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EKE-ELECTRONICS MARKET STUDY

EKE-ELECTRONICS MARKET STUDY. Market Entry Study for EKE-Electronics for US Markets. Douglas Chet, Lopatenko Anna, Nguyen Anh Schultheis Karolina, Valkila Joel. 3 December 2018. Research problem & Scope PESTE analysis Customer & competitors analysis Primary research  Calling plan

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EKE-ELECTRONICS MARKET STUDY

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  1. EKE-ELECTRONICS MARKET STUDY Market Entry Study for EKE-Electronics for US Markets Douglas Chet, Lopatenko Anna, Nguyen Anh Schultheis Karolina, Valkila Joel 3 December 2018

  2. Research problem & Scope PESTE analysis Customer & competitors analysis Primary research  Calling plan  Calling results  Potential partners contact Recommendations  General  Potential partners contact  Entry mode strategy Challenges Appendix  Business canvas  E-mail template  SPIN questions method  BUY AMERICA  SWOT analysis     Agenda    2 EKE-ELECTRONICS MARKET STUDY 03.12.2018

  3. RESEARCH PROBLEMS & SCOPE RESEARCH PROBLEMS  USA is one of “close” markets which is hard to enter efficiently. The reason is that USA has local services preference. Before, EKE-Electronics usually only provide products and hardware SCOPE  The goal of this study is to conduct the US market research for EKE Electronics and find suitable partners for expanding their business, create growth and increase their market share in the target geographical region. 3 EKE-ELECTRONICS MARKET STUDY 03.12.2018

  4. RESEARCH METHODS Secondary research - Research problems and scopes - PESTE analysis - Customers and Competitors analysis - SWOT analysis Primary research - Contacted customer segment - Data collection methods and process - Results - Obstacles and agencies 4 EKE-ELECTRONICS MARKET STUDY 03.12.2018

  5. PESTE - POLITICAL  United States is a stable democracy with global influence  U.S. Government supports railroad and green transportation incentives  Several new railroad projects on the process or coming in the future:  Top 9 projects: https://www.curbed.com/2018/1/18/16898246/transportation- construction-projects-biggest-us-2018  Other projects: https://www.globalmasstransit.net/archive.php?id=27921  Light Rail: https://www.thetransportpolitic.com/under-consideration/planned-light-rail- systems/  Metro: https://www.thetransportpolitic.com/under-consideration/planned-metroheavy-rail- systems/  Strong link between the army and the railroad: around 20-25% of railway employees have military background: https://www.aar.org/article/freight-rail- military/  Association of American Railroads founded in 1934, an active organization whose members include National Railroad Construction and Maintenance Association (www.nrcma.org/) 5 EKE-ELECTRONICS MARKET STUDY 03.12.2018

  6. PESTE - ECONOMIC  World’s biggest economy with $20 trillion  2.9% GDP growth during 2nd quarter of 2018  Inflation under 2%  Unemployment 3.7% (July 2018)  FDI inflow $391.1 billion  18thin the Index of Economic Freedom  Tax burden: (progressive) corporate tax up to 35%  Trade war with China harms global trade and prevents Chinese companies doing business in USA  North America is one of the key markets in terms of railroad industry 6 EKE-ELECTRONICS MARKET STUDY 03.12.2018

  7. PESTE - ECONOMIC 7 EKE-ELECTRONICS MARKET STUDY 03.12.2018

  8. PESTE - ECONOMIC  USA is estimated to be world's 3rd economy in 2050 8 EKE-ELECTRONICS MARKET STUDY 03.12.2018

  9. PESTE - SOCIAL  Steady population growth, throughout the country’s history largely relying on immigration 9 EKE-ELECTRONICS MARKET STUDY 03.12.2018

  10. PESTE - SOCIAL  Aging population; old people outnumbering children for the first time in history  Trend: During 2008-13 number of registered vehicles went down (Statista)  Younger adults are embracing other forms of transportation 10 EKE-ELECTRONICS MARKET STUDY 03.12.2018

  11. PESTE - TECHNOLOGICAL  A country with technologically advanced infrastructure  Financial support from U.S. Government for railroad innovation  Private incentives on railroad technology, http://railwayinnovation.com/  Freight innovation http://www.freightrailworks.org/innovation/ 11 EKE-ELECTRONICS MARKET STUDY 03.12.2018

