SEOUL, May 17 (Korea Bizwire) — South Korean construction machinery maker Hyundai Construction Equipment Co. said Tuesday it captured the top spot in India’s excavator market in April for the first time, outselling Japanese and Chinese rivals.
Hyundai Construction Equipment sold 382 excavators in Asia’s third-largest economy last month, chalking off a leading market share of 19 percent.
The South Korean company beat Japanese rival Hitachi, which placed second with a 17.3 percent share.
Hyundai Construction Equipment has clinched the No. 1 post in India’s excavator market for the first time since its entry into the South Asian country 14 years earlier.
Hyundai Construction Equipment said its excavator sales have been rising steadily this year thanks to its special marketing program, better after-sales service and production of customized equipment at its plant in the western Indian city of Pune.
Hyundai Construction Equipment also said it sold US$2.25 million worth of excavator parts in India in April, the largest monthly tally since the establishment of its Indian subsidiary.
According to global market tracker Research and Markets, India’s construction market is forecast to expand at an average annual rate of 15 percent until 2024.
A Hyundai Construction Equipment official said the company will try to retain its top spot in India with great growth potential by developing products satisfying the needs of local customers and offering better after-sales service than rivals.
Hyundai Construction Equipment, meanwhile, said it is taking part in EXCON 2022, the largest construction equipment and technology trade fair in South Asia, which kicked off Tuesday in Bengaluru, southern India, for a five-day run.