Hyundai Construction Equipment Aims to Enter Top 5 Ranking by 2023
25 May 2017
Hyundai Construction Equipment (HCE) announced today its set its sight on becoming global top 5 player by 2023 with an annual sales of 7 trillion won.
At 2017 CONEX Korea held in KINTEX, an exhibition center in South Korea, Kong Ki-young, president & CEO of HCE announced ‘Vision 2023’ under which HCE plans to enter 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 domestic market. HCE is aiming to take No.1 position in its home market this year by actively expanding new product lines of mini excavators that have witnessed 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, secondhand product distribution support centers, and Hi-Tech Team, professional nation-wide service centers. 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.”
Source: Hyundai Heavy Industries