Construction equipment sales rise 26% to 135,650 units in FY24: ICEMA

The Indian construction equipment industry experienced a notable surge in sales during FY24, reaching 135,650 units, marking a substantial 26% increase from the previous fiscal year. This growth was attributed to the government's infrastructure-led growth agenda, which encouraged demand across all major construction equipment segments. The industry saw a significant rise in both domestic and export markets, with a 24% increase domestically and a remarkable 49% increase in exports. Earthmoving equipment constituted the largest segment, contributing approximately 70% of total construction equipment sales, with backhoe loaders and crawler excavators leading the surge, experiencing 55% and 35% growth, respectively.

Material handling equipment, including pick & carry cranes and telehandlers, recorded a remarkable 61% growth in sales volume, accounting for 14% of total construction equipment sales. Concrete equipment and road construction equipment also witnessed growth, with a 19% year-on-year increase and a 40% increase, respectively. The Indian Construction Equipment Manufacturers' Association (ICEMA) highlighted these achievements, underscoring the industry's exceptional performance fuelled by increased demand and the government's infrastructural initiatives.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.