Hyundai Genuine Expands Orders by 300% in North American Market, Second Largest in Industrial Vehicles Worldwide

Signed Supply Contract for 439 Forklifts with Local Dealer, Expanding Sales Network in US Southeast

16-ton class large forklift (160D-9) scheduled to be delivered by Hyundai Genuine to Thompson Track Company.

[Asia Economy Reporter Park Sun-mi] Hyundai Genuine is accelerating its penetration into the North American market, the world's second-largest industrial vehicle (forklift) market, by signing a large-scale supply contract.

On the 15th, Hyundai Genuine announced that it had signed a large-scale supply contract with North America's major dealer, Thompson Tractor Company (hereinafter Thompson), for a total of 439 forklifts, including ▲329 small forklifts (25LC-7A/30L-7A, etc.) ▲42 medium forklifts (50L-9/80D-9, etc.) ▲5 large forklifts (110D-9/160D-9) ▲63 electric forklifts (18BT-9U/25BC-9).

Hyundai Genuine plans to deliver the contracted forklifts sequentially starting in June, and these machines will be deployed at factories and logistics warehouses located in Georgia in the southeastern United States. Thompson started its business in 1957 and is a large construction equipment dealer company that rents and sells excavators, forklifts, and parts in regions such as Georgia, Alabama, and Florida.

Including this contract, Hyundai Genuine received orders for 2,282 forklifts in the North American market during January and February this year, an approximately 300% increase compared to the same period last year. Currently, it holds an order backlog of about 5,300 units in this region alone. In particular, the high proportion of profitable large forklifts is expected to have a positive impact on performance.

Hyundai Genuine's market share in the North American forklift market was 5.9% in February this year, up 3.2 percentage points from 2.7% in the first half of last year. This upward trend is interpreted as a result of identifying the growth trend of the North American market, which accounts for 19% of the global forklift market, reorganizing sales networks in underperforming areas in advance, and conducting customized sales activities.

According to the World Industrial Truck Statistics (WITS), due to the logistics boom caused by the surge in e-commerce amid the pandemic, global forklift sales reached approximately 1.29 million units in 2021, a 34% increase compared to 2020. In North America, about 246,000 forklifts were sold in 2021, a 57% increase compared to the same period.

To target the North American market, Hyundai Genuine converted Thompson, a major dealer in the U.S., into its exclusive dealer and expanded its sales network in the southeastern U.S. regions such as Alabama and Tennessee. It also established a separate A/S team to strengthen services within the U.S. Additionally, it changed the equipment shipping method from conventional container ships to roll-on/roll-off ships (RORO), proactively responding to soaring container shipping rates and improving profitability.

A Hyundai Genuine official said, “In the forklift market, it is important to proactively understand market trends and customer demands, make bold investments, and make quick decisions,” adding, “Starting this year, as we directly operate the forklift business, we will further strengthen competitiveness by expanding the global sales network and focusing investment on future technologies such as hydrogen and unmanned forklifts.”

This content was produced with the assistance of AI translation services.