Not long ago, Mizuho Bank of Japan released its medium-term (2019-2023) trends and development forecasts for 23 global and Japan regions. Overall, the world economy is not optimistic. Except India and ASEAN countries, other economies have With varying degrees of stagnation and slowdown, global car production will decline, and the local machine tool market will shrink.
Macroeconomic outlook
â– The report predicts that the US economy will grow at an average annual rate of 2%, but when the US fiscal policy becomes tight, the US economy will have an inflection point around 2020; the Eurozone economy will continue to the current 1%. The speed is growing.
â– Although China's economy will face structural adjustment pressure for a long time, the economic development model of high value-added industries and other industries will significantly increase China's labor productivity, but the economic growth rate will decline slowly. From the performance of other Asian countries, the Indian economy will continue to maintain high growth; ASEAN countries will grow steadily under the leadership of Indonesia and the Philippines; while other emerging economies (NIEs) will, like developed countries, economic growth will occur. Slow signs.
Overall medium-term forecast of the industry
â– Although the global economy will continue to expand from 2018 to 2019, uncertainties such as the slowdown in China's economic growth and Sino-US trade frictions have increased. It is expected that by the five years of 2023, global economic growth will be mainly driven by emerging economies; the United States will be slowed down by the impact of tight fiscal policy. It should be pointed out that trade issues including Sino-US trade friction will have a negative impact on the global medium- and long-term economic development.
â– From the global demand of various industries, automation and digital investment will continue to increase; affected by the aging population, global medical equipment and other related industries will continue to grow. Most industries will be mainly driven by emerging market countries such as Asia. On the other hand, domestic demand in Japan is highly vulnerable to population decline. It is expected that Japanese companies will continue to shift production overseas, and the size of Japan's domestic manufacturing industry will further shrink. At the same time, Japan needs to face the rise of powerful European and American companies and emerging economies with shrinking technology gaps. The global business of Japanese companies is facing more and more challenges.
â– In order to maintain the growth of performance, companies are paying more attention to the improvement of profitability in external mergers and acquisitions, and adopting various measures by obtaining global demand, making full use of customer data and digitization, and adapting to the development of environmental regulations. In the context of accelerating changes in the external environment, companies need to make decisive judgments such as investment and divestment. Driven by current good performance, companies need to face all kinds of threats and challenges and be “prepared for the rainâ€.
Global automotive market
â– China is the world's largest auto market, but the trend of China's automakers' production cuts will continue to expand. In addition, the United States Ford Motor Co., Hyundai Motor Co., Ltd. has experienced a sluggish sales situation, Nissan Motor and Mazda also said that it will implement production cuts. Due to the reduction of consumer willingness, the sales volume of new cars in China will decline in 28 years from 28 years, and the overall operating rate of automobile factories will be at a low level of around 60%.
â– Due to the weak US and Chinese markets, global auto demand growth is expected to decline overall between 2018 and 2019. In the medium term, due to the structural downward pressure, it is expected that domestic automobile demand in Japan will show a downward trend in 2023. In terms of global demand, automobile demand in emerging economies such as India and ASEAN will continue to grow, and the growth rate of the Chinese market will slow down. The demand for automobiles in developed countries such as Europe and the United States is expected to be flat.
â– In addition, the negotiation of Japan-US trade agreement and the US trade policy will have a significant impact on localization of automobile production and supply chain adjustment. As trade risks increase, automakers need to revisit domestic car production.
â– In the next five years, global automotive demand will achieve a small expansion. On the other hand, electrification, intelligence, information, and mobile services will have an impact on automakers who have maintained a dominant position in the past. Therefore, automakers must establish new business models in order to maximize their interests. In October 2018, Toyota Corporation announced that it has established a partnership with Softbank. This cooperation will transcend the boundaries of the industry and is the beginning of a new era of automotive transformation.
