Serious threat, or with the right approach to innovation significant opportunity?
The economic power of Asian industries is growing. Fierce Levels of competition already faced by European industry will continue to increase in a global market, especially in the two key areas of price and innovation.
The waves of new products coming from Asia and flooding European markets are now spreading into sectors including the automotive industry and, in the near future, they will spread further still into aerospace. As their momentum grows, they will form `tiger waves' building into the so-called `01 Tsunami'.
To counter these new waves of competition, European industries have historically focused on three key areas: cost reduction, increased speed of development and differentiation through innovation.
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