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Business / Companies

IFE Elevator lifts expansion outlook

By Li Wenfang and Lyu Chang (China Daily) Updated: 2014-07-29 06:50

Li Shoulin, president of the China Elevator Association in Beijing, said that the strong potential for export growth is a testament to the improvement of the overall capacity and competitiveness of Chinese brands.

"That growth in exports also goes along with a strong domestic market, which has very good brands," he said.

Foreign brands once took the lion's share of China's elevator and escalator market, but as more domestic companies have upgraded both their brand image and technology, the landscape has changed.

"China's elevator and escalator brands have a good reputation in the global market because they are strong in pricing, stability and quick installation," Li said.

IFE Elevator is such an example of the rise of domestic brands.

It started expanding into overseas markets in 2007, generating more than 250 million yuan ($40 million) in revenue from exporting to countries including Singapore, Malaysia, Bangladesh, Australia, the United Arab Emirates and Egypt last year. Its total revenue stood at more than 800 million yuan last year.

Southeast Asian markets have grown faster than other markets and account for about 70 percent of the company's exports, which is partly attributable to the proximity between Guangdong and those countries.

In its second step for overseas expansion, IFE Elevator set up branches in 2010, investing $500,000 for a wholly owned branch in Dubai for serving the Middle East and one in Jakarta.

The branches include staff for after-sale services and support, helping the company boost sales. 

IFE Elevator lifts expansion outlook
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