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.
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