Construction equipment sales in India up by 26% in FY24: ICEMA

  • Industry News
  • May 07,24
The construction equipment industry records increase in domestic sales for FY 24 by 24%; exports by 49%.
Construction equipment sales in India up by 26% in FY24: ICEMA

With total equipment sales crossing 1,35,650 units as against 1,07,779 lakh units in FY23, the Indian  construction equipment industry has recorded 26% increase in overall sales volume for the financial  year 2023-24, surpassing all projections. With these landmark figures, the industry has set yet another record, thereby sustaining the previous year’s growth momentum. The excellent annual performance has been a result of significant increase in demand for construction equipment observed in both domestic as well as exports markets, by 24% and 49% respectively.

 

“The Government’s renewed emphasis on the infrastructure sector through increased budgetary outlays as well as other incentives has been the primary force propelling the construction equipment industry on its current high-growth trajectory. Besides the increasing demand generated by the projects in the  National Infrastructure Pipeline, the endeavours undertaken by the industry as well as policymakers to  build capacity and competitiveness of domestic manufacturers and become a global hub for construction equipment is  showing results, with exports witnessing a strong growth”, commented V. Vivekanand, President, ICEMA  and Managing Director, Caterpillar India Pvt. Ltd. 


Deepak Shetty, President Designate, ICEMA and CEO & MD, JCB India stated, “As a result of rising budgetary allocations there is increasing demand for infrastructure development, urbanisation and industrialisation, but at the same time, it is also very heartening to see the rural economy emerge as a strong growth driver for the construction equipment industry, which together, helped the industry to record significant growth during FY24”. 


“The pre-election push, in the form of the enhanced pace of implementation of infrastructure projects  in the pipeline, along with awarding of a record number of new projects resulted in a significant  increase in demand for construction equipment, and was the primary factor behind the growth.Other factors that contributed to the stellar  performance of the construction equipment industry in FY24 included an increase in construction activity in other sectors  including urban infrastructure, rural, waterworks, airports and ports, and an upswing in mining activity  which created an increased demand for material processing equipment”, said Jaideep Shekhar, Convener, ICEMA Industry Analysis & Insights Panel and VP & Managing  Director - APAC & EMEAR, Terex India Pvt. Ltd. 

“In view of the targets of Viksit Bharat 2047, infrastructure development would continue to be a focus area, to build India into a developed nation. ICEMA takes pride in partnering in the endeavours for shaping India’s tomorrow. Concomitantly, ICEMA is also working towards enabling transformation  of the Indian construction equipment industry for enhanced safety of the jobsite, sustainability of the products to attain net zero emissions, and Solutions that can build world class infrastructure which would stand the test of time” announced Vivekanand. 

Shetty further added, “The industry has significant potential to contribute to the country's economic growth and social development, and to also emerge as a global leader in the sector, in the coming future." 

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