Hyundai announces big plans for construction logistics
Hyundai Construction Equipment (HCE) has announced its intention to become one of the global top 5 players in the construction equipment sector by 2023, with a planned annual turnover of 7 trillion won (AED 23-billion).
The announcement was made at 2017 CONEX Korea held in KINTEX, an exhibition centre in South Korea.
Kong Ki-young, president & CEO announced the ‘Vision 2023’ under which HCE plans to enter the top 5 ranking by 2023 in the global construction equipment market by improving product qualities and expanding its footing into new overseas markets.
At the event, HCE also unveiled a HW145 excavator and a 30D-9H forklift with upgraded operability and durability that are specifically targeting the domestic market.
HCE is aiming to take the number 1 position in its home market this year by actively expanding new product lines of mini excavators that have been witnessing an annual average growth rate of 13% for the past 5 years, and by expanding the application of Hi-Mate 2.0, HCE’s mobile control system, into a variety of its products.
HCE attributes the 91% increases in domestic sales it recorded for the first quarter this year to its efforts to launch metropolitan-level retail stores, second-hand product distribution support centres, and professional nation-wide service centres.
HCE also saw 30% increases in its global sales on the back of customized products in emerging markets and a recovery in global construction equipment market.
Kong Ki-young said, “By actively upgrading quality, performance and services of our products to the top-tier level, HCE will emerge to a world-class construction equipment maker.”