J Y Moon, Sr. VP HCE & E S Lee, MD, HCE India Inaugurating HCE India Stall
The wheel loader market in India, which was at a modest 1000 units a few years back, is expected to expand to 3000 units. Hyundai India is targeting sales of 40-50 units of its loaders. "The wheel loader market in India is seeing good demand with many manufacturers offering high-tech products. We are confident of getting a sizeable share of the pie in this growing space with our price-competitive, reliable, fuel-efficient and intelligent wheel loaders," said Anup Nair, Vice President and Business Head, Hyundai India.
The company is also strategizing to expand its excavator business in India, which is projected to grow to 35,000 units. Said Nair, "Hyundai has been operating in India since 2008, and has seen rapid business growth with an active fleet of 20,000 units of 8-51 tons, taking our market share to 20 percent share for the 20-tons.We have seen fair demand for our mini excavators from Kerala. We are now ramping up our excavator production from 6000 units to 10,000 units by 2023 by adding a fully automated assembly line and have earmarked an investment of ₹300 crores for the expansion. We will also export the excavators to South East Asian markets from this facility."
Mr. E S Lee, MD, HCE India addressing the crowd at the New Wheel Loader Launch HL635
The company has set up a 15,000 sq.ft global R&D and training center in Hinjewadi, Pune. The R&D team is working with engine manufacturers to meet the 2021 emission norms, and to develop higher productivity and fuel-efficient excavators for the price-sensitive Indian customers.Hyundai will also introduce 30 ton and above international models of excavators."
The Korean company has 40 dealers in India and four regional offices; it will continue to offer front and back-end support, backed by inputs from its R&D team.