the kitchen furniture. world market outlook 2013 - market research by csil (abstract)

© Copyright CSIL R2979

CSIL Milano scrl 15 corso Monforte 20122 Milano Italy

tel. +39 02 796630 fax +39 02 780703 [email protected] – www.csilmilano.com

FURNITURE

UPHOLSTERED FURNITURE

MATTRESSES

KITCHEN FURNITURE: WORLD MARKET OUTLOOK

CONTRACT & LUXURY

OFFICE

Multiclient Research KITCHEN

October 2013 W14 BATHROOM

OUTDOOR & RTA

SEMIFINISHED

& COMPONENTS

MAJOR APPLIANCES

LIGHTING FIXTURES

All CSIL publications are available for online purchase and immediate download from: http://www.worldfurnitureonline.com Reports are also available in printed form. For further information, please contact: [email protected]

© Copyright CSIL R2979

CSIL Milano scrl 15 corso Monforte 20122 Milano Italy

tel. +39 02 796630 fax +39 02 780703 [email protected] – www.csilmilano.com

FURNITURE

UPHOLSTERED

FURNITURE

MATTRESSES

CONTRACT & LUXURY

OFFICE

Kitchen furniture: world market outlook KITCHEN

Research prepared by M. Amico, D. Cheri, S. Pelizzari Coordinated by S. Colautti

BATHROOM

OUTDOOR & RTA

SEMIFINISHED

& COMPONENTS

MAJOR APPLIANCES

LIGHTING FIXTURES

All rights reserved. Neither this publication nor any part of it may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, electronic, mechanical, photocopying, recording or otherwise. Any such action is an infringement of Italian Law (Law 18 August 2000 no. 248) and may give rise to legal action for damages and may be prosecuted as a criminal offence. All information in this report is verified to the best of the author's and the publisher's ability. However, CSIL does not accept responsibility for any errors and/ or omissions resulting from any source and for any loss arising from reliance on it.

Kitchen furniture: world market outlook

31/10/2013 R2979

© Copyright CSIL This report is exclusively for consultation on the part of the purchaser. It may not be reproduced in whole or in part by any means whatsoever without the prior written permission of CSIL

I

Contents PART I: THE WORLD MARKET FOR KITCHEN FURNITURE 1

1. Production and consumption 2

2. Trade 10

3. The main exporting countries 13

4. The main importing countries 18

5. Main trade destinations 22

6. Trade balance 25

7. Outlook 28

PART II: COUNTRY TABLES 30 The kitchen furniture sector. Million of US$

Economic indicators

Real growth of kitchen furniture consumption. Forecasts

Exchange rates

Main kitchen furniture trading partners Table C1 Argentina 31 Table C31 Lithuania 61 Table C2 Australia 32 Table C32 Malaysia 62 Table C3 Austria 33 Table C33 Malta 63 Table C4 Belgium 34 Table C34 Mexico 64 Table C5 Brazil 35 Table C35 Netherlands 65 Table C6 Bulgaria 36 Table C36 New Zealand 66 Table C7 Canada 37 Table C37 Norway 67 Table C8 Chile 38 Table C38 Philippines 68 Table C9 China 39 Table C39 Poland 69 Table C10 Croatia 40 Table C40 Portugal 70 Table C11 Cyprus 41 Table C41 Romania 71 Table C12 Czech Republic 42 Table C42 Russia 72 Table C13 Denmark 43 Table C43 Saudi Arabia 73 Table C14 Egypt 44 Table C44 Serbia 74 Table C15 Estonia 45 Table C45 Singapore 75 Table C16 Finland 46 Table C46 Slovakia 76 Table C17 France 47 Table C47 Slovenia 77 Table C18 Germany 48 Table C48 South Africa 78 Table C19 Greece 49 Table C49 South Korea 79 Table C20 Hong Kong 50 Table C50 Spain 80 Table C21 Hungary 51 Table C51 Sweden 81 Table C22 India 52 Table C52 Switzerland 82 Table C23 Indonesia 53 Table C53 Taiwan 83 Table C24 Ireland 54 Table C54 Thailand 84 Table C25 Israel 55 Table C55 Turkey 85 Table C26 Italy 56 Table C56 Ukraine 86 Table C27 Japan 57 Table C57 United Arab Emirates 87 Table C28 Kuwait 58 Table C58 United Kingdom 88 Table C29 Latvia 59 Table C59 United States 89 Table C30 Lebanon 60 Table C60 Vietnam 90

