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

India’s construction equipment industry experienced a significant surge in sales, reaching 135,650 units in the fiscal year 2023-24, marking a 26% increase from the previous year’s 107,779 units. This growth is attributed to the government’s focus on infrastructure development, driving demand across all major equipment segments.

The surge in sales was fueled by both domestic and export markets, with a 24% increase domestically and a 49% increase in exports. Earthmoving equipment, the largest segment, saw sales rise to 93,531 units, a 21% increase from the previous year. Backhoe loaders and crawler excavators accounted for significant growth within this segment.

Material handling equipment, including pick & carry cranes and telehandlers, recorded a notable 61% growth, comprising 14% of total sales. Concrete equipment also saw a 19% increase in sales volume, while road construction equipment rebounded strongly with a 40% increase in sales.

The Indian Construction Equipment Manufacturers’ Association (ICEMA) oversees the industry, representing OEMs, suppliers, and financial institutions. This robust performance reflects the industry’s resilience and the positive impact of government initiatives on infrastructure development.