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

  • Bomag’s president Ralf Junker puts his faith in BIM
    November 8, 2017
    World Highways recently caught up with Ralf Junker, president of BOMAG Group, during the company’s Innovation Days at its headquarters in Germany. David Arminas reports. Ralf Junker hasn’t forgotten his roots. You can put as much machine control as you like on a piece of construction equipment but all that high-technology is for nothing if the build quality isn’t there. Junker knows something about build quality. When he started at BOMAG in 1988, he was in the welding shop, eventually becoming supervisor
    Read More
  • Ford develops drug driving simulator
    November 20, 2015
    Ford has developed a special suit that simulates the effects of being under the influence of drugs for a driver. The novel Drug Driving Suit is intended to show drivers the dangers of driving under the influence of drugs such as cannabis, cocaine and heroin Research shows that drivers are up to 30 times more likely to be involved in a fatal crash after taking illegal drugs; the suit simulates effects that can include slowed reaction, distorted vision, and hand tremors.
    Read More
  • Gulf Traffic 2016 event is looking strong
    August 26, 2016
    The organisers of the Gulf Traffic 2016 conference being held in Dubai from November 13th-15th report strong interest in the event. This will be held in the Dubai International Exhibition Centre and according to the organisers, aims to be the region’s leading traffic and transportation event, with a particular focus on smart cities, ITS, parking and infrastructure. The conference provides a yearly platform for innovative thought-leaders to convene in a high-level discussion on the future of traffic in the r
    Read More
  • Cummins reports strong performance for first quarter
    May 3, 2023
    Cummins is reporting a strong performance for first quarter of 2023.
    Read More

Highlighted Content