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Global Challengers 2018: Digital Leapfrogs

  1. MAY 2018 Research Highlights Global Challengers 2018: Digital Leapfrogs
  2. 1 Exhibit 1. Emerging-Market Companies Excel Across Industry Sectors Sources: Capital IQ; OECD; BCG analysis. Note: Revenue growth is the compound annual growth rate for the 10,000 largest companies in each year. Industry sectors based on Capital IQ's standard sector classifications. Consumer includes both Consumer IT Materials Energy Financials Real estate Health care Telecom Industrials Utilities 11% 3% 5% 1% Overall market 2% 8% 30% 7% 4% 12% 9% 4% 1% 7% 15% 28% –1% 2% 9% 3% Revenue growth by industry, 2007–2016
  3. 2 Exhibit 2. Consumers in Emerging Markets Are Buying More Online 0 30 706050403020100 10 20 Growth in online users who buy online, 2009–2016 (%) US UK France Germany South Korea India China Brazil Argentina Growth in internet penetration, 2009–2016 (%) Mexico Japan Russia Indonesia Sources: Forrester Research; eMarketer. Note: Growth in internet penetration and in online users who buy online are compound annual growth rates. Emerging markets Developed markets
  4. 3 Exhibit 3. Emerging- Market Companies Are Gaining Share in Digital- Related Sectors 2016 32 68 2015 29 71 16 26 74 2013 24 Share of global internet software and service revenue (%) 2008 8 92 2007 7 93 76 2012 84 2011 14 86 20142010 12 88 2009 10 90 Emerging-market companies Developed-market companies Sources: Capital IQ; OECD; BCG analysis. Note: Based on Capital IQ's standard industry classifications; reflects only the 250 largest publicly traded companies.
  5. 4 Exhibit 4. One-Third of the 100 Largest Unicorns Are from Emerging Markets Other developed- market unicorns 18 US unicorns 49 100 Other emerging- market unicorns 8 Chinese unicorns 25 33% combined share of the top 100 unicorns Sources: CB Insights; BCG analysis. Total
  6. 5 Exhibit 5. The 2018 BCG Global Challengers Graduates Global Challengers Alibaba (China) China Communications Construction Co. (China) SABIC (Saudi Arabia) Tencent (China) AirAsia (Malaysia) Alfa (Mexico) Alicorp (Peru) Almarai (Saudi Arabia) Alpargatas (Brazil) Apollo Tyres (India) Arca Continental (Mexico) Aspen Pharmacare (South Africa) AVIC (China) Axiata Group Berhad (Malaysia) Ayala Corp. (Philippines) Bajaj Auto (India) Bharti Airtel (India) BRF (Brazil) BYD (China) Charoen Pokphand Foods (Thailand) ChemChina (China) China National Offshore Oil Co. (China) China Railway Construction Corp. (China) Cielo (Brazil) CITIC Group (China) Concha y Toro (Chile) Dangote Cement (Nigeria) Discovery (South Africa) Dr. Reddy's Laboratories (India) Elsewedy Electric (Egypt) Embraer (Brazil) Emirates Global Aluminium (United Arab Emirates) Etihad Airways (United Arab Emirates) Etisalat (United Arab Emirates) EuroChem (Russia) Falabella (Chile) FEMSA (Mexico) Fuyao Glass Industry Group (China) Geely (China) Gerdau (Brazil) Godrej Consumer Products (India) Golden Agri-Resources (Indonesia) Goldwind (China) GRUMA (Mexico) Grupo Empresarial Antioqueña (Colombia) Grupo Gloria (Peru) Grupo México (Mexico) Haier (China) IHH Healthcare (Malaysia) Indofood (Indonesia) Indorama Ventures (Thailand) Infosys (India) Iochpe-Maxion (Brazil) Jain Irrigation Systems (India) JinkoSolar (China) Jollibee Foods (Philippines) Koç Holding (Turkey) Larsen & Toubro (India) LATAM (Chile) LC Waikiki (Turkey) Lukoil (Russia) Lupin (India) Mahindra & Mahindra (India) MercadoLibre (Argentina) Mexichem (Mexico) Midea Group (China) Mindray (China) Motherson Sumi Systems (India) MTN (South Africa) Natura (Brazil) OCP Group (Morocco) OPPO Electronics (China) Pegasus Airlines (Turkey) PetroChina (China) Petronas (Malaysia) PTT (Thailand) Qatar Airways (Qatar) Reliance Industries (India) Sabancı Holding (Turkey) Safaricom (Kenya) Sasol (South Africa) Sinochem (China) Sinohydro (China) Sun Pharmaceuticals (India) Tech Mahindra (India) Tenaris (Argentina) ThaiBev (Thailand) Thai Union Group (Thailand) Tianqi Lithium Corporation (China) Trina Solar (China) Turkish Airlines (Turkey) Unionpay (China) Universal Robina (Philippines) UPL (India) Vedanta Resources (India) Votorantim (Brazil) Wanxiang (China) WEG (Brazil) Weichai Power(China) Wipro (India) Xiaomi (China) Yildız Holding (Turkey) Zhengzhou Yutong Bus (China) Zoomlion (China) Source: BCG analysis. Note: Companies in green are new additions on this year's list.
  7. 6 Exhibit 6. The BCG Global Challengers Have Strongly Outperformed Other Indices 0 100 200 300 400 500 600 GC 100 Global Peers S&P MSCI EM Sources: Datastream; BCG analysis. Note: All indices were weighted by the market capitalization of their constituent stocks. Global challengers’ performance is based on data from 92 publicly listed global-challenger companies. Global peers are 230 multinational companies that operate in the same industries as the global challengers. TSR is based on US dollars. Total shareholder return, 2000–2016 (%)
  8. 7 Exhibit 7. In Multiple Industries, Global Challengers Have Outperformed on Revenue Growth 25 1112 10 18 5 9 6 8 44 1 3 1 4 -3 Technology, media, and telecommunications Health careConsumer goodsIndustrial goods S&P 500 MSCI Emerging Markets Global Challengers 100 Global peers Revenue growth, 2011–2016 (%) Sources: Capital IQ; BCG analysis. Note: Consumer Goods includes Capital IQ sectors "Consumer Staples" and "Consumer Discretionary." Based on the financial results (compound annual growth rates) of the 100 BCG Global Challengers, global peers, 500 S&P 500 constituents, and MSCI Emerging Market constituents with available data. Fixed exchange rate used to remove currency fluctuation effects. Global peers are multinational companies that operate in the same industries as the global challengers.