Construction Equipment Industry Sees 26% Sales Growth In FY24: ICEMA Data
India's construction equipment industry experienced a remarkable 26% surge in sales during the 2023-24 fiscal, reaching 1,35,650 units, driven by the government's infrastructure-focused growth strategy.
India's construction equipment industry witnessed a 26% rise in sales to 1,35,650 units in the 2023-24 fiscal on the back of the government's infrastructure-led growth agenda, a report said on Monday.
As per the data released by the Indian Construction Equipment Manufacturers' Association, the construction equipment industry had sold 1,07,779 units in the previous fiscal year.
"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 a 26% increase in overall sales volume for the financial year 2023-24, surpassing all projections," it said.
The statement further said the government's infra-led growth agenda and pre-election impetus on projects in the pipeline triggered positive growth in all five major construction equipment segments.
"The industry's 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," it added.
The statement said the total sales of earthmoving equipment -- the largest equipment segment of the CE industry -- increased to 93,531 units in FY24, which is 21 per higher than 77,164 units sold in FY23, accounting for approximately 70% of the total construction equipment sales in FY24.
Of this segment, the lion's share was accounted for 55% and 35% respective growth in sales of backhoe loaders and crawler excavators, which together make up 90% of the total earthmoving equipment sales.
Material handling equipment, including pick & carry cranes and telehandlers, recorded 61% growth in sales volume in FY24, and accounted for 14% of total CE sales, as compared to 9% in FY23.
Concrete equipment such as concrete mixers, batching plants, concrete pumps, and boom pumps together recorded a 19% year-on-year increase in FY24.
As per the statement, road construction equipment, which was the only segment with negative growth in FY23, made a spectacular recovery in FY24 by selling 6,571 equipment units -- a 40% increase from 4,828 units sold in FY23.
ICEMA is the nodal body representing the Construction Equipment industry (OEMs, suppliers and FIs) in the country and is affiliated to Confederation of Indian Industry.
