Hyundai Doosan Infracore wins orders for 62 excavators in Philippines
The company plans to focus on emerging markets while reducing dependence on China
By Oct 07, 2021 (Gmt+09:00)
Korea’s Incheon Airport Corp. signs $3 billion deal to run Manila airport
S.Korea's LS Materials set to boost earnings ahead of IPO process
SK Hynix earmarks $91 bn to construct world's largest chip fab
Samsung Elec vies for Johnson Controls' HVAC units
Solo Leveling: Arise, Netmarble's webtoon-based game to spur turnaround
South Korea-based heavy machinery and construction equipment maker Hyundai Doosan Infracore Co. has secured orders for 62 excavators in the Philippines, according to the company on Oct. 6.
Hyundai Doosan Infracore, a subsidiary of Hyundai Heavy Industries Co., has clinched orders for 27 crawler excavators and 12 wheel excavators from a construction company that is building a hydroelectric power plant in the Philippines.
The company has also signed a contract with a local mining company to deliver 18 articulated dump trucks as well as five 80-ton excavators.
This year alone, Hyundai Doosan Infracore has sold 138 units of construction equipment in the Philippines, up by 57% compared to the previous year. The company has seen the number of orders increase thanks to effectively localizing its service network and sales strategy in the Philippines.
According to a UK-based research firm Off-Highway Research, the global sales volume for construction equipment is estimated to stand at around 1.13 million this year -- reaching a record-high figure since beginning the survey in 2002.
Industry watchers say increased investments into global infrastructure alongside the surging price of raw materials have led to the boom in the construction equipment market. In particular, emerging markets such as Southeast Asia are expected to see an annual average growth rate of 17% until 2025.
Moving forward, Hyundai Doosan Infracore plans to ramp up its businesses in emerging markets such as Southeast Asia while reducing its dependence on China.
Write to Kyung-min Kang at kkm1026@hankyung.com
Danbee Lee edited this article.
-
MachineryDoosan Infracore expands Middle East market share with more orders
Aug 12, 2021 (Gmt+09:00)
1 Min read -
Heavy machineryKorea’s heavy machinery makers continue strong performance in Q2
Jul 23, 2021 (Gmt+09:00)
1 Min read -
Forklift enginesDoosan Infracore to build 15,000 forklift engines for China’s Linde
Apr 19, 2021 (Gmt+09:00)
1 Min read -
Heavy machineryGlobal infra boom revives S.Korea’s heavy equipment sector
Apr 13, 2021 (Gmt+09:00)
4 Min read