Doosan and Hyundai once dominated the excavator market in China, enjoying great success.
In 1994, Daewoo Heavy Industries, the second-largest conglomerate in South Korea at the time, established the only foreign-owned enterprise in the Chinese excavator industry, with the largest investment scale, in Yantai, Shandong.
In 2003, Daewoo excavator sales surpassed 10,000 units.
In 2005, the South Korean Doosan Group acquired Daewoo Heavy Industries and reorganized it into Doosan Engineering Machinery.
Since 2000, Daewoo and later Doosan excavators held the top spot, ranking first in the Chinese market for eight consecutive years.
In 1995, Hyundai Heavy Industries, a subsidiary of South Korea’s largest conglomerate, Hyundai Group, formed a joint venture with China’s Changlin Corporation.
In 2002, Hyundai excavator sales were neck and neck with Daewoo, claiming the top spot in the Chinese market.
In 2002, Hyundai Heavy Industries established a joint venture with Beijing Jingcheng Heavy Industry, complementing Changzhou Hyundai in the north-south strategy.
In 2010, Hyundai achieved a record-breaking annual sales volume of 18,000 excavators in China.
In 2005, Hyundai and Doosan jointly secured a 40% market share in China, standing out among competitors.
With the rise of domestic Chinese brands, especially in 2011 when Chinese brands collectively held 40% market share, foreign brands began to retreat.
In 2021, Hyundai China acquired Doosan Engineering Machinery.
In 2023, the new brand Devanlon replaced Doosan.
South Korean excavator brands, known for their stable quality and cost-effectiveness compared to European, American, and Japanese brands, once won the favor of many customers in China. However, the rapid development of Chinese brands dealt a heavy blow to South Korean brands. Their market share plummeted from a peak of 40% to around 5%.
After 30 years in China, through the brands Hyundai, Daewoo, Doosan, and Devanlon, they all now fall under Hyundai Heavy Industries.