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

India's construction equipment industry saw a 26 per cent increase in sales to 1,35,650 units in FY 2023-24 thanks to the government's infrastructure-driven growth agenda, according to a report released on Monday.

According to data released by Indian Construction Equipment Manufacturers Association (ICEMA),the construction equipment (CE) industry sold 1,07,779 units in the previous fiscal year

"With total equipment sales crossing 1,35,650 units as against 1,07,779 thousand units in FY23, the Indian construction equipment industry registered a 26 per cent increase in total sales volume for FY23-24, exceeding all expectations.

The statement also underscores the government's infrastructure-led growth agenda Advancement of projects in process ahead of elections has led to positive growth in the five major construction equipment sectors

“The excellent annual performance of the industry has been as follows: as a result of the significant increase in demand for construction equipment observed in the domestic and export market. by 24 percent and 49 percent, respectively.”

The statement notes that total sales of earthmoving equipment Equipment, the largest equipment segment in the CE equipment industry, increased to 93,531 units in FY24, which is an increase of 21 percent from 77,164 units sold in FY23, accounting for about 70 percent of total CE equipment sales in FY24.

Of this segment, the largest share accounted for growth of 55 percent and 35 percent, respectively In sales of backhoe loaders and crawler excavators, which together account for 90 percent of total earthmoving equipment sales.

Material handling equipment, including pick and carry cranes and handling equipment, recorded a 61% growth in sales volume in Fiscal year 2024 and accounted for 14% of CE's total sales, compared to 9% in fiscal year 23.

Concrete equipment such as concrete mixers, batching plants, concrete pumps, and boom pumps recorded a year-on-year increase of 19% in FY2024.

According to the statement, road construction equipment, which was the only negative performing segment grew in FY2024 23 made an amazing turnaround in FY24 with the sale of 6,571 units of equipment, An increase of 40 per cent from 4,828 units sold in FY23.

ICEMA (Indian Construction Equipment Manufacturers Association) is the focal point body representing the construction equipment industry (OEM, suppliers, FI) in the country and is affiliated to the Indian Industry (CII).