Korean construction machinery manufacturers have their eyes on India, Brazil, and Mexico as potential new markets for their products.

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Korean construction machinery manufacturers have their eyes on India, Brazil, and Mexico as potential new markets for their products. - Korea Economic Daily

Quick Summary:

HD Hyundai Construction Equipment, a unit of Korean shipbuilding and machinery conglomerate HD Hyundai Co., aims to overtake Hitachi by 2030.“Starting this year, we will sell 52-ton extra-large excavators in India,” said Chief Executive Choi Cheol-gon during his visit to the company’s Indian office earlier this month.“We aim to achieve a global operating profit margin in the 10% range through increased sales of high-value products.”The company is also paying close attention to the Brazilian market, he said.

HD Hyundai’s two units – HD Hyundai Construction Equipment and HD Hyundai Infracore – are already the second largest players in the South American market for excavators and wheel loaders, following global leader Caterpillar Inc.

Infracore officials said they plan to raise the company’s Mexican market share from 8.5% in 2020 to 13% this year and 16% by 2028.Doosan Bobcat Inc., the construction and agricultural machine unit of Doosan Group, said last November that it will spend 400 billion won ($294 million) to build a new production plant in Monterrey, the capital of the northeastern Mexican state of Nuevo León.