Rapidly growing companies in various sectors in China and other emerging economies are ascending the international arena, according to a report from Boston Consulting Group.
The report lists 100 companies that are believed to be the "global challengers," which are the ever-developing corporations edging into the global market with outstanding performance. Of the total, 28, or over one fourth, come from China.
"We believe these companies represent the next wave of economic growth," said Dinesh Khanna, a coauthor and leader of BCG's Global Advantage practice. "Chinese companies are the largest block on this list, so by the sheer size of the position, they will have more impact than anyone else," Khanna said.
Among the listed Chinese companies are Alibaba Group Holding Ltd., Citic Group, Dalian Wanda Group Co, Xiaomi Corp. and China Eastern Airlines Corp.
Companies from emerging economies have occupied over 40 percent of the global market share in industries ranging from household appliances to construction and real estate, the report showed.
"Ten years ago, the global challenger list was dominated by industrial goods and resources companies competing on cost. Today's many challengers are appealing to the hopes and dreams of middle-class consumers in emerging markets and elsewhere," said Michael Meyer, a partner based in Singapore.
Despite economic turbulence in different countries, the revenue and profits of the 100 companies have mainly kept steady. Overall, they have quadrupled their overseas revenue to $944 billion from 2005 to 2014.