Hyundai Construction Equipment India
“At Bauma CONEXPO INDIA, we have plans to showcase our technologically advanced line of products for the construction equipment and material handling industries, and we will also be launching some new products as well.”
2019 being an election year, we estimate the CE industry to remain flat, but growth will resume from 2020 onwards at an estimated y-o-y growth of 15%.
Infrastructure investment is key to development, and India’s GDP is estimated to move up to 5th position by end of 2018-19. We have seen the CE Industry grow in double digit figures from 10% to 50% across various product segments during the last 3 years. Demand is primarily driven by infrastructure related jobs, mainly in the road sector.
However, there is volatility in the Indian currency, and we are dealing with this issue by improving our forecasting and inventory planning, and placing more emphasis on increasing localization.
Excavator sales is at an all-time high and 2018 is likely to close at 26000+ units, including the mini (<6T) excavator and large (>50T) excavator.
Hyundai is one of the leading companies; it is gaining volumes and market share across segments and geographies. The company has plans to scale up its existing production capacity from the annual 6,000 units to 10,000 units to cater to growing demand in both the domestic and export markets.
Hyundai excavator’s acceptance in India has been phenomenal. This is because our customers believed in our solutions and wide product options. From 0.5% to 18% in 10 years’ time and taking a firm to 2nd position, can be attributed to the fact that Hyundai has invested on innovation and new technology to make customers more profitable.
We ensure equipment availability for our customers by maintaining a high level of ready stock.
In a growing market, one of the key elements for doing good business is information sharing on the market scenario, between dealer, manufacturer and vendor, so that they can collectively plan better sales strategies. Dealers are also encouraged to maintain inventory at the local level.
Our key marketing strategy is to be closer to our customers and build a platform for easy communication. To enhance customer experience, we have strengthened our dealer network by adding new infrastructure and strengthening our skilled manpower resources. Our local level customer engagement programs are also helping us understand market trends better.
NBM&CW December 2018
