Hyundai Elevator sets sights on global ‘Top 5’ ranking by 2030

Shanghai Hyundai Elevator, a subsidiary of South Korea’s Hyundai Elevator Co., unveiled on Thursday an ambitious plan to bolster its market share in China to 5.9% by 2030, with aspirations to ascend into the ranks of the world's top five elevator manufacturers.

This announcement was made during a ceremony marking the company's 30th anniversary at its state-of-the-art Smart Campus auditorium in Shanghai.

Originally forged as a joint venture between South Korea and China in 1993, this entity transitioned to a wholly-owned subsidiary in 2014.

From a humble beginning of producing 2,000 units annually, its production capabilities skyrocketed to 25,000 units in 2020, post the inauguration of the Smart Factory. Presently, the workforce stands strong with over 600 personnel, inclusive of international expatriates.

"Our vision is clear: dominate the premium segment through product diversification and optimization. Additionally, we're eyeing the growing remodeling market for the foreseeable future," said Cho Jae Cheon, the CEO of Hyundai Elevator.

The goals set for 2030 are formidable – amass orders to the tune of 2.2 trillion won ($1.67 billion), achieve sales surpassing 2 trillion won, and secure a coveted spot in the global elevator industry's 'Top 5'.

Beyond domestic ambitions in China's vast 800,000-unit annual elevator market, there's a pronounced focus on expanding its export footprint to a staggering 49 countries worldwide.

In line with its global expansion strategy, Hyundai Elevator envisions its Chinese branch playing a pivotal role in forthcoming construction ventures in locales such as Saudi Arabia’s Neom City and Indonesia’s budding capital.

Concurrently, the company proudly aligns with the "One Team Korea" initiative, orchestrated by South Korea’s Ministry of Land, Infrastructure, and Transport.

Write to Mi-Sun Kang at misunny@hankyung.com