After four years, the Shanghai BMW Exhibition, known as the global event in the construction machinery industry, has returned.
From November 26th to 29th, 2024, Bauma China 2024 will be held at the Shanghai New International Expo Center. According to the official introduction, this exhibition has broken multiple historical records, with a total area of 330000 square meters. It is expected to attract more than 3400 benchmark domestic and foreign enterprises from more than 130 countries and regions around the world, as well as over 200000 global buyers to participate in the exhibition.
During the exhibition, Yang Chengjian, Senior Vice President of Caterpillar, a construction machinery giant, and several company executives were interviewed by the media, including the Daily Economic News.
At present, Caterpillar has over 12000 employees, nearly 20 manufacturing plants, 4 agents, 2 research and development centers, and 2 logistics and distribution centers in China. For the Chinese market, Yang Chengjian said, "As a global enterprise, Caterpillar has always paid attention to and valued China. China has strategic significance for Caterpillar globally and is an important strategic supply base. We are concerned about the long-term opportunities brought by China's economic development
Compared to previous editions, this edition has upgraded both the products we showcased and our solutions - with new upgrades and improvements focused on sustainability and energy transformation, "said Yang Chengjian regarding his feelings about participating in this exhibition.
Every time photographed by journalist Huang Hai
Observing the upgrade demand for equipment in the Chinese market through trade in
With the recovery of demand, the global engineering equipment industry has gradually emerged from the bottom zone.
In the first three quarters of 2024, Caterpillar achieved revenue of $48.594 billion, a decrease of $1.396 billion from the same period in 2023, a year-on-year decrease of 2.79%. The net profit for the first three quarters was $8.001 billion, an increase of $342 million or 4.5% compared to the same period in 2023.
When it comes to the current industry situation, Caterpillar frankly stated, "Construction machinery is an industry with strong cyclicality, where there are peaks and valleys. As a manufacturer of construction machinery equipment, we should firmly implement our established corporate strategy
The strategy mentioned by Caterpillar can be divided into four dimensions: operational excellence, expanding product lines, services, and sustainability. In the future, Caterpillar will continue to invest and develop in four major areas: autonomous driving, alternative fuels, connectivity and digitization, and electrification
Caterpillar has stated that it has been closely monitoring China's economic development, including signs of recovery in the construction machinery industry, in response to the current signs of industry recovery. The company has been actively monitoring industry trends and new policies, such as Caterpillar launching products that comply with the "National IV" emission standards for non road mobile machinery.
At the same time, we have seen some demand for equipment replacement and upgrading, and we are actively paying attention to it to assist customers in meeting their equipment needs in these areas, "Caterpillar said.
Nowadays, the trend of global energy transformation is becoming increasingly evident, and "sustainable development" has become a common issue in the entire industry chain of construction machinery. According to Caterpillar's observation, downstream customers' requirements for the performance, durability, and economic value of construction machinery are constantly increasing.
Every time photographed by journalist Huang Hai
Service business plan to achieve $28 billion in revenue by 2026
In response to changes in customer needs, Caterpillar has continuously strengthened the role of "service" in all business operations in recent years.
Yu Wuqiang, General Manager of Caterpillar's Global Infrastructure Aftermarket Solutions in China, revealed in a media group interview that Caterpillar will achieve a revenue of $23 billion in services in 2023 and is committed to increasing this figure to $28 billion by 2026.
In the process of service iteration, artificial intelligence technology is regarded as one of Caterpillar's key focuses. In May of this year, Caterpillar stated in a media interview that artificial intelligence will completely change the way humans interact with machines and greatly improve the efficiency of research and development personnel.
It is understood that Caterpillar has developed an Intelligent Automation Center of Excellence and a Generative AI Practice Community, providing a platform for employees to participate in AI technology.
At this year's BMW exhibition, Caterpillar showcased a fleet management solution called "Caterpillar Practitioners". The reporter learned from the company that this plan is a platform developed and designed for Chinese customers. Based on the actual needs of Chinese customers, a series of functions have been developed to allow customers to observe the operation status of the entire equipment in real time, use data-driven decision-making, and thus minimize operating costs and downtime.
According to Caterpillar's disclosure, as of now, Caterpillar has over 1.5 million interconnected devices worldwide. Because we have insights into 1.5 million devices worldwide, we can better enable users to see the health status of their devices on the platform, including maintenance reminders, allowing them to better plan for the entire device
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