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AlixPartners: China Commercial Vehicle Growth to Lag Global Rate till 2015

Date:2012-05-11 Source:www.chinaspv.com

 www.chinaspv.com: The slowing pace of China's commercial vehicle market growth will continue to slow and will lag global rate through 2015, predicted business advisory firm AlixPartners on April 25 based on its recent study.
 
Chinese commercial vehicle companies out-paced the global industry in revenue growth from 2007 to 2011 with a compound annual growth rate (CAGR) of 11.5 percent (compared with an industry rate of 2.2 percent in that timeframe), making China the world’s largest manufacturer with 39 percent of global production. The growth is expected to slow to a CAGR of 3.2 percent between now and 2015, versus the global industry rate of 4.3 percent, said the firm.
 
After a strong decrease in 2009 and 2010, exports of commercial vehicles from China increased strongly, also says the study. However, in 2011 exports were only back to where they were in 2008.
 
Main export destinations remain other emerging markets and Chinese producers have yet to make inroads into mature, high-volume markets.
 
Unlike in the commercial vehicle sector, Chinese producers of construction equipment are among the world’s leaders and are outperforming the global industry benchmarks in terms of revenue growth and profitability.
 
Several of the privately-held leading players have also executed significant overseas M&A transactions, further strengthening their position.
 
"Several of the Chinese players in this segment have already achieved global scale. Players such as Zoomlion and Sany are recognized as world-class companies and a serious competition to the established players in North America, Japan and Europe. Recent acquisitions such as the one by Sany of Putzmeister and Zoomlion of CIFA will further enhance their global footprint and product portfolio," said Francesco Barosi, a managing director and leader of the global Heavy Equipment Practice at AlixPartners.
 
As predicted by AlixPartners in its study a year ago, demand in China is shifting from low-cost trucks, dominated by local brands, to the middle segment, driven by rising energy prices, emission and safety regulations, and demand in high-load capacity, although there is no significant market yet for the high-technology trucks.
 
Noted Naumann, "For players in China and those selling in China to keep up with rapid changes in standards, it's imperative to carefully manage adoption cost of new technologies, as they progress through the technology curve. In order to optimize its cost structure, the truck industry is going to have to increasingly standardize parts and products, following the pattern of the automotive industry."
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