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Construction equipment sales rise 26% to 1,35,650 units in FY24: ICEMA

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Construction equipment sales rise 26% to 1,35,650 units in FY24: ICEMA

Thanks to the government’s infrastructure-led economic goal, the construction equipment industry in India recorded a 26% increase in sales to 1,35,650 units in the 2023–24 fiscal year. It was claimed by the Indian Construction Equipment Manufacturers’ Association (ICEMA) that 1,07,779 units were sold in the sector during the preceding fiscal year. Positive increase was seen in all five of the key categories of construction equipment due to the government’s infrastructure-led economic goal and pre-election push on ongoing projects.

Due to the government’s infrastructure-led economic goal, the construction equipment business in India saw a 26% increase in sales to 1,35,650 units in the 2023–24 fiscal year, according to a research released on Monday. According to information made public by the Indian Construction Equipment Manufacturers’ Association (ICEMA), 1,07,779 units of construction equipment (CE) were sold during the preceding 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 per cent increase in overall sales volume for the financial year 2023-24, surpassing all projections,” it stated.

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The statement said that all five of the key categories of construction equipment saw good growth as a result of the government’s infrastructure-led economic programme and pre-election push on ongoing projects.

“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 per cent and 49 per cent, respectively,” it added.

According to the statement, the largest equipment category in the construction industry, earthmoving equipment, had a 21 percent growth in sales to 93,531 units in FY24 from 77,164 units sold in FY23. These sales accounted for over 70% of all construction equipment sales in FY24.

The majority of this segment’s rise in sales was attributed to crawler excavators and backhoe loaders, which together account for 90% of all sales of earthmoving equipment with growth rates of 55% and 35%, respectively.

Material handling equipment, which includes telehandlers and pick-and-carry cranes, had a 61% increase in sales volume in FY24 and contributed 14% of all CE sales, up from 9% in FY23.

In FY24, the collective sales of concrete equipment, including boom pumps, batching plants, concrete mixers, and concrete pumps, increased by 19% year over year.

Road construction equipment, which was the only category to have negative growth in FY23, according to the statement, made a stunning comeback in FY24, selling 6,571 equipment units, up 40% from 4,828 units sold in FY23.

The Confederation of Indian Industry (CII)-affiliated Indian Construction Equipment Manufacturers Association (ICEMA) is the nation’s nodal organisation for the construction equipment sector, which includes OEMs, suppliers, and financial institutions.

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