Sales of construction equipment increased 31% to 30,078 units in the second quarter of FY24: ICEMA
According to a report, sales of construction equipment in India increased by 31% to 30,078 units during the second quarter of the current fiscal year. The construction equipment (CE) industry sold 22,941 units in the second quarter of FY23, according to figures released by the Indian Construction Equipment Manufacturers Association (ICEMA).
Of these (30,078 units), domestic sales accounted for 27,423 units while 2,655 units were exported, the report said.
As per ICEMA, the increase in sales in the second quarter of the current fiscal year can be attributed to the positive growth in five major equipment segments of the construction industry: earth moving equipment, which grew by 23%, road construction equipment, which grew by 65%, material handling and material processing equipment, which grew by 66% each, and concrete equipment, which grew by 47%.
Pick-and-carry cranes (3,383 units) accounted for the majority of Material Handling Equipment sales, while concrete mixers (1,990 units) accounted for the majority of concrete equipment sales. Earth moving equipment, which accounts for 70% of all construction equipment sales, recorded a total sale of 20,669 units.
Overall CE sales in September 2023 climbed by 22% month-over-month to 11,930 from 9,796 in August 2023.
As per Mr. V. Vivekanand, the President of ICEMA, “The extremely encouraging sales growth in the second quarter of the current fiscal year is largely a result of increased momentum in the implementation of infrastructure projects.”
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.