  12. PESTE - ENVIRONMENTAL  Railroad networks are an environmentally friendly form of commuting  In recent years US population at large less concerned about environmental factors for the sake of economic growth. However, railroad Industry is expected to grow rapidly in the years to come. 12 EKE-ELECTRONICS MARKET STUDY 03.12.2018

  13. PESTE - ENVIRONMENTAL  Climate change is a key global issue  Strong decrease in CO2 emission 13 EKE-ELECTRONICS MARKET STUDY 03.12.2018

  14. CUSTOMER ANALYSIS Expos, Fairs & Trade Shows  Railway Interchange 2019 22-25/09/2019 Minneapolis, MN USA  APTA-International Public Transportation Exposition 12-14/10/2020 Anaheim, CA USA 14 EKE-ELECTRONICS MARKET STUDY 03.12.2018

  15. KEY PLAYERS  Organizations  APTA – American Public Transportation Association  FTA - Federal Transit Administration  RSI - Railway Supply Institute  Key Rapid Transit Authorities (by ridership)  New York - Metropolitan Transportation Authority (MTA)  Chicago - Chicago Transit Authority (CTA)  Washington DC - Washington Metropolitan Area Transit Authority (WMATA)  Boston – Massachusetts Bay Transportation Authority (MBTA)  (continued on next page...) 15 EKE-ELECTRONICS MARKET STUDY 03.12.2018

  16. KEY PLAYERS (...continued)  Key Rapid Transit Authorities (by ridership...continued)  San Fransisco – Bay Area Rapid Transit (BART)  New Jersey – Port Authority of NY & NJ (PATH)  Philidelphia - Southeastern Pennsylvania Transportation Authority (SEPTA)  Atlanta - Metropolitan Atlanta Rapid Transit Authority (MARTA)  Los Angeles - Los Angeles County Metropolitan Transportation Authority (Metro)  And Seattle (many expansion projects) - King County Metro (Metro Transit) and Sound Transit (ST) 16 EKE-ELECTRONICS MARKET STUDY 03.12.2018

  17. KEY PLAYERS BY THE NUMBERS  Largest Metropolitan Rapid Transit by Ridership Avg. weekday ridership Annual ridership System Transit agency City/Area served (2017)[1] (Q4 2017)[1] New York City Transit Authority[note 1] 1) New York City Subway New York City 2,699,536,300 8,852,200 2) Chicago "L" Chicago Transit Authority Chicago 230,204,200 729,200 3) Washington Metro Washington Metropolitan Area Transit Authority Washington, D.C. 229,595,700 760,200 4) MBTA Subway (The T, Blue, Orange & Red Lines) Massachusetts Bay Transportation Authority Boston 167,167,900 457,994 5) Bay Area Rapid Transit (BART) Bay Area Rapid Transit District San Francisco Bay Area 129,268,100 432,900 6) PATH Port Authority of New York and New Jersey Manhattan; Hudson County, and Newark93,012,400 315,600 SEPTA (Broad Street, Market–Frankford, & Norristown High Speed Lines) 7) Southeastern Pennsylvania Transportation Authority Philadelphia 91,772,000 348,600 8) MARTA Rail Transit Metropolitan Atlanta Rapid Transit Authority Atlanta 67,410,000 213,200 9) Metro Rail (Purple & Red Lines) Los Angeles County Metropolitan Transportation Authority Los Angeles 44,860,700 138,500 7 EKE-ELECTRONICS MARKET STUDY 03.12.2018

  18. Upcoming Transit Projects  Interactive Map 18 03.12.2018

  19. Main competitors in the US market Bombardier (Canada) https://rail.bombardier.com/  Services: TCMS, diagnosis, door control, propulsion control.  rail equipment, systems and aftermarket services to transit and airport authorities across the U.S.  Projects and partners: AMTRAK, subway and commuter rails in New York, Las Vegas, Chicago and others. Alstom (France) https://www.alstom.com/alstom-us  Services: TCMS, diagnosis, door control, HVAC, propulsion control, lighting.  Projects and partners: AMTRAK, LA metro, NY metro, Atlanta. Rockwell Collins (USA) www.rockwellcollins.com  Services: TCMS, Integrated Positive Train Control (PTC) and power tractions SCADA, Predictive Arrival/Departure, Rail Systems, ARINC RailwayNet.  Projects and partners: AMTRAK (~310 locomotives across US). Siemens Mobility (USA) - subsidiary of Siemens AG. https://www.siemens.com/press/en/feature/2018/mobility/2018-07-siemens-mobility-usa.php  Services: rail rolling stock, rail automation, intelligent traffic systems, traffic telematics systems, rail electrification.  Projects and partners: American Center for Mobility (ACM), contract for streetcars in Orange County, California.     19 EKE-ELECTRONICS MARKET STUDY 03.12.2018