PART III: PROFILES OF SELECTED MAJOR KITCHEN FURNITURE MANUFACTURERS 91

APPENDIX 171


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List of figures and tables Figure 1.1 World production of kitchen furniture, 2012: High Income countries and Middle and Low Income countries. Percentage

values 3 Figure 1.2 World consumption of kitchen furniture, 2012: High Income countries and Middle and Low Income countries. Percentage

values 4 Figure 1.3 Kitchens yearly sold per 1000 households, 2012. Units 4 Table 1.1 World market of kitchen furniture production and consumption, 2012: focus on 60 countries. US$ million. Comparison with

macro indicators. Ranking by production 5 Table 1.2 World market of kitchen furniture production and consumption, 2012: focus on 60 countries. EUR million. Comparison with

macro indicators. Ranking by production 6 Table 1.3 World market of kitchen furniture: production, international trade and consumption, 2012: focus on 60 countries. US$

million. Ranking by production 7 Table 1.4 World market of kitchen furniture: production, international trade and consumption, 2012: focus on 60 countries. EUR

million. Ranking by production 8 Table 1.5 World market of kitchen furniture: production, international trade and consumption, 2012: focus on 60 countries. Thousand

units. Ranking by production 9 Figure 2.1 World Trade of kitchen furniture, 2007-2013. Current US$ billion and annual percentage changes 11 Figure 2.2 World Trade of kitchen furniture, 2007-2013. Current EUR billion and annual percentage changes 12 Table 3.1 Exports of kitchen furniture, 2007-2012: focus on 60 countries. US$ million and annual percentage changes 15 Table 3.2 Exports of kitchen furniture, 2007-2012: focus on 60 countries. EUR million and annual percentage changes 16 Figure 3.1 Five major exporting countries of kitchen furniture. Exports, 2007-2012. US$ million 17 Figure 3.2 Five major exporting countries of kitchen furniture. Exports, 2007-2012. EUR million 17 Table 4.1 Imports of kitchen furniture, 2007-2012: focus on 60 countries. US$ million and annual percentage changes 19 Table 4.2 Imports of kitchen furniture, 2007-2012: focus on 60 countries. EUR million and annual percentage changes 20 Figure 4.1 Five major importing countries of kitchen furniture. Imports, 2007-2012. US$ million 21 Figure 4.2 Five major importing countries of kitchen furniture. Imports, 2007-2012. EUR million 21 Table 5.1 Kitchen furniture. Main destination of exports for 60 countries, 2012. Percentage values 23 Table 5.2 Kitchen furniture. Main origin of imports for 60 countries, 2012. Percentage values 24 Table 6.1 Trade balance of kitchen furniture 2007-2012: focus on 60 countries. US$ million 26 Table 6.2 Trade balance of kitchen furniture 2007-2012: focus on 60 countries. EUR million 27 Table 7.1 Evolution of world GDP. Annual percentage change in real terms 28 Figure 7.1 Kitchen furniture consumption by income group, 2014 Forecasts of yearly changes in real terms 28 Table 7.2 Real growth of GDP: focus on 60 countries, alphabetical order. Historical data and forecast. Percentage values 29


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PART I: THE WORLD MARKET FOR KITCHEN

FURNITURE

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Table$1.1$World$market$of$kitchen$furniture$production$and$consumption,$2012:$focus$on$60$countriesJgUSG$millionJgComparisongwithgmacrogindicatorsJgRankinggbygproductiong

