XUZHOU, China, May 19, 2020 /PRNewswire/ -- With revenue of USD 11.162 billion, XCMG (SHE: 000425) has moved up to 4th place in the ranking of the world's top 50 construction equipment manufacturer, according to the Yellow Table 2020 released by British publisher KHL Group. XCMG once again leads the growth among the Chinese manufacurer companies on the list.
The top 50 companies listed in the Yellow Table 2020 represent a total revenue of over US$200 billion in 2019, a 10 percent increase compare to 2018. The latest data disclosed by KHL Group showed that while there's been high volatility in the global construction machinery market, brands from China are becoming increasingly important sources of growth. China-based companies on the 2020 list achieved nearly USD 36 billion, which equates to 17.7% of total revenue from 50 brands.
In 2019, the 'Belt and Road' Initiative fuelled China's export of construction machinery and equipment, the global economic recovery also drove growing demand in the construction machinery market, while factors such as the high growth of domestic infrastructure investment, surge in demand for replacement equipment, and the recovery of mining industry, all contributed to the rapid yet stable development of China's construction machinery industry.
"XCMG has always emphasized reaching the summit of Everest as the core aspiration of the company, which is shown by achieving continuous technological breakthroughs, global expansion backed by superior product quality, marketing and service. This is how we measure and have achieved our success so far," said Wang Min, Chairman of XCMG.
XCMG now holds nearly 1,000 core technologies, 32 percent of which are breakthrough technologies. Its success in the super-tonnage equipment sector is one of the keys to it standing strong in the international market, such as the 4,000-ton crawler crane XGC88000, the world's No.1 crane which has set multiple world records.
Chinese construction machinery brands only accounted for 2 to 5 percent of overseas sales 10 years ago, as China transforms towards quality-oriented manufacturing, the number has now increased to 30 percent.
"XCMG's strategy amidst this industrial transformation is a focus on high quality, high efficiency, high value and sustainable. We want to create a new path that contributes to the high-quality development of the manufacturing industry and the economy," said Wang Min.
XCMG's new generation of "Advanced and Endurable" products have delivered excellent performance in global construction projects, such as the construction of the FIFA World Cup Qatar 2022™ stadium, the 480-kilometer Mombasa Nairobi Railway and Africa's largest Dangote refinery project. Worldwide, XCMG now has four overseas R&D centers, 15 manufacturing bases, KD factories or joint ventures, 70 subsidiaries and offices and more than 300 dealers. It is China's No.1 exporter of construction equipment and has held this title for 31 years in a row.