Hyundai Construction Equipment India Sales Up 45% in 2016
Hyundai Heavy Industries (HHI)’ Construction Equipment Division, to be spun off and tentatively named Hyundai Construction Equipment by April this year, announced today it sold about 2,600 units of excavators in India in 2016, 45% up over 2015.
HHI attributes the sales increases to its strengthened dealer networks, enhanced client support services, expanded localized products and improved product quality along with India’s 7% plus economic growth over the past years
In eight years after the completion of its excavator factory at Pune, Maharashtra in November 2008, HHI rose to the 2nd place in the Indian market on the back of the improved sales figures.
Considering the Indian government has set a target of investing $377 billion in infrastructure by 2019, the Indian construction equipment market is expected to witness a remarkable growth during the period.
HHI has also witnessed a remarkable increase in sales in the markets including Nepal, Sri Lanka, Bangladesh, and Bhutan and in particular, the company has the largest or the second largest market share in emerging markets such as Myanmar, Laos, Vietnam, Philippines, Cambodia, and Pakistan.
Mr. Kim Jong-yu, Managing Director of Hyundai Construction Equipment India said, “In order to boost our daily equipment production capacity to 16 from current 11 units, our production lines are undergoing an extensive renovation.”