HCE Global News Half-Year Digest: What Happened throughout the First Half of 2022?

At the beginning of 2022, Hyundai Construction Equipment proclaimed this year will be the first year of the company’s way to becoming one of the global top five construction equipment makers. To realize this ambition, HCE has been making numerous achievements and progresses in the global market. Here’s a summary of what happened in the first half of 2022 in HCE.

HCE Has Reached the Top: Most Excavators Sold in India in April

Hyundai Construction Equipment has become the best-selling construction equipment manufacturer in the Indian market. This remarkable achievement is the result of HCE's 14-year-long effort since the company expanded into India in 2008. This April, HCE has sold 382 excavators and has taken 19% of the market share, overtaking not only the Japanese manufacturers with a great reputation in the market but also the Chinese manufacturers offering a competitive price compared to their rivals.

HCE has been offering sales promotions targeting its compact excavators to increase their share in the Indian market and has organized a Cross-Functional Team (CFT) to ensure prompt responses to malfunctions and create a trustworthy image among customers. The company also established manufacturing plants in Pune, India to make machines that are suitable for the local environment and to widen its business network in the region. These dedications returned an outstanding result of becoming the top-selling construction equipment manufacturer in the country, earning 225 million dollars in April from parts/components sales, an all-time high since its expansion into India.

Further Expansion in North America to Preoccupy the Market

HCE has made 137.3 billion KRW in sales from the North American (NA) market in 1Q2022, a 50% growth compared to 1Q2021’s 90.8 billion KRW. To maintain the momentum, the company has partnered with dealer companies in the region and is attempting to expand the business in North America.

The company’s North American branch has entered a partnership with a new dealer company, West River Equipment, to sell wheel loaders and excavators in the mid-western North Dacoda. HCE has also chosen Taylor Construction Equipment as the dealer company in the states of Mississippi and Alabama. Having begun a partnership with the company last September, Hyundai Construction Equipment aims to expand from Tennessee to other states in the American Southeast.

Reinforcement of Business Network in France through Partnership

Hyundai Construction Equipment is putting efforts into expanding its business network in Europe. One of such efforts is its recent partnership with M3, a French construction equipment provider. An associate company of Dubreuil, a French construction, civil engineering, and agricultural material distribution company, M3 announced that the company plans to include HCE’s machines in its catalog and raise the brand awareness and sales of Hyundai Construction Equipment's products in the European market. Furthermore, M3 states that it will recruit new employees who could help the company promote HCE’s machines. As Hyundai Construction Equipment’s high-quality products and outstanding after-sales maintenance services meet the active marketing from M3, Hyundai Construction Equipment expects enormous growth in the region from this partnership this year.

HCE aims to take an upper hand in the British quarrying market by releasing its quarrying equipment in the country for the first time

Hyundai Construction Equipment has participated in Hillhead Exhibition, the largest mining, construction, and recycling equipment exhibit in the United Kingdom held in Hillhead Quarry from June 21st to 23rd. In the convention, HCE revealed HX480AL, its 48-ton crawler excavator. As it was the first time the company’s releasing a quarrying machine in the country, the local industry expressed high expectations and interest in the company’s new product.

The new HX480AL is equipped with an environmentally friendly engine that meets Stage V, the European emission standard for heavy equipment. This makes the new machine suitable for the European market where the governments are adopting more stringent measures to combat climate change. Hyundai Construction Equipment hopes that revealing the new quarrying equipment could help the company take the upper hand in the British quarrying market. The company also plans to provide a more diverse choice of products in the market, promote its products more actively, and expand its distribution network in the region.

Hyundai Construction Equipment is marching through the milestones towards becoming one of the global top five construction equipment manufacturers. It will continue to run restlessly to make 2022 the starting point of its great leap to becoming one of the leaders in the construction equipment industry.