China Sany Heavy bets on overseas demand to fuel growth

Recently, the Japanese media Nikkei Asia published the article China's Sany Heavy bets on overseas demand to fuel growth, focusing on the progress of Sany's internationalization strategy. Encouraged by last year's record breaking overseas revenue, China's largest construction machinery manufacturer by market value has decided to increase investment in foreign markets.

Sany made it clear that the company will focus on developed economies and strengthen localization through localized recruitment and more investment in high-tech manufacturing. According to Counterpoint Research, this Hunan based group ranked third in global construction machinery shipments in 2022, with a market share of 8.4%. Last year, Sany's international business revenue increased by 47%.

Sany Heavy Industry emphasized that this benefit comes from taking "digitalization, localization and service" as the primary task. In the five continents where the company operates, sales have achieved double-digit growth, with North America growing the fastest at 85%, followed by South America at 63%, Europe at 44%, Asia Pacific at 41%, and Africa at 35%.

Faced with the uncertainty of recovering from the epidemic, Sany expects its revenue to increase by 10% in 2023, with the hope of further growth in overseas business. Sany stated that as the company invests more resources overseas, the mainstream markets in Europe and the United States will become the driving force for the company's growth.