~type molded case circuit breakers with ground fault detection capability, 1000 volts and under
3353137004
Industrial~type molded case circuit breakers without ground fault detection capability, 1000 volts and under
3353137007
Residential or light duty type molded case circuit breakers with ground fault detection capability, 1000 volts and under
3353137011
Residential or light duty type molded case circuit breakers without ground fault detection capability, 1000 volts and under
3353137013
Individually enclosed industrial~type molded case circuit breakers, excluding panelboards and busway plugs, 1000 volts and under
3353137016
Marine and Navy type molded case circuit breakers, 1000 volts and under number . S MA335A
3353137019
Aircraft and aerospace molded case circuit breakers, 1000 volts and under
3353137022
Automotive molded case circuit breakers, 1000 volts and under
3353137025
Electronic molded case circuit breakers, 1000 volts and under
3353137028
Other types of molded case circuit breakers, 1000 volts and under
33531371
Molded case circuit breakers, 1000 volts or less
3353137100
Molded case circuit breakers, 1000 volts or less
3353137101
Molded case circuit breakers, 1,000 volts and under, industrial type, with ground fault detection capability
3353137104
Molded case circuit breakers, 1,000 volts and under, industrial type, without ground fault detection capability
3353137107
Molded case circuit breakers, 1,000 volts and under, residential or light duty type (for load center applications), with ground fault detection capability
3353137111
Molded case circuit breakers, 1,000 volts and under, residential or light duty type (for load center applications), without ground fault detection capability
3353137113
Molded case circuit breakers, 1,000 volts and under, individually enclosed industrial type (excluding panelboards and busway plugs)
3353137117
Molded case circuit breakers, 1,000 volts and under, Marine, Navy, aircraft, and aerospace types
3353137131
Molded case circuit breakers, 1,000 volts and under, all other types (including automotive and electronic)
3353139
DUCT, INCLUDING PLUG_IN UNITS AND ACCESSORIES, 1000 VOLTS OR LESS
33531390
Duct, including plug~in units and accessories, 1000 volts or less
3353139000
Duct, including plug~in units and accessories, 1000 volts or less
3353139001
Busways duct, 1000 volts or less
3353139004
Trolly~type and lighting distribution duct, 1,000 volts or less
33531391
Duct, including plug_in units and accessories, 1000 volts or less
3353139100
Duct, including plug_in units and accessories, 1000 volts or less
335313A
SWITCHGEAR, EXCEPT DUCTS AND RELAYS
335313A0
Switchgear, except ducts and relays
335313A000
Switchgear, except ducts and relays
335313A1
Switchgear, except ducts and relays
335313A100
Switchgear, except ducts and relays
335313A101
Switchgear (except ducts), automatic and manual control panels (generators, transformers, feed_controls, etc.)
335313A2
Metal~clad switchgear (using power circuit breakers, oil and oilless), all voltages above 1000 volts, up to and including 38 kV, excluding load interrupter switchgear
335313A204
Metal~clad switchgear (using power circuit breakers, oil and oilless), all voltages above 1000 volts, up to and including 38 kV, excluding load interrupter switchgear
335313A3
Other switchgear, excluding ducts, automatic control panels, manual control panels, and metal~clad switchgear
335313A307
Metal~enclosed load interrupter switchgear assemblies, all voltages, including parts
335313A311
Metal~enclosed low~voltage power circuit breaker switchgear assemblies 1000 volts and below, including parts and excluding load interrupter switchgear
335313A313
Metal~enclosed bus bars when sold separately, above 1000 volts, including isolated, segregated, nonsegregated and cable bus bars
335313A316
Outdoor power switching equipment, 2300 volts and over, excluding structures and power fuses, including attachments, auxiliaries, bus supports and fittings, and accessories
335313A319
Indoor power switching equipment, 2300 volts and over, excluding power fuses, including attachments, auxiliaries, bus supports and fittings, and accessories
335313A322
Power fuses and fuse links for 2300 volts and over, ac service, excluding distribution cut~outs
335313A325
Power and ground connectors generally used in substation construction
335313A328
Overhead transmission and distribution connectors (clamps, taps, terminals, and splices)
335313A331
Transmission and distribution connectors, nec, including underground deadends, hot line taps, stirrups, and repair sleeves
335313A334
Distribution cutouts
335313A337
Other switchgear devices, including regulators, and miscellaneous switchboard devices (for sale separately)
335313M
Miscellaneous receipts
335313P
Primary products
335313S
Secondary products
335313SM
Secondary products and miscellaneous receipts
Furthermore, the definition of NAICS code 335313 includes the following:
Air circuit breakers manufacturing
Bus bar structures, switchgear-type, manufacturing
Circuit breakers, air, manufacturing
Circuit breakers, power, manufacturing
Connectors, power, manufacturing
Control panels, electric power distribution, manufacturing
Cubicles (i.e., electric switchboard equipment) manufacturing
Distribution boards, electric, manufacturing
Distribution cutouts manufacturing
Ducts for electrical switchboard apparatus manufacturing
Fuse clips and blocks, electric, manufacturing
Fuse mountings, electric power, manufacturing
Fuses, electrical, manufacturing
Generator control and metering panels, switchgear-type, manufacturing
Knife switches, electric power switchgear-type, manufacturing
Metering panels, electric, manufacturing
Panelboards, electric power distribution, manufacturing
Panels, generator control and metering, manufacturing
Power circuit breakers manufacturing
Power connectors manufacturing
Power fuses (i.e., 600 volts and over) manufacturing
Power switchboards manufacturing
Power switching equipment manufacturing
Regulators, power, manufacturing
Switchboards and parts, power, manufacturing
Switches, electric power (except pushbotton, snap, solenoid, tumbler), manufactur
Switchgear and switchgear accessories manufacturing
Switching equipment, power, manufacturing
Time switches, electrical switchgear apparatus, manufacturing.
