Hyundai Heavy Industries’ construction equipment business division, which will start its independent company in April, is focusing on strengthening its sales capacity in the advanced North American market.
Hyundai Heavy Industries announced on March 8 that it is participating in the CONEXPO 2017 being held in Las Vegas from the 7th to the 11th with the largest in scale. The CONEXPO is one of the world’s three largest trade shows for the construction industries. This year, 2,500 construction machinery companies around the world are taking part in the event and 130,000 people are expected to visit.
Hyundai Heavy Industries has displayed 22 machines, such as excavators, wheel loaders, compaction rollers and forklifts, in its 2,090 square metered exhibit. In particular, it is running “virtual reality (VR) experience booth” for the HX220L excavator, one of its main products, receiving favorable response from customers.
Hyundai Heavy Industries saw its sales grow 17 percent in the North American construction equipment market last year and its compact wheel loader with 158 horsepower won the Highest Retained Value Award from Equipment Watch, a U.S.-based news media which provides data for construction equipment, improving the brand awareness in the North American market.
The U.S. is expected to invest US$1 trillion (1,152.5 trillion won) in the infrastructure sector in the next 10 years in accordance with the Trump administration’s promise, and demand of construction equipment will rise nearly 10 percent this year. Accordingly, Hyundai Heavy Industries is planning to increase its sales by 20 percent in the North American market.
Hyundai Heavy Industries’ construction equipment business division will be spun off into a separate company, tentatively named Hyundai Construction Machinery, in April. So, the company is planning to strengthen its product competitiveness by flexibly responding to market changes and expanding R&D investment.