HD Hyundai Infracore targets Middle East and Africa with Develon
17 May 2023
HD Hyundai Infracore is targeting the Middle East and Africa (MEA) market with its new brand, Develon, formerly known as Doosan Construction Equipment.
The announcement comes after the company posted revenues of US$330 million in the region last year, compared to $150 million in 2020.
In addition, machines sold exceeded 2,400 units, a 60% increase since 2020, which the company said was mainly due to focusing on securing large-scale customers with new advanced technology equipped machine launches and customised services.
The overall construction equipment market in MEA almost doubled in size during the same period, while research agency Markets and Research says the construction sector will grow by 4% annually for the next five years.
Already established in Dubai, HD Hyundai Infracore has recently established a new African office in Ghana to expand its network and secure more customers in the growing western and central Africa markets.
It has also signed supply contracts for a total of 29 new machines – 20 excavators and nine wheeled loaders – in Angola.
HD Hyundai Infracore president, Seunghyun Oh, told a recent regional dealer conference: “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 to reach our goal of becoming a Global Top Five player by 2025.”