BEIJING, Sept. 23, 2015 /PRNewswire/ -- The 2015 T50 Summit of World Construction Machinery Industry held in Beijing on September 21 released the list of the top 50 construction machinery manufacturers worldwide in which XCMG ranked eighth globally and first among Chinese construction machinery companies.
Wang Min, chairman and president of XCMG, gave a keynote speech at the summit on the current global market of construction machinery and XCMG's strategies to adapt in the fast changing industry.
The market for heavy machineries such as excavator, loader, crane and concrete equipment has shrunk since the historic market fluctuation in April 2011, which brought new challenges for manufacturers worldwide. Wang pointed out that the market environment is not as bad as predicted and construction machinery industry has positive prospects.
"The decline we saw in the market was actually a high dive from the previous overly inflated status, as the bubbles were deflated, we sensed the fast and serious fall in the market," Wang explained. "This condition meant the industry was self-adjusting; there's still space for future development."
XCMG's road rollers were exported to the United States, the oil cylinder for the largest tonnage excavator manufactured in China are selling in Australia, and the piling machineries has the largest market share in Turkey. Looking at the China market, Wang predicted the market demand is still quite significant.
Companies need new strategies to face the challenging global market. Wang said that the Chinese manufacturers are making an impact to the high-end market through advance technologies and upgrades in their products.
To succeed in the ever competitive construction machinery market, XCMG proposed a rational, practical and sustainable development concept that aims for professionalism and accuracy in delivering best quality products.
XCMG's operational reform leads to shifting from a product-centered development model to providing product-based comprehensive solutions and service packages, while at the same time focusing on innovations and quality improvement through continuous technological breakthroughs such as the successful market release of kiloton all-terrain crane, 4,000-ton crawler crane, 400-ton mine excavator, 12-ton loader and also the intelligent machineries from the company's digitalized manufacturing base.
"The new way to success requires insight, faith and strategic determination. XCMG has the confidence to reach the global construction machinery industry's highest peak," Wang said.