Step 2. Filtering and Smoothing
Based on the aggregate view of switchgear and switchboard apparatus manufacturing as defined above, data were then collected for as many similar countries and cities as possible for that same definition, at the same level of the value chain. This generates a convenience sample from which comparable figures are available. If the series in question do not reflect the same accounting period, then adjustments are made. In order to eliminate short-term effects of business cycles, the series are smoothed using an 2 year moving average weighting scheme (longer weighting schemes do not substantially change the results). If data are available for a country, but these reflect short-run aberrations due to exogenous shocks (such as would be the case of beef sales in a country stricken with foot and mouth disease), these observations were dropped or "filtered" from the analysis.
Step 3. Filling in Missing Values
In some cases, data are available for countries or cities on a sporadic basis. In other cases, data may be available for only one year. From a Bayesian perspective, these observations should be given greatest weight in estimating missing years. Assuming that other factors are held constant, the missing years are extrapolated using changes and growth in aggregate national income. Based on the overriding philosophy of a long-run consumption function (defined earlier), cities which have missing data for any given year, are estimated based on historical dynamics of aggregate income for that country.
Step 4. Varying Parameter, Non-linear Estimation
Given the data available from the first three steps, the latent demand is estimated using a “varying-parameter cross-sectionally pooled time series model”. Simply stated, the effect of income on latent demand is assumed to be constant across cities unless there is empirical evidence to suggest that this effect varies (i.e., the slope of the income effect is not necessarily same for all countries). This assumption applies across cities along the aggregate consumption function, but also over time (i.e., not all cities are perceived to have the same income growth prospects over time and this effect can vary from city to city as well). Another way of looking at this is to say that latent demand for switchgear and switchboard apparatus manufacturing is more likely to be similar across cities that have similar characteristics in terms of economic development (i.e., African cities will have similar latent demand structures controlling for the income variation across the pool of African cities).
This approach is useful across cities for which some notion of non-linearity exists in the aggregate consumption function. For some categories, however, the reader must realize that the numbers will reflect a city’s contribution to global latent demand and may never be realized in the form of local sales. For certain category combinations this will result in what at first glance will be odd results. For example, the latent demand for the category “space vehicles” will exist for cities in “Togo” even though they have no space program. The assumption is that if the economies in these countries did not exist, the world aggregate for these categories would be lower. The share attributed to these cities is based on a proportion of their income (however small) being used to consume the category in question (i.e., perhaps via resellers).
Step 5. Fixed-Parameter Linear Estimation
Nonlinearities are assumed in cases where filtered data exist along the aggregate consumption function. Because the world consists of more than 2000 cities, there will always be those cities, especially toward the bottom of the consumption function, where non-linear estimation is simply not possible. For these cities, equilibrium latent demand is assumed to be perfectly parametric and not a function of wealth (i.e., a city’s stock of income), but a function of current income (a city’s flow of income). In the long run, if a city has no current income, the latent demand for switchgear and switchboard apparatus manufacturing is assumed to approach zero. The assumption is that wealth stocks fall rapidly to zero if flow income falls to zero (i.e., cities which earn low levels of income will not use their savings, in the long run, to demand switchgear and switchboard apparatus manufacturing). In a graphical sense, for low income cities, latent demand approaches zero in a parametric linear fashion with a zero-zero intercept. In this stage of the estimation procedure, low-income cities are assumed to have a latent demand proportional to their income, based on the city closest to it on the aggregate consumption function.
Step 6. Aggregation and Benchmarking
Based on the models described above, latent demand figures are estimated for all cities of the world, including for the smallest economies. These are then aggregated to get world totals and regional totals. To make the numbers more meaningful, regional and global demand averages are presented. Figures are rounded, so minor inconsistencies may exist across tables.
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
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