Hyundai Construction Equipment Achieves 'Monthly Excavator Sales No.1' in India

382 Excavators Sold in April, Market Share at 19%

A 14-ton crawler excavator model produced by Hyundai Construction Equipment at the local Pune factory in India.

[Asia Economy Reporter Jin-ho Kim] Hyundai Genuine (the intermediate holding company of Hyundai Heavy Industries Group's construction equipment division) affiliate Hyundai Construction Equipment recorded the highest monthly excavator sales for the first time in 14 years since entering the Indian market in 2008.

Hyundai Construction Equipment announced on the 17th that it sold a total of 382 excavators in April, achieving a 19% market share. This year, Hyundai Construction Equipment sold 286 units in January, 382 units in February, and 336 units in March in the Indian market, maintaining 2nd to 3rd place in market share.

To expand its market share, Hyundai Construction Equipment implemented a special promotion program targeting small excavators and formed a CFT (Cross-Functional Team) to respond faster than competitors to issues such as equipment breakdowns, strengthening its A/S strategy.

Additionally, through its production plant located in Pune, India, it produced customized equipment and expanded its sales network. It also increased digital marketing efforts to respond to COVID-19, leading to its rise to the top in monthly sales volume.

Besides excavator sales, Hyundai Construction Equipment achieved its highest performance since establishing its Indian corporation by recording parts sales of $2.25 million (approximately 2.88 billion KRW) in April alone.

The outlook for the Indian market is also positive. According to the global market research firm Research and Markets, the Indian construction market is expected to grow at an average annual rate of 15% until 2024. In particular, the Indian government is promoting a large-scale infrastructure plan called "Gati Shakti," worth 100 trillion rupees (approximately 1,657 trillion KRW). This year alone, the budget for infrastructure development was allocated at 7.5 trillion rupees (about 124 trillion KRW), a 35.4% increase from last year.

The UK-based construction equipment research firm Off-Highway Research predicted that the sales volume of crawler excavators in India will continue to grow at an average annual rate of 7%, reaching 30,000 units by 2026.

A Hyundai Construction Equipment official said, "India is a construction equipment market with unlimited growth potential and a key region for our market diversification strategy," adding, "We will continue to develop locally customized products and gain customer trust through superior A/S compared to competitors to maintain our number one market share."