Global machine tool market
â– From the overall development trend of the global machine tool market, China's machine tool market has maintained a growth trend, but since 2017, the Chinese machine tool market has also shrunk due to the decline in smartphone sales and the impact of Sino-US trade friction. Other major markets, such as the North American and European machine tool markets, will remain strong. According to statistics released by the Japan Machine Tool Industry Association, Japan’s exports of machine tools to China have shown a year-on-year decline for nine consecutive months. Although there is a view that China’s machine tool orders have “bottomed outâ€, the trade friction between China and the United States is unpredictable. In the background, the situation with unclear prospects will continue. On the other hand, the demand for machine tools in emerging economies such as India is increasing, and the automotive, smart phone, and semiconductor-related industries downstream of machine tools will continue to grow. It is expected that global machine tool demand will continue to grow by 2023.
■The competition in the global machine tool industry has gradually shifted from traditional performance such as speed and rigidity to “manufacturing + service†such as usability improvement, engineering integration/automation. In addition, along with the growth of machine tool manufacturers in South Korea, Taiwan and China, they are expanding their business scope with cost-competitive advantages centered on emerging markets. In order to achieve market expansion in the future, machine tool builders need to use past production and sales data to improve product performance from the perspective of usability improvement, and should focus on the construction of “manufacturing + service†model.
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Sigma Elevator Company is a subsidiary of Otis Elevator Korea (OEK) in South Korea for all overseas/export markets. It was founded in 2000.
Starting in 1968, "Goldstar" elevators, and later on, "LG" elevators, were counted among the world's top elevator brands. With the beginning of this new millennium, that legacy lives on through the birth of "SIGMA" elevators.
SIGMA Elevator Company will continue on with its mission of supplying elevators and escalators to more than 50 nations worldwide through its global network of 11 sales companies, 2 offices, and 52 agents or distributors.
SIGMA Elevator Company is dedicated to providing its customers with the best quality products and services. SIGMA elevators feature unmatched safety, ride comfort, and modern design. SIGMA escalators and moving walkways are held to similar safety and comfort standards and are integral parts of our modern urban aesthetics.
Changwon factory, Korea, the main factory of SIGMA Elevator, has long been a well-established name in the global elevator industry. SIGMA`s Dalian factory in China produces elevators & escalators to meet the demands of the local and worldwide markets as well.
SIGMA Elevator Company is committed to increasing customer value through a sharp focus on product innovation and customer satisfaction. With technology developed over the past 30 years, an enduring innovative spirit, and enthusiastic attitude towards providing customer value, Sigma Elevator Company stands by its product and service lines with confidence.
Sigma currently has businesses in more than 75 countries worldwide, and subsidiaries in five countries; Hong Kong (China), Vietnam, Thailand, Malaysia and Singapore.
In the United States, Sigma elevators were distributed by CemcoLift, which was a historic elevator company bought by Otis and based in Hatfield, PA. However, in 2012 CemcoLift has gone bankrupt and replaced by a new company called Minnesota Elevator Solutions.
It's headquarter, factory and testing tower are located in Changwon, South Korea, which are also operated by Otis Elevator Korea. It also has a secondary factory in Dalian, China, opened in 1998 to meet demands on Chinese elevator market.
In 2014, Sigma had a partnership with EXPRESS Elevator Co., Ltd., an elevator company based in Suzhou, China as well as a subsidiary of Otis. In 2016, Express/Sigma opened their headquarters in Suzhou, China
LG Elevators was the elevator and escalator division of LG Electronics. It was acquired by Otis in 1999 and was later known as LG-OTIS Elevator Company.
LG changed its name from GoldStar in 1994 after GoldStar merged with Lucky Chemical. In 1999, it was acquired by Otis Elevator Company, later known as LG-OTIS Elevator Company from 2000 until 2003, when it was renamed to OTIS-LG Elevator Company. Later in 2006, OTIS-LG was again renamed to Otis Elevator Korea.
LG-OTIS Elevator Company (later OTIS-LG Elevator Company then Otis Elevator Korea) was a joint venture company between Otis and LG Electronics` elevator and escalator division, LG Elevators in South Korea. It was formed in 2000. The brand was renamed to OTIS-LG Elevator Company in 2003 and later Otis Elevator Korea in 2006, where it is currently known as that in South Korea
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