India’s Construction Equipment Sales Surge by 31% in the 2nd Quarter, Led by Robust Domestic Demand & Export Growth: Reports

As per a recent report, the sales of construction equipment in India surged by 31%, reaching 30,078 units in the second quarter of the ongoing financial year. The Indian Construction Equipment Manufacturers Association (ICEMA) disclosed that the industry managed to sell 22,941 units during the corresponding period of FY23.

The report stated that out of the total of 30,078 units, 27,423 units were sold domestically, while the remaining 2,655 units were exported.

Growth in 5 Major Equipment Segments Driving Surge in Construction Equipment Sales:

  • The Indian Construction Equipment Manufacturers Association (ICEMA) attributes the rise in second-quarter sales in the current fiscal year to positive growth in several key segments of the construction industry.
  • Earth moving equipment witnessed a notable 23% growth, indicating a significant expansion in this vital sector.
  • Road construction equipment experienced a substantial surge of 65%, signifying a strong upward trend in infrastructure development.
  • Material handling and material processing equipment both demonstrated impressive growth rates of 66%, underscoring the robust demand for these essential tools in the construction process.
  • Concrete equipment sales surged by 47%, highlighting the increased focus on modern construction techniques and materials.
  • 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.

According to V. Vivekanand, President of ICEMA, the remarkable 22% month-over-month rise in CE sales to 11,930 units in September 2023, up from 9,796 units in August 2023, reflects the accelerated progress in executing infrastructure projects. This surge underscores the highly encouraging sales growth observed during the second quarter of the current fiscal year.

Latest news

Digital Transformation Conclave 2.0 Concluded Successfully in Telangana

Telangana, June 14, 2024 ilouge Media & GovConnect, in collaboration with the Information Technology, Electronics & Communications (ITE&C) Department of...

Digital Transformation Conclave 2.0: Telangana Leads the Way in Digital Transformation and Sustainability

The Digital Transformation Conclave 2.0, the most-awaited event is being organized by ilouge Media in collaboration with the Information...

GAIL Announces Rs 60,000 Crore Ethane Cracker Project in Madhya Pradesh

GAIL, India's leading gas supplier, has unveiled plans for a monumental 1500 KTA ethane cracker project in Ashta, Sehore...

Tata Motors to Invest up to Rs 18,000 Crore in Electric Vehicle Division by FY30

Tata Motors, India’s third-largest carmaker by sales, announced its ambitious plans to invest between Rs 16,000 crore and Rs...
spot_img

You might also likeRELATED
Recommended to you

spot_img