Construction equipment sales surge 26 per cent to 1,35,650 units in 2023-24

As per the Indian Construction Equipment Manufacturers’ Association (ICEMA), road construction equipment, which was the only segment with negative growth in 2022-23, made a spectacular recovery in 2023-24 by selling 6,571 equipment units, a 40 per cent increase from 4,828 units sold in 2022-23. The construction equipment (CE) industry witnessed a remarkable 26 per cent increase in sales, reaching 1,35,650 units in 2023-24. The industry’s performance exceeded all projections, with total equipment sales surpassing 1,35,650 units, up from 1,07,779 units in 2022-23. This growth was fueled by the government’s infrastructure agenda and pre-election impetus on pipeline projects, leading to positive growth in all major construction equipment segments. Earthmoving equipment, the largest segment, recorded a 21 per cent increase in sales to 93,531 units, accounting for approximately 70 per cent of total construction equipment sales. Material handling equipment saw a 61 per cent growth, while concrete equipment and road construction equipment also experienced significant increases in sales volume in 2023-24.