Hyundai targets buyers with machine auction

Hyundai Construction Equipment (HCE) has held its first Hyundai Construction Equipment Auction. This was the first used construction equipment auction platform run in South Korea. The auction was run in Eumseong and forms part of a plan by the firm to increase its market share in emerging markets such as Southeast Asia. The company is aiming to develop the leading market share for new construction equipment in the emerging markets including Vietnam, Myanmar and Laos. These countries have a high demand for
November 28, 2017 Read time: 2 mins
Hyundai received strong interest from customers in a wide range of countries for its recent machine auction in South Korea

236 Hyundai Construction Equipment (HCE) has held its first Hyundai Construction Equipment Auction. This was the first used construction equipment auction platform run in South Korea. The auction was run in Eumseong and forms part of a plan by the firm to increase its market share in emerging markets such as Southeast Asia. The company is aiming to develop the leading market share for new construction equipment in the emerging markets including Vietnam, Myanmar and Laos. These countries have a high demand for used equipment and the company intends to grow its user base by exporting used equipment in these countries. The auction is a key driver in the firm increasing its market share in the new equipment market.

The firm said that the auction received responses from overseas customers with around 100 mega-dealers and customers from major emerging markets including Vietnam, Hong Kong, Taiwan, Pakistan, Kenya and Chile. The domestic market share of Hyundai Construction Equipment in 2017 is 36%, up by 10% from 26% in 2016, according to market figures.

In May this year, HCE announced that it plans to enter top five ranking by 2023 in the global construction equipment market by improving product qualities and expanding its footing into new overseas markets.

Finance & Funding

For more information on companies in this article

Related Content

  • Asian bitumen producers look overseas for business opportunities
    March 4, 2015
    While demand in some parts of Asia is strong, other countries such as China have been suffering from oversupply - World Highways reported from the Argus Asia-Pacific and Middle East Bitumen Conference in Singapore. Asia overtook the Americas as the world’s largest consumer of bitumen in 2012, with China accounting for the lion’s share – nearly two-thirds – of consumption. However, attendees at the Argus Asia-Pacific and Middle East Bitumen Conference held in Singapore on 24th-26th September last year heard
    Read More
  • Zoomlion develops key strategy for expansion
    June 10, 2015
    The implementation of a new strategy looks set to lead to strong development among infrastructure-related industries in export markets for Chinese firms. And as an industry leader in the production of construction machinery, Zoomlion has long been preparing to compete against the major international companies At the bauma China 2014 event in Shanghai, Zoomlion gave an insight into its international ambitions according to the firm. At the show, the senior director in charge of Zoomlion overseas business,
    Read More
  • China plans important construction machinery show in Changsa for May 2019
    January 8, 2019
    An important construction machinery exhibition for the global equipment market is being planned for the Chinese city of Changsha in May 2019.
    Read More
  • Boom in Asian infrastructure investment
    February 8, 2012
    Investment in China and India continues unabated, but other nations on the continent are eager to attract companies as Patrick Smith reports Asia is still booming despite the current economic crisis, and new infrastructure programmes are constantly coming on stream. Powerhouses China and India, with their double-digit growth figures and huge infrastructure plans (in scope and cost), are leading the way and are still magnets for businesses wishing to expand, both in terms of facilities and customers. But oth
    Read More

Highlighted Content