HD Hyundai Infracore has announced that it is looking to expand in the Middle East and Africa (MEA) market with its new brand, DEVELON, formerly known as Doosan Construction Equipment
The company recorded revenue of US$330mn last year in the MEA region, which is a sharp increase of 116% compared to US$150mn in 2020.
The number of machines sold has also exceeded 2,400 units, marking a 60% increase over that in 2020, mainly due to the company’s focus on securing large scale customers with new advanced technology equipped machine launches and customised services.
The construction equipment market volume in MEA increased from 16,720 units in 2020 to 32,786 units in 2022, which shows that the market is experiencing a steep growth with a 96% increase over the past three years.
HD Hyundai Infracore has recently established a new African office in Accra, Ghana, to expand its network and secure more customers in western and central Africa where the market is growing. As a result, the company has signed supply contracts for a total of 29 new machines in the Republic of Angola which include 20 excavators and nine wheel loaders. This is the largest contract for the company since starting business in Angola and takes up around 8% of the country’s total market when considering its average market volume is around 370 units per year. The machines will be supplied to one of the largest construction companies in Angola and used for building hydroelectric power dams.
With the launch of its new brand, DEVELON, HD Hyundai Infracore also hosted its ‘2023 MEA Dealer Conference’ in Cairo, Egypt, to discuss sales strategies. The dealer conference will be the first regional meeting since launching DEVELON, where over 90 key stakeholders and 26 MEA dealers attended.
Seunghyun Oh, HD Hyundai Infracore president, commented, “We have seen unprecedented results in the Middle East and Africa market in the past five years. Along with the new brand launch, we will work on developing different next generation technologies and strengthen the current line up to maximise our sales capacity in order to reach our goal of becoming a Global Top 5 player by 2025.”