TYM is committed to strengthening its own brand and securing global competitiveness
- Sales of TYM increased 4% year-on-year in the North American market from January to February this year
- Strengthen TYM's own brand, build and disseminate a positive TYM brand image in the global market
- “TYM Brand is securing global competitiveness through solid sales in the North American market and expansion of sales in Europe and Southeast Asia."
TYM is actively strengthening its own brand and securing global market competitiveness.
TYM (CEO Kim Hiyong, Kim Dohoon / 002900), a company specializing in agricultural machinery, announced on the 8th that TYM is reducing risks and expanding its market share due to the global market environment by strengthening its own brand and expanding sales to overcome the somewhat stagnant North American agricultural machinery market.
According to the Association of Equipment Manufacturers (AEM) report, an indicator of the performance of exporters' North American market share, the North American market is in a reverse growth trend of about 16% in terms of tractor sales between January and February this year, following last year. Experts explained that the slowdown in Hobby Palmer growth, which had increased in the aftermath of COVID-19, and the decline in tractor purchase sentiment due to high interest rates are leading to weak market sales.
Despite this market situation, TYM is continuing its efforts to expand its market share in North America, and plans to strengthen its own brand and expand sales. In fact, TYM is growing its market share this year following 2023 as sales of its own brand increased by more than 4% year-on-year in the North American market from January to February this year.
In addition, TYM ranked first for the fourth consecutive year at the "Dealer's Choice Award," a satisfaction evaluation of the North American Association of Agricultural Machinery Dealers (NAEDA), which has world-class authority and reputation. In order to continuously communicate with dealers, the North American National Dealer Meeting (NDM) was held in January last year for the first time since the integration of the North American corporation, and in October, it held an "Invitation Event for Excellent Dealers of TYM North American Corporation" to pledge win-win and cooperation with dealers.
TYM believes that the series of activities it has conducted to strengthen its own brand in terms of product and customer communication shows tangible results. Accordingly, TYM's exports in the first quarter of this year are also expected to show growth.
Efforts are also being made to secure competitiveness in the global market. TYM is in the process of expanding its North American subsidiary to further increase its market share in North America, and customer satisfaction such as parts, quality, and service is expected to improve further when completed within the year. It also plans to form a strategic alliance with local companies that are well-known in the North American market and expand its working machine lineup in various ways.
It is also pursuing innovation in the quality of customer service response by launching new mid- to large-sized tractors that extend to 130 horsepower, such as "T115" and "T130," and installing telematics developed with TYMICT's own technology.
On the one hand, it plans to establish a European corporation within the year to diversify its market, and it will further expand its global market share by distributing local tractors in Southeast Asia. In addition, TYM will introduce its own CRM system to establish a foundation for communication with global customers. Moreover, product sales, technology, and network sharing will be further expanded by strengthening global corporate partnerships such as John Deere, Iseki, and Yanmar.
A TYM official said, "We expect solid sales growth in the first quarter of this year due to increased sales in North America, such as strengthening our own brand and expanding sales in line with our own sales stance. We will further expand our market share in North America by expanding production facilities and expanding sales of medium and large-sized lineups in the future, build a positive brand image, and strengthen customer contact points to showcase TYM's own differentiated products and services in the global market."
