Dublin, Sept. 13, 2023 (GLOBE NEWSWIRE) -- The "HD Hyundai Construction Equipment Co Ltd - Digital Transformation Strategies" report has been added to ResearchAndMarkets.com's offering.
Hyundai Construction Equipment (HCE) is a key player in the construction equipment manufacturing business with a product range that includes hydraulic excavators, backhoe loaders, wheel loaders, and skid steer loaders. Its equipment plays pivotal roles in infrastructure projects such as road construction, buildings, mining, agriculture, and forestry.
Digital Transformation and Tech Strategies:
- Investment in Ulsan factory: In December 2021, HCE pledged $170 million towards the betterment of its Ulsan factory to enhance its competitiveness. This move was targeted to up the production by 4,800 units annually, accounting for 15,000 units of varied construction models. This also provides a ground for electric and hydrogen-powered equipment.
- TIC establishment: An investment of EUR57.4 million ($65 million) in November 2020 saw the completion of the TIC which houses 16 labs and over 100 researchers. Their focus is on eco-friendly technologies, noise reduction techniques, high efficiency, and virtual verification systems.
- Hi MATE and ProAct Care: Digital technologies are at the core of HCE's customer service tools. The Hi MATE system allows global real-time monitoring of equipment using telematics information. ProAct Care is a remote diagnostic tool, enabling preemptive equipment diagnostics and both online and offline service provision.
- Virtual Reality & Metaverse: Through the 2022 Global Dealer Conference in a metaverse environment, HCE fostered communication with approximately 155 overseas dealers from 73 countries, emphasizing the importance and potential of virtual reality.
- AI-Based Equipment: HCE's Hyundai Connect is a digital tech vision that aims to make the company a leading provider of AI equipment. It focuses on AI-based products like Hi ASSIST, Hi DETECT, and Hi CARE, all of which ensure optimal operational efficacy and safety. Hi SITE, another development, facilitates control over terrain analysis results and the equipment fleet's operational status.
Partnerships and Collaborations:
- AWS: Known for its cloud computing solutions, AWS might be involved in supporting HCE's digital initiatives.
- SK Telecom and KT Corp: These telecom giants can potentially support HCE's IoT, connectivity, and 5G strategies for its equipment.
- Trimble: Specializing in geospatial solutions, Trimble can aid in site analytics and optimization.
- Cummins: As an engine manufacturer, it might collaborate on the mechanical aspects of HCE's machinery.
- Bosch Rexroth: Likely a partner in hydraulics or machinery control systems.
- Hyundai Motors: Being part of the same conglomerate, collaboration in electric or hydrogen-based power solutions for machinery is plausible.
Final Thoughts:
Hyundai Construction Equipment is steadily navigating the path of digital transformation. From the integration of AI to adopting the metaverse for global communication, the company is setting benchmarks in the construction equipment industry. It is crucial for stakeholders, be it investors, competitors, or collaborators, to keep an eye on HCE's technological pursuits, as they are likely to shape the industry's future trajectory.
For more information about this report visit https://www.researchandmarkets.com/r/cgaoho
Source: GlobalData
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