De­spi­te the slow­down in ma­cro­e­co­no­mic growth, the drop in com­mo­di­ty and cur­ren­cy pri­ces, the crash of equi­ty mar­kets, and the rise of geo­po­li­ti­cal risks, the top com­pa­nies from emer­ging mar­kets are still ra­pidly ex­pan­ding and glo­ba­li­zing. BCG iden­ti­fies 100 large, am­bi­tious com­pa­nies from emer­ging mar­kets and ne­ar­ly 1,500 smal­ler, faster-​growing, and more pro­fi­ta­ble ones. The top com­pa­nies from emer­ging mar­kets grew three times fas­ter than their coun­ter­parts in ma­tu­re mar­kets from 2009 th­rough 2014. From 2005 th­rough 2014, the aver­age re­ve­nues of the lar­gest emerging-​market com­pa­ny in each of 63 in­dus­tri­al sec­tors ex­pan­ded from $15 bil­li­on to $43 bil­li­on. Re­ve­nues for Hua­wei, for examp­le, bal­loo­ned to $61 bil­li­on in 2015, a 37% in­crea­se from the prior year. In IT ser­vices, India’s Tata Con­sul­tancy Ser­vices and HCL Tech­no­lo­gies have achie­ved double-​digit growth al­most every year. In sec­tors as va­ried as house­hold ap­p­li­an­ces, con­st­ruc­tion and en­gi­nee­ring, in­dus­tri­al con­glo­me­ra­tes, con­st­ruc­tion ma­te­ri­als, and real es­ta­te de­ve­lo­p­ment, com­pa­nies from emer­ging mar­kets have cap­tu­red glo­bal mar­ket shares ex­cee­ding 40%. For examp­le, the three air con­di­tio­ning ma­nu­fac­tu­rers with the lar­gest mar­ket share in the world are China’s Gree, Midea, and Haier. To be sure, the road ahead will be more chal­len­ging than the one just tra­veled. De­spi­te the gro­wing midd­le class and in­crea­sing dis­po­sable in­co­me in many of these mar­kets, glo­bal chal­len­gers are not im­mu­ne to ma­cro­e­co­no­mic for­ces. Still, we are bul­lish on the long-​term growth of many of these mar­kets and even more so on the ho­me­grown com­pa­nies they have pro­du­ced. Glo­bal chal­len­gers know how to win in vo­la­ti­le and un­cer­tain times. LINK