India's construction equipment industry has witnessed significant growth with a remarkable 31% increase in sales during the second quarter of the current fiscal year.
ndia's construction equipment industry saw a 31% sales rise, reaching 30,078 units in Q2 FY24.
Government infrastructure projects and real estate sector recovery fueled the demand for construction equipment.
Earth moving equipment saw a 23% increase, with 20,669 units sold, holding a 70% market share.
Sales of road construction equipment surged by 65%, reflecting major highway projects.
Material handling equipment, including pick-and-carry cranes, grew by 66%, with 3,383 units sold.
Concrete equipment sales, driven by concrete mixers, increased by 47%, with 1,990 units sold.
Overall sales in September 2023 rose by 22% month-on-month, reaching 11,930 units.
With ongoing government investment and private sector participation, the construction equipment industry is set for sustained growth.