Country$Production$ Consumption$ Population$

Consumption$per$capita$

Per$capita$GNP$

USG$million$ USG$million$ Million$ USG$ USG$UnitedgStatesg BGz BBg P65GF6Japang GFM DGg zN5MN6Chinag G5BPG Bg P5Nz6Germany MF BVg zz56G6Canadag BP DVg P65VN6Italy DG FDg BB5Mz6Russiag Gzz GNg GF5N66UnitedgKingdomg DB BFg BM5FP6Franceg DD FDg zG5NP6SouthgKoreag P6 FFg FF5DN6Spaing zD GMg B65GG6Brazilg GVV zg GG5DB6Turkey Nz G6g G65MB6Australiag FB BGg PV5PN6Polandg BV Gzg GF5DN6Denmarkg D Nzg PV5NN6Swedeng G6 PFg PD5FG6Indiag G5FBN 6g G5PB6Belgiumg GG zNg zz5VV6Netherlandsg g GN FDg zM5FP6Austriag M PBg zM5GD6Malaysiag FV Bg V5M66Finlandg P zMg zD5Vz6Vietnamg MV Fg G5z66Mexicog GFG Fg V5Nz6CzechgRepublicg GG GMg GM5GB6Israelg M FBg FM5VB6Irelandg P BFg BM5VN6Switzerlandg M D6g MF5NB6Taiwang GFzg GzV FB Dg F65DV6UnitedgArabgEmiratesg GF6g GBF V Gzg BD56z6Ukraineg zD Bg B5P66Sloveniag F zNg FF5NG6Thailandg G6Bg MN DN Gg P5FG6Norway VMg B66 P D6g VM5MD6NewgZealandg Vzg G6G z FBg B65DF6Chileg VBg G66 GN Dg Gz5FM6Romaniag V6g VN FG Pg M5zF6Indonesiag MVg zB FzN 6g B5zF6Slovakiag Mzg zM P Vg GN5GN6Portugalg MGg NB GG Ng F65PM6SouthgAfricag NVg MB PG Fg N5DG6SaudigArabiag Nzg GBN FM Pg GM56B6Greeceg N6g Mz GG Ng FB5FD6Singaporeg DMg MF P GDg zN5FG6Hungary PNg PD G6 Dg GF5BV6Lithuaniag zNg FV B G6g GB5MP6Argentinag zDg zN zG Gg GG5B66Egyptg zPg zD MG Gg B5666Croatiag BDg DG z Gzg GB5FV6Philippinesg BFg BB VN 6g F5zN6HongKong BGg zM N Ng BD5PD6Bulgariag FVg BB N Pg D5MN6Estoniag FVg GM G Gzg GP5MB6Serbiag FFg F6 N Bg P5FM6Lebanong GMg Fz z Pg V5GV6Kuwaitg GMg zV B GPg zz5NB6Latviag GBg GD F Mg Gz5GM6Cyprusg Mg G Vg FD5666Maltag Pg GF 6 FMg GV5ND6Total$ 48,368$ 47,220 5,060 9$ 13,007SourceAgCSILgprocessinggofgofficialgdatag 6gmeansgzerogorglessgthanghalfgthegunitgshowngPopulationgandgGNPgdatagaregforgF6GFg.fromgthegWorldgDevelopmentgIndicatorsgF6GBbg

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7S

TableS1.3SWorldSmarketSofSkitchenSfurniture:Sproduction5SinternationalStradeSandSconsumption5S2012:SfocusSonS60Scountries.SUSPSmillionJgRankinggbygproductiong

