Sales of mini-sized excavators by Korean makers soar in ChinaKorean construction equipment makers, led by Hyundai Doosan Infracore, sharply increased sales of their mini-sized excavators, which refer to those less than six tons, in China over the past four years, their holding company said Tuesday.
Sales of mini-sized excavators by Hyundai Doosan Infracore in China rose over fourfold to 7,200 units in 2020 from 1,850 units in 2016, Hyundai Genuine said.
Hyundai Genuine is the holding company of Hyundai Doosan Infracore and Hyundai Construction Equipment.
Hyundai Construction Equipment, smaller affiliate of Hyundai Doosan Infracore, sold 2,000 units in 2020 in China, up nearly ninefold from 240 units in 2016.
The hike in sales of mini-sized excavators in China is attributable to sharply increased labor costs from rapid urbanization in the world's most populous country, which sparked demand for the excavators, Hyundai Genuine said, citing data from consultancy Off-Highway Research.