  20. Main competitors in the US market (cont.)  Wabtec Corporation (USA) https://www.wabtec.com/  Services: TCMS, rail control, signalling and communications, industrial electrical and communications solutions, diagnostic systems.  Mors Smitt – a Wabtec company. https://www.morssmitt.com/  Services: Rolling stock, signaling and infrastructure  Quester Tangent (Canada) http://www.questertangent.com/  Services: TCMS, train passenger information systems, train communication systems, wayside monitoring and diagnostic system, train test equipment.  Bach.Simpson – a Wabtec company. https://www.wabtec.com/business-units/bach- simpson  Services: electronics (event recorder, analog and digital speed indicators, electronic trasition control (ETC), etc).  Axiomtek (USA) http://us.axiomtek.com/  Services: rolling stock,intelligent security surveillance systems, rail rapid transit. 20 EKE-ELECTRONICS MARKET STUDY 03.12.2018

  21. Primary research  Sending emails: all segments  a template for gathering information from both third-party agencies and potential partners  Calling: collected information from the main websites  Actions:  Third party (Appendix 1&2) Send an email aiming to introducing and getting further information -> Arrange an phone-call appointment Asking for pieces of advice to contact potential resellers  Potential partners (Appendix3): phone call – apply SPIN method of selling 21 EKE-ELECTRONICS MARKET STUDY 03.12.2018

  22. CONTACT PLAN 1: Cassana Technologies  A long term partner in Canada, who is working as an independent consultant company for the railway market in US/Canada. He has promised to consult and help our project with the project with EKE-Electronics USA Website: http://www.cassana.ca Location: Ottawa, Canada Area Contact person: Mr. Gareth Wood Position: USA/Canada market consultant Direct phone number: +1 613 859 6481 22 EKE-ELECTRONICS MARKET STUDY 03.12.2018

  23. Cassana Technologies : call response  Date to call: On Monday, 12 November 2018  Call overview: After the discussion, the company gave us the pdf file, which included all information of the related agencies in the market and the BUY AMERICA act requirements. 23 EKE-ELECTRONICS MARKET STUDY 03.12.2018

  24. CALLING RESULTS Obstacles: Buy America (BA) (Mallett & Platzer, 2017)   domestic content laws that apply to federal funds used to support projects such as highways, public transportation, aviation, and intercity passenger rail (incl. Amtrak)  BA requires the use of US-made iron and steel and the domestic production and assembly of goods such as rolling stock used in public transportation (rail cars, locomotives and streetcars included)  Where federal government provides grants/loans to state for transportation projects, BA applies without violating other international obligations  The Fixing America’s Surface Transportation (FAST) Act (2015)  the share of public transport rolling stock components and subcomponents that must be produced in US (60% in 2017, 65% in 2018-2019, and 70% from 2030 onward)  BA requirements differ in law and regulation according to the specific funding program and administering agency. 24 EKE-ELECTRONICS MARKET STUDY 03.12.2018

  25. CALLING RESULTS Agencies responsible for funding Agency Domestic content Potentially affected industries Federal Transit Administration (FTA) 100% US-made iron & steel & manufactured goods; BA does not apply to rolling stock, if requirements meet in FAST Act; Threshold: $ 150,000 Iron & steel producers, manufacturers of components of e.g. rail cars Federal Railroad Administration (FRA) 100% US-made iron & steel & manufactured goods; Threshold: $ 100,000 Steel manufacturers; rolling stock manufacturers, rail equipment service manufacturers Amtrak (National Railroad Passenger Corporation) All manufactured & unmanufactured goods must be substantially (>50%) domestic; manufactured products must have undergone final assembly in US and have 50% or more domestic components by value; Threshold (change every 2 years): $ 1 million Rolling stock manufacturers (rail cars, locomotives), rail service goods, rail material, maintenance- of-way equipment 25 EKE-ELECTRONICS MARKET STUDY 03.12.2018

