India is the third-largest Construction Equipment Vehicle (CEV) market worldwide. More than 60 per cent of CEV products are about 80 per cent indigenised. Around 30 per cent of products are nearly 50 per cent indigenised as per findings of the Indian Construction Equipment Manufacturers Association (ICEMA). The overall industry is poised to be around USD 6.5 Bn, with an estimated 50 plus OEMs in the CEV market. The performance in Q3 of FY23 was principally driven by Earth Moving Equipment (EME). It registered a sales growth of 22 per cent Year over Year (YoY), which accounts for approximately three-fourths of the total sales. Though backhoe loader sales, which account for roughly half of all EME sales are found to have declined in the recent months. They account for more than 30 per cent of total EME sales. Up until Q3-FY23, sales of Material Handling Equipment (MHE), mostly pick and carry cranes, increased by 56 per cent YoY. In comparison, the sales of road construction equipment increased by 12 per cent. Here technology has had a crucial role to play!
This story is from the June 2023 edition of Commercial Vehicle.
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This story is from the June 2023 edition of Commercial Vehicle.
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