I would like to express my sincere gratitude to all of you for your continued support and patronage.
PATLITE's history dates back to our establishment in 1947, and just a few years later, we succeeded in developing the industry's first high-performance micro-motor. In 1965, we began manufacturing rotating warning lights (Patrol lights) using this in-house motor.
We also developed our own information transmission notification devices by combining "light" and "sound." In more recent years, we have made significant updates to our products, like changing the light source of our devices from light bulbs to LEDs and adding various light emission patterns that can be expressed without motors, thus reducing power consumption and resulting in longer service life. Furthermore, we are taking on the challenge of breaking into new market areas by integrating them with network communication technology. In addition to our signaling devices, we merged with Kasuga Electric Works Ltd in 2017 and are entering the connected equipment market.
Moreover, we have continued to increase added value to our company by maintaining high levels of quality, obtaining global safety standards, and establishing a global logistics network that provides a stable supply of products to ensure that customers worldwide can use our products with peace of mind.
For those reasons, our products have been embraced in various industries and markets, resulting in a 70% share of the domestic market for PATLITE. In 2020, PATLITE was selected as one of the "Top 100 New Global Niche Companies" by the Ministry of Economy, Trade and Industry and has grown to become the No. 1 company in the world regarding market share.
PATLITE will continue to focus on improving sales and marketing DX (digital experience) to deliver and appeal our products to our customers more efficiently, in an easy-to-understand, broad and fast manner. We will work with various partners as a component solutions provider to address the issues our customers face in the modern era in the field of manufacturing and services.
We will strengthen our business in overseas markets where there is room for growth and, as a Glocal No. 1 (Global and Local No. 1) company in the signaling device industry, we will grow into a company trusted by our customers and around the world and relied upon by society.
We will continue to practice sustainability management, which includes not only business growth, but also consideration for the environment and contribution to social development to pursue enhancing corporate value while meeting your expectations.