  26. CALLING RESULTS BA related information  Prospects   to avoid BA restrictions a project sponsor can apply a waiver, if inclusion of domestic steel (iron, or manufactured goods) would increase the total cost of the project by more than 25%.  Waivers   each of the agencies accepts different reasons which can result in waiving the BA requirements (Appendix 4)  Effects of BA on industry:  more time-consuming to finish transportation projects  higher project costs  Delays because of domestic supply problems and the waiver application process  Establishing plants in the US by foreign manufacturers  risk of lack of economies of scale, because of lack of private customers  The effects are just estimates 26 EKE-ELECTRONICS MARKET STUDY 03.12.2018

  27. CONTACT PLAN 2: Railway Supply Institute (RSI)  RSI is the only all-inclusive trade association for railway suppliers. Representing over 200 companies , RSI acts on behalf of the smallest to the largest suppliers to North American freight and passenger railroads. Industry segments include mechanical, communications & signaling, maintenance of way and passenger industries. Website: https://www.rsiweb.org/ Location: Minneapolis, Minnesota, USA Contact person: Mrs. Nicole Brewin Position: Vice President of Government Affairs Direct phone number: 202.347.4664 E-mail: brewin@rsiweb.org 27 EKE-ELECTRONICS MARKET STUDY 03.12.2018

  28. Railway Supply Institute: call response  Date to call: On Monday, 12 November 2018  Call overview: The call lasted for about 30 minutes. I spoke with Nicole Brewin, VP of Govt. Affairs. She was quite easy to talk to and very forthcoming trying to be helpful and to answer any question I had. I did not receive any concrete files, just a lot of verbal information. She expressed difficulty with my request to find a list of resellers / refurbishers, but suggested networking through RSI and APTA. (next page) 28 EKE-ELECTRONICS MARKET STUDY 03.12.2018

  29. Railway Supply Institute: call response  Call overview (continued): She also confirmed everything we learned about Buy America, and added that the recent election results will likely increase oversite, and this is also influenced by China winning several bids recently. There is no centralized place to learn about current RFPs. It requires looking at each transit authority individually. Lastly, she mentioned that some manufacturers do leverage some sort of final assembly loophole in Buy America. 29 EKE-ELECTRONICS MARKET STUDY 03.12.2018

  30. RECOMMEMDATION  GENERAL  fact-based recommendations  “out-of-box” view: Find a law company that can help to solve the legal obstacles and recommendations.  POTENTIAL PARTNERS CONTACT  ENTRY MODE STRATEGY: FOREIGN DIRECT INVESTMENT 30 EKE-ELECTRONICS MARKET STUDY 03.12.2018

  31. POTENTIAL PARTNERS CONTACT Due to the limited knowledge about the product and services the company offers, we all agreed that it’s better for EKE-Electonics doing the sales actions. Having said so, we support the company activities by providing - The list of contact information (slide 15&16) - Potential partners in the market (slide 17) - SPIN selling method model (Appendix 3) 31 EKE-ELECTRONICS MARKET STUDY 03.12.2018

  32. FOREIGN DIRECT INVESTMENT ENTRY MODE FDI defined by form Main characteristics Greenfield Establishing new manufacturing, marketing and administrative facility  possible subsidies and tax breaks (example in later slide) Buying e.g. less successful competitor Acquisition Merger Merging with other “foreign” companies, which have established production plant, but lack private customers  creating synergies, economies of scale and scope 32 EKE-ELECTRONICS MARKET STUDY 03.12.2018

  33. FDI defined by nature of ownership and integration FDI ownership Wholly owned subsidiary Main characteristics Full control, more risk Equity joint venture Shared control, risks, access to capital, personal, etc. FDI integration Vertical Main characteristics Different stages of the value chain  integration with a passenger rail car manufacturer The same stage of the value chain Target and acquirer operate in different industries Horizontal Conglomerate 33 EKE-ELECTRONICS MARKET STUDY 03.12.2018

