HD Hyundai Infracore is targeting the Middle East and Africa (MEA) market with its new brand, DEVELON, formerly known as Doosan Construction Equipment. The company recorded revenue of $330 million last year in the MEA region, which is a sharp increase of 116% compared to $150 million in 2020.
The number of machines sold has also exceeded 2400 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 customized 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.
According to a global market research agency, Research and Markets, the MEA construction equipment market is growing annually by 4% and is expected to grow to $6.4 billion in 2028 from its current volume, which is $4.26 billion.
HD Hyundai Infracore has been paying great attention to strengthening its presence in the Middle East through its office in Dubai and is contesting for first place in Saudi Arabia, whilst pulling ahead of other global competitors after winning business on large scale construction projects in UAE. This year, it aims to sell 1200 units in UAE, which is an increase from 1000 units sold last year.
With Saudi Arabia planning the world’s largest project, Neom City, which is expected to exceed $500 billion in volume, HD Hyundai Infracore anticipates that this will result in more construction equipment demand in the near future.