CountryS ProductionS ExportsS ImportsS ConsumptionSExport/S

ProductionSratioSImport/

ConsumptionSratioUSPmillion ES

UnitedgStatesg V5PNBg GFG NNB G45FFP Gg MJapang N5DPNg B GFz N5NNN 4g FChinag P544Dg MMV G4B z5FF4 GMg FGermany z5VNPg G5VFM GFB B5GN4 BVg zCanadag F5zB4g GzN GBV F5zFB Dg DItaly F5FVNg NN4 BM G5PDz Bzg FRussiag F5FPzg GG FFM F5zN4 4g VUnitedgKingdomg G5MVVg Bz GBV F544P Fg NFranceg G5FGVg VF PMN G5NGz Mg BzSouthgKoreag G54NVg GM z4 G5G44 Fg zSpaing VBMg GzV zM MBN GDg DBrazilg MNNg zD G MBB Pg 4Turkey NNPg FM FF NDV zg BAustraliag DDGg G zz N4z 4g DPolandg D4Fg ND GD PzB GBg BDenmarkg PN4g GMV BF zGF BBg MSwedeng PBzg GGN NM zVP FFg GDIndiag PF4g D B4 Pzz Gg PBelgiumg BB4g FM FFD PFM Vg zBNetherlandsg BGVg FP GP4 zzB Mg BzAustriag B4Dg M4 FFz zP4 FDg P4Malaysiag FV4g F4z GF VM N4g GFFinlandg FzPg B GM FD4 Gg NVietnamg FzFg MM F GPN BDg GMexicog FBMg GM Gz FBz Mg DCzechgRepublicg GNFg FD zD GVF GPg FzIsraelg GNFg 4 Gz GMP 4g MIrelandg GBMg G G4 GzN 4g NSwitzerlandg GFzg z BPM zNV Bg NPTaiwang GFzg G FD GzV Gg GNUnitedgArabgEmiratesg GF4g FD BN GBF FGg FMUkraineg GF4g GM FN GFV GPg FGSloveniag G4Pg FM GV VN FDg F4Thailandg G4Bg Fz M MN FBg VNorway VMg G F4B B44 Gg DMNewgZealandg Vzg G N G4G Gg NChileg VBg G M G44 Gg MRomaniag V4g z GF VN Pg GFIndonesiag MVg zV B zB PPg MSlovakiag Mzg zV GB zM PVg FNPortugalg MGg FP GN NB BGg FBSouthgAfricag NVg B N MB zg VSaudigArabiag Nzg B DP GBN zg zMGreeceg N4g B GN Mz Pg F4Singaporeg DMg G GP MF Gg GVHungary PNg D z PD G4g MLithuaniag zNg FG z FV zPg GzArgentinag zDg F B zN Pg NEgyptg zPg 4 G zD 4g FCroatiag BDg G FD DG Fg zBPhilippinesg BFg F B BB Ng G4HongKong BGg G GM zM Fg BDBulgariag FVg F D BB Dg GMEstoniag FVg GB F GM zzg G4Serbiag FFg z F F4 GVg GGLebanong GMg F M Fz GFg BBKuwaitg GMg G BF zV Mg DNLatviag GBg D V GD zNg PDCyprusg Mg P M G4 DPg NzMaltag Pg G M GF GVg DDTotalS 485368S 55404 45257 475220 11S 9

SourceAgCSILgprocessinggofgofficialgdatag 4gmeansgzerogorglessgthanghalfgthegunitgshowng

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11

Figure 2.1 World Trade of kitchen furniture, 2007-2013. CurrentgUSTgbilliongandgannualgpercentagegchangesg

583 585

484 485489 488

58%

%

-

2

3

4

5

6

7

2%%7 2%%8 2%%9 2%-% 2%-- 2%-2 2%-3

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17

Figure 3.1 Five major exporting countries of kitchen furniture. Exports, 2007-2012. USTgmilliong

M

4MM

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DEMM

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Germany China Italy Malaysia Denmark

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Figure 3.2 Five major exporting countries of kitchen furniture. Exports, 2007-2012. EURgmilliong

M

5MM

6MM

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DEMM

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Germany China Italy Malaysia Denmark

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Figure 4.1 Five major importing countries of kitchen furniture. Imports, 2007-2012. USTgmilliong

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Figure 4.2 Five major importing countries of kitchen furniture. Imports, 2007-2012. EURgmilliong

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54

KITCHEN FURNITURE INDICATORS IRELAND TTAABBLLEE CC2244

The kitchen furniture sector. Million of US$ 2008 2009 2010 2011 2012 Ranking** (000) Units***

Production 200 173 154 152 138 28 59

Exports 2 1 2 2 1 55 0

Imports 39 18 15 12 10 41 4

Consumption* 237 191 167 163 147 30 63

Exp/Prod(%) 1 0 1 1 0

Imp/Cons(%) 17 10 9 7 7

* Apparent consumption = Production – Exports + Imports ** Ranking of Ireland among 60 countries, last available year Sources: CSIL, Eurostat *** Data are for the last available year

Economic indicators Value Ranking*

Population Million 5 50 Marriages Thousand 20 50 Total GNP Billions of US$ 179 44 Per capita GNP US$ 38,970 17 Household Consumption Expenditure Billions of US$ 100 44

Source: World Bank, last available year (normally 2012) * Ranking of Ireland among 60 countries, last available year

Real growth of kitchen furniture consumption. Forecasts 2013 2014

-8% -3%

Source: CSIL

Exchange rates xxxxxxxxxxxxx 2008 2009 2010 2011 2012

EUR per US$ 0.68 0.72 0.75 0.72 0.78

Source: US Federal Reserve

Main kitchen furniture trading partners of Ireland Origin of kitchen furniture imports Destination of kitchen furniture exports

United Kingdom 47.1% United Kingdom 52.9%

Germany 34.8% United States 28.2%

Lithuania 5.0% Qatar 7.6%

China 4.7% China 6.9%

Italy 3.2% Iceland 2.0%

India 1.7%

Australia 0.7%

Switzerland 0.1%

Source: CSIL. Data are for the last available year


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PART III: PROFILES OF SELECTED MAJOR

KITCHEN FURNITURE MANUFACTURERS


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CSIL conducts an extensive effort in order to identify the Top players operating in the kitchen furniture sector at a global level, analysing their performance and the strategies adopted.