  34. Factors to consider when choosing FDI  Legal and regulatory factors  FAST Act, Buy America Act  Market factors  market size, demand; possible economies of scale  Economic factors  exchange rate transparent, growth potential; federal corporate income tax rates lowered after enacting “The Tax Cuts and Jobs Act” from 35% to 21%. Additionally, 44 of the US states impose up to 12%. Weighted average combined tax is 25.7% (Pomerleau 2018)  Political and governmental factors  openness to foreign investment, possible governmental incentives, total number in the US 1,947 (subsidies, tax exemption, etc. State Business Incentives Database; Federal Programs and Incentives)  HR factors  no minimum wage or minimum wage starting with $ 5,15 (1 July 2018), especially in south-eastern part of the country  Infrastructure factors  lower transportation cost, because of the physical presence  In restricted markets FDI might be the only way to enter the new market 34 EKE-ELECTRONICS MARKET STUDY 03.12.2018

  35. FDI in US FDI in the United States is radically shrinking due to USA's newly adopted economic nationalism:  1st Quarter 2016: $146.5 billion  1st Quarter 2017: $89.7 billion  1st Quarter 2018: $51.3 billion Fastest growing FDI by sector FDI Manufacturing in US in 2017 by industry 35 03.12.2018 EKE-ELECTRONICS MARKET STUDY

  36. CHALLENGES  Technology: Finding differentiations is difficult because our team does not have enough knowledge about the technology.  Price: Comparing the prices is impossible since price data is not available.  Value chain is very complex.  Potential partners are hard to identify.  There is a limited amount of openly accessible information. 36 EKE-ELECTRONICS MARKET STUDY 03.12.2018

  37. SOURCES Davis, J. 12 May 2016. Eno. Center for Transportation. The 70-Year Trend in Federal Infrastructure Spending. URL: https://www.enotrans.org/article/70-year-trend-federal- infrastructure-spending/. Accessed: 28 October 2018. Desjardinis J. 13 October 2017. Chart: The Global Leaders in R&D Spending. Visual Capitalist. URL: http://www.visualcapitalist.com/global-leaders-r-d-spending/. Accessed: 28 October 2018. Index of Economic Freedom. 2018. URL: https://www.heritage.org/index/pdf/2018/countries/unitedstates.pdf. Accessed: 28 October 2018. PR NEwswire. TCMS Market by Train Control Solution, Component, Connectivity, Train Type & Region - Forecast to 2022. 25 September 2017. URL: https://www.prnewswire.com/news- releases/tcms-market-by-train-control-solution-component-connectivity-train-type--region--- forecast-to-2022-300525421.html. Accessed: 28 October 2018. Mallett, W. J. & Platzer M. D. 14 June 2017. Effects of Buy America on Transportation Infrastructure and U.S. Manufacturing: Policy Options. Congressional Research Service.      37 EKE-ELECTRONICS MARKET STUDY 03.12.2018

  38. SOURCES Book, M. 28 September 2018. Manufacturing Leads as Top Sector for Foreign Direct Investment in the United States. URL: https://blog.trade.gov/2018/09/28/manufacturing-leads-as-top- sector-for-foreign-direct-investment-in-the-united-states/ . Accessed: 01 December 2018. Buxbaum, P. 9 August 2018. US is losing FDI. URL: http://www.globaltrademag.com/global- trade-daily/us-is-losing-fdi/ . Accessed: 01 December 2018. Pomerleau, K. 12 February 2018. The United States’ Corporate Income Tax Rate in Now More in Line with Those Levied by Other Major Nations. Tax Foundation. URL: https://taxfoundation.org/us-corporate-income-tax-more-competitive/. Accessed: 01 December 2018. Select USA. URL: https://www.selectusa.gov/servlet/servlet.FileDownload?file=015t0000000HBGy GlobalTrade. URL: http://www.globaltrademag.com/global-trade-daily/us-is-losing-fdi Source: Department of Commerce, Bureau of Economic Analysis, FDIUS. URL: https://tradegov.files.wordpress.com/2018/09/mfg-graphic2.png?w=422&h=289       38 EKE-ELECTRONICS MARKET STUDY 03.12.2018

