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

  • ConExpo Russia: Planning starts for 2009
    July 23, 2012
    The AEM says that its inaugural trade show in the Russian capital "exceeded expectations." Patrick Smith reports The first CONEXPO Russia, held in the capital Moscow, attracted some 6,000 attendees, according to the organisers. The Association of Equipment Manufactures (AEM) said after the inaugural event in September that more than 50% of the 2008 exhibition space had already been sold for the 2009 exposition. "Leading construction equipment companies from around the world that supported the first ever CON
    Read More
  • Zoomlion scores Saudi concrete pump deal
    May 15, 2015
    Chinese firm Zoomlion has won a significant order for Saudi Arabia in the shape of a new 174RSU concrete pump. The machine is being supplied to a local equipment dealer through Zoomlion’s Concrete Machinery Branch Company’s overseas marketing company in Saudi Arabia. This is the first time Zoomlion has exported a concrete pump product to the Saudi Arabian market and it is expected to open up a route for the firm to sell more of the units to the country. The deal is of note as historically there has
    Read More
  • Euro Auctions: from Dromore to many more in 20 years
    December 20, 2018
    Euro Auctions is celebrating 20 years since its first event in Dromore, Northern Ireland, on the same site that is now the company’s global headquarters. At the event, a one-day auction, 371 vehicle and equipment lots went under the hammer to aachieve sales close to €1.12 million, said Derek Keys, founder of the business. Euro Auctions expanded into England in 2000 with its first sale in Wetherby where it auctioned a selection of Volvo dump trucks from the Far East. A couple of years later the company acq
    Read More
  • BICES 2017 plans to be bigger than before
    August 2, 2016
    The organisers of the BICES 2017 exhibition in Beijing believe that the event will be bigger than before, with more exhibitors and attendees. The organisers recently held a press conference in Beijing for the event, highlighting the key improvements being made to help develop the exhibition further. This show launch was attended by more than 150 participants, including representatives from exhibitors, media, end users, supporting associations and associations. The organisers announced that, BICES 2017 wi
    Read More

Highlighted Content