The selection process of these companies was based on a review of a wide set of information, including CSIL in-house data as well as other data. Companies were ranked according to the value of total furniture turnover and classified according to their main product specialization.

The list here presented includes 35 kitchen furniture manufacturers.

The kitchen segment is quite concentrated, with leading companies/group being large, operating on average 6 plants per company and a accounting for a considerable share of total segment production. These companies can also count on a long established tradition in kitchen furniture manufacturing, the majority of them being established before the 1990s.

The leading companies generate a turnover which ranges from US$ 100 million to well over US$ 1 billion, with an average turnover per employee well above the total furniture sector average.

Among the top 35 kitchen furniture manufacturers, 7 are US headquartered, 7 are German and 4 are Italian. The others are spread in other EU countries + Turkey and Russia, in Asia (Japan, South Korea) and Latin America (Brazil).

In terms of strategies implemented, at least for these top players, product innovation seems a priority but investments in retailing strategies are also frequent.

For a detailed description of each company see the following section.

KitchengFurnitureEgworldgmarketgoutlookg

U56546W45UgRWJ8Jg

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93

Company profiles Company Name Country Total Revenues , last available year (US$ million)

VFGgKitchensgandgRefrigerationgTechnologygDivisiong Switzerlandg Wö,g

Vlnog Germanyg B8,g

VmericangWoodmarkg USVg B5ög

Vrmstrongg USVg WGö5Jg

Yallingslövg Swedeng UBNg

YauformatgGroupg Germanyg W84g

YruynzeelgKeukensg Netherlandsg W4ög

Yulthaupg Germanyg 5öBg

Cleanupg Japang 5GWJ8g

CucinegLubeg Italyg 5N8g

EczacibasigHoldingg Turkeyg UG5N4g

ElkaygCabinetryg USVg WB4g

FortunegYrandsg USVg UGBJ5g

GrupogYertolinig Yrazilg 5JUg

HäckergKücheng Germanyg ,JUg

Hanssemg SouthgKoreag öJBg

HowdengJoinerygGroupgPlcg UnitedgKingdomg 5G,4ög

Itatiaiag Yrazilg ,54g

MaryagFurnituregFactoryg RussiangFederationg 5W5g

Mascog USVg 8G8,Bg

NEFSg SouthgKoreag 5,5g

Nobiag Swedeng 5GNWUg

Nobiliag Germanyg 5G5BBg

Norcraftg USVg WöJg

RSIg USVg ,B5g

Sabagg Switzerlandg 5BJg

SVLMg Franceg B44g

Scavolinig Italyg WJBg

Schüllerg Germanyg UNög

SieMaticg Germanyg 5UJg

Snaiderog Italyg Wö,g

SociétégFournierg Franceg UWUg

SymphonygGroupg UnitedgKingdomg 5öJg

VenetagCucineg Italyg 5JJg

YamahagLivingtecg Japang ,N8g


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Appendix

This chapter contains notes, presentation conventions and classification of the countries, as a guide to understanding the report.

1. Billion means 1,000 million.

2. 0 means zero or less than half the unit shown.

3. All dollar figures are in current US$ unless otherwise indicated. US$ data were converted to Euro using exchange rates from the US Federal Reserve.

4. Figures in italics indicate data that are for the previous year.

5. Growth rates for GDP are in real terms.

6. Population and GNP data for all countries except Taiwan are either from the World Development Indicators, World Bank, or from the World Economic Outlook Database, IMF. Data for Taiwan are from the Directorate-General of Budget, Taiwan.

7. Trade data were processed by CSIL mainly on the basis of United Nations Comtrade database, DESA/UNSD and Eurostat data. Other sources include: US Census Bureau, Industry Canada, Ministry of Finance (Japan), Board of Foreign Trade (Taiwan), Thai Customs Department (Thailand).