  39. Appendix 1: BUSINESS CANVAS 39 EKE-ELECTRONICS MARKET STUDY 03.12.2018

  40. Appendix 2: Templates (email) for the third-party To whom it may concern, We are from EKE-Electronics company from Finland. Attached you can find few presentations, which we hope open up a little more information about what we are doing and aiming. Main issues that USA has local services preference. Therefore, our company usually only provide products and hardware. With the goal of internationalisation, we hope that your organization would be interested in cooperation. Doing so helps improve the positive image of your organization and bring more business possibilities to the area. We believe that it would be a golden situation leading to win-win situation. We are continuously looking for new groups in the value chain that we should focus on, which are train manufacturer (Transtech): manufacturing the trains, trams, metros, and railway operator in 30 countries: operating railway system (number 1 goal). Therefore, we would like to have more company’s information from you. We also look for arranging a phone call you with your regarding to the collaboration at your convenience. We hope to hear from you soon. Best regards, EKE-Electronics team 40 EKE-ELECTRONICS MARKET STUDY 03.12.2018

  41. APPENDIX 3: SPIN QUESTIONS FOR POTENCIAL RESELLERS SUGGESTION  Situation Questions: are used to collect facts  What services are you using now? How long have you had it? Who are your partners? What are your KPIs/company’s goals?  Problem Questions: are used to probe for problems, points of dissatisfaction, or general difficulties  Are you satisfied with your present services? What are the disadvantages of the way you’re doing it now? How difficult is it to process orders with your present system? 41 EKE-ELECTRONICS MARKET STUDY 03.12.2018

  42. APPENDIX 3: SPIN QUESTIONS FOR POTENCIAL RESELLERS SUGGESTION  Implication Questions: are used to probe for the consequences of a problem, point of dissatisfaction, or general difficulty  Does your overtime expense increase when your equipment goes down? Are there any bottleneck in your current processing system?  Need Questions: are used to uncover the core need (i.e., the buying motive) of the prospect  How do you feel a faster service will help you? Is there any other way that a service might help? Would it help if a new system could reduce your challenges at the moment? 42 EKE-ELECTRONICS MARKET STUDY 03.12.2018

  43. APPENDIX 4: BUY AMERICA Waivers: Federal Transit Administration (FTA):  Inconsistent with the public interest, which can include a wide range of impacts on domestic markets or firms, or on project outcomes  Insufficient quantity or quality of iron, steel, or manufactured products in the US  Inclusion of iron, steel, or manufactured good would increase overall project cists by more than 25% Federal Railroad Administration (FRA):  Inconsistent with the public interest  Insufficient quantity or quality of iron, steel, or manufactured product in the US  Inclusion of domestic material will increase the cost of the overall project contract by more than 25%  Rolling stock or power train equipment cannot be bought and delivered within a reasonable time 43 EKE-ELECTRONICS MARKET STUDY 03.12.2018

  44. APPENDIX 4: BUY AMERICA Amtrak:  Inconsistent with the public interest  Insufficient quantity or quality of iron, steel, or manufactured product in the US  Rolling stock or power train equipment cannot be bought and delivered within a reasonable time  Waived “if the cost of imposing requirements is unreasonable” 44 EKE-ELECTRONICS MARKET STUDY 03.12.2018

  45. APPENDIX 5: SWOT ANALYSIS STRENGTHS ORGANIZATION - High skills workforce and long term experience supports innovation: 30 year experience - Advance and strong business model - Leading independent Train Automation (TCMS) supplier in the world - Wide range of products, applications, modules. - Worldwide partnerships network (over 28 countries) with strong presence PRODUCTS AND SERVICES - Flexibility: Integrate any system - Cost efficiency: Fast diagnostics and maintenance - Performance: Reliability and safety WEAKNESSES ORGANIZATION - New into the US market - Have not done any project - Market intelligence - Week brand image PRODUCTS - Facing market protection and barriers in US market - Ability for taking economic risks by expanding production towards Asia, India and US OPPORTUNITIES THREATS US POLICY - Promotes the policies securing technological advantage - Ensuring competitive advantage by supporting innovation - Innovation stimulating policies Customer tend to find safe and modernization products Immigrants nowadays using more often public transport services. US is an open market There are wide variety of potential partners available to collaborate. - Different cultures and needs for foreign markets may not be sufficiently met by EU transport industry - Subjects of environmental concerns differ on a global scale, for example, diversity in dealing with climate change, may not be met by the US transport industry. - EU safety and environmental policies/regulations may induce additional costs for the industry - The threat from direct and indirect competitors within the region - Preference of using regional brands 45 EKE-ELECTRONICS MARKET STUDY 03.12.2018

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