Japanese manufacturer says increased demand was from energy-related projects
Kobelco Cranes has announced a 40% growth in its sales in the Middle East region for its fiscal year ending 31st March, 2014.
The Japanese manufacturer was aided by a weak Yen, decreasing the cost of its machines in overseas markets.
According to the company’s financial results, the growth in Middle East sales came as a result of demand from an increased number of energy-related projects, although Kobelco said the absolute number of sales was not high in the region.
Kobelco Cranes shipped in total close to three thousand units over the 12-month period, with 500 cranes sold in Japan (an increase of 20% over the previous year), and 2,400 shipped to overseas markets, where the brand recorded growth of 10%.
Main growth areas were in APAC (Asia-Pacific) with 20% growth and North America, with 10% growth.
Sales were “steady” in Europe and North America, while in China, which accounts for roughly 35% of the world market, sales declined by 10%, as the expected economic recovery was delayed.
With total sales of $596.5m, Kobelco Cranes estimates that it has a market share of roughly 30% of the global market for crawler cranes, including its OEM supply agreement with Manitowoc. The company is 100% owned by Kobe Steel.