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

  • Malaysia’s road safety problem needs addressing
    February 2, 2017
    Malaysia’s road safety problem is a cause for concern. The country’s Transport Ministry has revealed data showing that in 2016, Malaysia figured amongst the countries with the highest rate of road fatalities. The figures show that for every 10,000 registered motor vehicles on Malaysia’s roads, there were 2.55 deaths. One new strategy intended to address the problem being launched by the Transport Ministry is the Malaysia-wide National Blue Ocean Strategy Road Safety Cluster. Meanwhile the Safe Kids Mala
    Read More
  • At IRF Event in Riyadh, Key Policy Makers Debate a World of Transport Challenges
    December 12, 2013
    26 countries participated in a ministerial roundtable on the occasion of the 17th IRF World Meeting & Exhibition in Riyadh on November 10-14, 2013. The roundtable was convened to address key challenges faced by the sector, and discuss a long-term agenda that builds on successful policies and programs.
    Read More
  • Increased competition in the global wheeled loader market
    January 8, 2015
    There is increased competition in the wheeled loader market on a global basis - Mike Woof writes The wheeled loader segment is one of the most hotly contested in the earthmoving machine market. There is an enormous array of manufacturers competing in this segment, including European, US, Japanese, South Korean and Chinese firms. This last group is of particular note as China represents the biggest single market for wheeled loaders in the world.
    Read More
  • Volvo CE sees sales increase 30% in first quarter of 2017
    April 25, 2017
    Volvo Construction Equipment reports sales up 30% in the first quarter of 2017 thanks to improving market conditions in all regions except South America. During the first three months of 2017 Volvo CE saw net sales jump by 30% to SEK 16,163 M (SEK 12,452 M in Q1 2016). Operating income was also positively impacted, rising to SEK 1,617 M, up significantly compared to SEK 341 M in the first quarter of 2016. Operating margin also saw good improvement, at 10%, compared to 2.7% in the same period the year before
    Read More

Highlighted Content