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