Hyundai Heavy Industries’ (HHI) Construction Equipment Division has announced it sold about 2,600 units of excavators in India in 2016, 45% up over 2015 figures.
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%+ 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 second place in the Indian market on the back of the improved sales figures.
Considering the Indian government has set a target of investing US$377bn in infrastructure by 2019, the Indian construction equipment market is expected to witness increasing 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.
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.”