Published on : May 02, 2014
The Bosch Group regards China has a country with high growth potential in the future. A member on the company’s management board said during an interview with Chinese news agency Xinhua that the country’s gross domestic product (GDP) is likely to rise between 7% and 8% annually for several years.
These remarks were made by Peter Tyroller, member of Bosch’s management board who co-ordinates activities in the Asia-Pacific region. He said during the interview that there are ample growth opportunities in China across various sectors that will in turn benefit Bosch’s business. Germany-based Bosch is a leading provider of technology and services globally.
Previously, the company had announced its 2020 target of doubling sales in the Asia-Pacific region. As of 2013, Bosch Group sales in this region constituted 1/4th of total company sales. Of this, China accounted for 10% of the total Asia-Pacific sales. Bosch also reported that in 2013, the sales of the Bosch Group showed an 18% increase in China. And in the automotive sector alone, the company saw a 24% increase in China. This spike was higher than that of the car production sector. This has boosted the company’s optimism in the Chinese market.
The subsidies in China for new-energy vehicles are being regarded by Bosch as yet another opportunity for growth in the world’s second largest economy. The company said that its focus would largely be on reduction of gasoline consumption, emission reduction, and safety-related technologies. To this end, the company holes to support car manufacturers with operations in China; it has already begun locally producing key electrification components.