Annual Report 2021
Continuing on a growth course in Asia
In the 2021 business year, Liebherr was able to resume its growth course in the components product segment. Turnover increased above all in the wind industry, decentralized power generation, agriculture and forestry, and maritime segments. The increase in the wind and mining aftermarket is particularly noteworthy. The product segment experienced uneven growth across the various regions. In Europe, growth was particularly strong in Germany and Scandinavia. Asia and Oceania also followed the positive trend, driven primarily by growth in China, India and Australia. In South and Central America, Liebherr recorded significant increases, mainly due to the good development in Brazil. In North America, on the other hand, there was a slight decline compared with the previous year.
With new products and solutions, Liebherr is at the forefront of current megatrends that will shape the future of technology.
Focus on future-oriented technologies and solutions
Over the past year, Liebherr continued to promote global decarbonisation efforts with solutions for hydrogen combustion engines. Liebherr also unveiled a new solution for H2 direct injection and test benches for H₂ engines.
The use of new manufacturing technologies also enabled the delivery of the first series main bearings for 8 MW offshore wind turbines. The optimised blade bearings in 3-row roller bearing design also opens up new possibilities for retrofitting and maintaining existing wind turbines.
In the drive technologies product area, Liebherr’s new LPI gearbox series reduces weight and fuel consumption and allows for the electrification of crawlers and other mobile solutions. Weight reduction was also emphasised in the development of hybrid hydraulic cylinders featuring carbonfibre-reinforced plastic (CFRP). In addition, Liebherr added a new piston accumulator series to its portfolio.
In terms of investment, the components product segment focused once again in 2021 on establishing new locations, including a new assembly line in India. Another milestone was the start of construction of a component plant in China to meet the high demand from the wind and construction industries. The new plant will be used to produce slewing bearings, gearboxes and hydraulic cylinders.
Liebherr expects turnover in the components segment to increase in 2022, thanks in part to high order volumes in the drive technology product area. Upcoming orders for slewing bearings in the maritime and industrial sectors will help to further bolster turnover. Liebherr also plans to continue investing in the development of future-oriented technologies such as 5G and engines suitable for Hydrotreated Vegetable Oils (HVO). Because of the Russia-Ukraine war, it is impossible to make a meaningful assessment of the economic prospects for the components product segment at this time.
Components
In business year 2021, the components product segment achieved a turnover of € 478 million, representing an increase of € 75 million or 18.6 % year-on-year.