“India is like what China was in the 1990s and is undergoing rapid growth,” said Highspeed’s general manager Liu Wei. “The China market [for contour cutting machines] will hit its peak in about three years’ time.”
Last year Highspeed’s revenue gained 20% to CNY 9m ($1.4m), 15% of which came from overseas markets.
Liu pegged China’s current annual demand for such machinery at 200 units. The company has been developing more advanced models for continuous production lines. These machines require less manual labour and the company expects the new product to launch next year.
In the downstream sector, only large companies, accounting for 15% of total sold, are purchasing highly automated machinery. “Small companies are still on the fence but might be forced to make the upgrade when larger ones have lowered their cost by automation,” Liu added.
Exchange Rates: Xe.com 9 August 2016