Emerging market players (EMPs) are turning out to be worthy global competitors to the top MNCs in the automotive supply, construction equipment and chemical sectors. They are rapidly closing the gap with leading MNCs in terms of global revenues, according to a new report released by The Boston Consulting Group (BCG).
Titled Duelling with Dragons 2.0: The next phase of global corporate competition, the report says the top 10 emerging market players in most industries have been growing five to 10 times faster than the 10 leading MNCs, driven by rapid growth in home markets, cost advantages and acquisitions. EMPs already account for three of the world’s five biggest global chemical companies, the report adds. If EMPs maintain their current growth rates, three EMPs will rank among the top five construction equipment companies in four years, and the automotive supply industry will reach that point in 13 years.
The report, which draws on insights from more than 100 key industry executives and experts, is part of an ongoing research being done by BCG into market disruptions from global challengers — fast growing emerging market-based companies with worldwide ambitions.