8. Trade data of Kitchen furniture for all countries refer to heading 94.03 of the Harmonized System/Combined Nomenclature1. The following sub-heading is included: 94.03.40 (Wooden furniture of a kind used in the kitchen).

9. Data in quantities refer to the last available year (normally 2012). Trade data in quantities are tentative estimates by CSIL.

10. Production and Apparent consumption data refer to the last available year (normally 2012).

11. Data for China do not include data for Hong Kong (listed separately). Trade data for China should be used with caution because of discrepancies between Chinese statistics on exports to the US and US statistics on imports from China. Much of the discrepancy stems from trans-shipments through Hong Kong which are classified differently by different countries. The US attributes to China all imports which are shipped through Hong Kong while China treats this trade as exports to Hong Kong (the last known destination). Mark-ups in price during trans-shipment (difficult to estimate, amounting probably to about 30% of value) result in additional differences. Discrepancies also exist in treatment of insurance and freight. Finally there are differences due to unrecorded shipments, under-invoicing and misdeclaration of products.

12. Regarding trade data, there are often discrepancies between the import data recorded by the importing countries and the export data of the relevant exporting countries. This is due to a variety of causes: different treatment of insurance and freight, unrecorded shipments, under-invoicing, fraudulent declarations and time gaps in recording at the end of the year (for example, trade recorded as exports in December and imports in the following January).

1 The Harmonized System Classification (HS) is a standardized numerical method of classifying traded product. It is composed by headings organized in four hierarchical levels: sections coded by Roman numerals, chapters identified by two-digit numerical codes, headings identified by four-digit numerical codes and sub-headings identified by six-digit numerical codes. The HS classification is further disaggregated at European Union level into a classification called Combined Nomenclature (CN) which comprises 8-digit sub-headings. The six digit numerical codes of the HS correspond to the six digit codes of the CN.


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13. The 60 countries covered by the World Indicators of kitchen furniture were selected by CSIL on the basis of size of the economy, importance of the major furniture sector and contribution to world trade of kitchen furniture. The geographical classification of the 60 countries is as follows:

European Union (27) + Norway and Switzerland: Austria, Belgium, Denmark, Finland, France, Germany, Greece, Ireland, Italy, Netherlands, Portugal, Spain, Sweden, United Kingdom (i.e. the EU 15 less Luxembourg for which data are listed together with those of Belgium), Bulgaria, Cyprus, Czech Republic, Estonia, Hungary, Latvia, Lithuania, Malta, Poland, Romania, Slovakia, Slovenia (i.e. the 12 EU new members of the European Union) plus Norway and Switzerland (28 countries).

Central and Eastern Europe outside the EU & Russia: Croatia, Russia, Serbia, Turkey, and Ukraine

(5 countries).

Asia and Pacific: China, Hong Kong, India, Indonesia, Japan, Malaysia, Philippines, Singapore, South Korea, Taiwan, Thailand, Vietnam, Australia, New Zealand (14 countries).

Middle East and Africa : Egypt, Israel, Lebanon, Kuwait, Saudi Arabia, United Arab Emirates and South Africa

(7 countries).

North America : Canada, Mexico, the US (3 countries).

South America : Argentina, Brazil, Chile (3 countries).

14. Classification of countries by income (high income/middle and low income) is based on the following World Bank definition: Economies are divided among income groups according to 2007 gross national income (GNI) per capita, calculated using the World Bank Atlas method.

15. It is not simple to provide homogeneous figures for all the analysed countries, but in principle we are trying to show:

figures at factory prices;

excluding appliances;

including worktops.

16. Discrepancies in data presented in different editions of the report reflect updates by statistical offices, revisions to historical series and changes in methodology. Readers are advised not to compare data series between different editions of the report

17. Other symbols used:

n.a.: not available; n.s.: not significant; n.c.: not calculable; e: estimate.

Table 0.0 Exchange rates US$ and EUR, 2007-2013

2007 2008 2009 2010 2011 2012 2013

US$ per EUR 1.3711 1.4726 1.3935 1.3261 1.3931 1.2859 1.32

Source: US Federal Reserve

the kitchen furniture. world market outlook 2013 - market research by csil (abstract)

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