HD Hyundai Infracore Secures Major Excavator Order in Ethiopia
HD Hyundai Infracore has secured a contract for 100 excavators in Ethiopia, enhancing its market presence amid rising demand driven by the mineral sector and major infrastructure projects, including Africa’s largest airport. The company aims to strengthen its influence across Africa, capitalizing on significant market share achieved last year.
HD Hyundai Infracore has recently secured a noteworthy contract for 100 large excavators in Ethiopia, indicating a significant advancement in its efforts to expand within the African market. This agreement, revealed on March 25, includes the delivery of 36-ton crawler-type excavators to two mining development firms, with the completion of deliveries slated for June 2023.
The increasing demand for these excavators is attributed to Ethiopia’s vigorous initiatives to enhance its mineral sector, particularly with valuable resources such as cobalt and lithium. In parallel, Ethiopia is undertaking ambitious infrastructure projects, including the construction of Africa’s largest airport near Addis Ababa, designed to serve 110 million passengers annually. Such developments further stimulate the need for construction machinery like the excavators provided by HD Hyundai Infracore.
In the previous year, HD Hyundai Infracore reported sales of 212 units of the same excavator model in Ethiopia, thereby obtaining a significant 57% market share, solidifying its leadership role in the regional market. This achievement reflects a broader trend in Africa, where sales of excavators and medium-to-large wheel loaders surged by 34.8%, rising from 13,500 units to 18,200 units last year.
A company representative highlighted Ethiopia’s crucial role in the African market, stating, “Ethiopia is a key market, accounting for more than one-third of sales in the African market.” The firm intends to utilize its stronghold in Ethiopia to extend its influence into neighboring nations and enhance its brand presence throughout Africa. The official remarked, “Based on this, we will expand our market to neighboring countries and strengthen our brand influence across Africa.”
HD Hyundai Infracore’s strategic expansion encompasses not only Ethiopia but also plans to broaden its sales force that originated in the Middle East to further cover the African continent. This proactive approach responds to the soaring demand for construction machinery, fueled by the region’s increasing infrastructure development and social overhead capital (SOC) projects.
In summary, HD Hyundai Infracore’s acquisition of a substantial order for excavators in Ethiopia underscores its strategic expansion goals in Africa. Their commitment to bolstering local infrastructure and market share reflects broader trends in the construction machinery sector. As Ethiopia’s mineral industry grows and ambitious infrastructure projects advance, the company’s initiatives position it well for future success throughout the continent.
Original Source: www.businesskorea.co.kr
