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According to media outlet ET Wanda, Chinese exports of inverters reached $256 million in October 2019. With a combined market size of $10 million, the top three brands – Solis and two of its competitors – represent 33 percent of all exports in the category.
The top ten Chinese inverter makers account for nearly half of all exports — $123 million in sales. While they reported combined year-over-year growth of 17.5 percent, Solis revenues increased 82 percent during the same period with Q3 earnings representing the company’s strongest quarterly performance ever.
“We are excited about our latest financial results and we continue to hit our reliability targets and emphasize our customer service to set us apart,” says the company’s CEO Yiming Wang. “Our third place ranking points to the global strength of the Solis brand in traditional markets across Europe, the United States and in emerging regions.”
The top ten Chinese exporters combine a focus on their respective core markets with strong multi-regional distribution networks, allowing them to disperse market risks. Solis and its two closest competitors exported inverters to more than 20 countries in October; the leading markets included the Netherlands, the United States, Mexico, Brazil, Australia and Germany.
During the third quarter, 80 percent of all inverter exports went to the top 20 importing countries. The Netherlands and the United States remained in first and second place respectively from September to October, while exports to India dropped nearly 50 percent during the same time period, with Mexico increasing steadily to overtake India for third place.