World Market Leaders in Germany
Germany is the land of hidden champions.
Who furnished the futuristic Keppel Harbour residential tower blocks in Singapore with ultra-modern bathrooms? Duravit. Who built the world’s longest private yacht for a Saudi prince? Lürssen. And who provided the Federal Chancellery in Germany with its cutlery? Robbe und Berking. Three companies, and three good examples of a German peculiarity – the “hidden champions”. Germany is a country boasting relatively small companies that are little known outside their respective industries, yet are world market leaders within their specific niches.This phenomenon can be explained by the fact that Germany’s economy is characterized by a large number of small and medium-sized enterprises, by the country’s high innovative capacity and by companies which like to specialize in a particular field.
The term “hidden champions” was coined by German management consultant Hermann Simon at the end of the 1980s, when he was investigating the reasons for Germany’s export boom. Because this success could not be attributed solely to internationally leading German corporations such as Volkswagen, Siemens or BASF, Hermann Simon looked at small and mid-sized businesses. He identified over a thousand unknown world market leaders, from Recaro (seats) and Würth (screws) to Herrenknecht (tunnel boring machines). The most recent example of a 21st century hidden champion is the wind turbine manufacturer Enercon. Established only in 1984, the company enjoys a market share of over 50 percent in Germany. In global terms, Enercon already ranks fourth– behind major players such as General Electric and Siemens.
Summit meeting of world market leaders from 28 to 30 January 2014 in Schwäbisch Hall
www.weltmarktfuehrer-gipfel.de
