CE SALES RECORDED 17% YoY GROWTH; 10% MoM DEGROWTH IN FEBRUARY 2024

Mar 21, 2024 - 12:00
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CE SALES RECORDED 17% YoY GROWTH; 10% MoM DEGROWTH IN FEBRUARY 2024

The February 2024 sales of the Indian Construction Equipment industry, at 12,444 units, recorded a year-on-year growth of 17% over 10,592 units sold in February 2023. The increase comprised rising sales in both domestic as well as export markets. While domestic sales grew from 9,819 units to 11,510 units, exports increased from 773 units to 934 units between February 2023 and February 2024.

Year-on-year sales in all five equipment segments registered robust growth. Sales of Earthmoving Equipment grew over the year by 15% to reach 8,484 units, while sales of Material Handling Equipment at 1,821 units, Road Construction Equipment at 629 units, Material Processing Equipment at 204 units and Concrete Equipment at 1,306 units recorded Y0Y increases of 47%, 17%, 4% and 3% respectively.

On a month-on-month basis, however, total CE sales dropped by 10% as compared to 13,824 units in January 2024, even as exports continued to grow over this period, from 658 units in January 2024 to 934 units in February 2024. The MoM drop in domestic sales from 13,166 units in January 2024 is attributable to an 18% drop in sales of Earthmoving Equipment – the segment that accounts for approximately 70% of total CE sales in India – as compared to last month. The other four segments continued to record increasing MoM sales – Material Handling Equipment by 10%, Road Construction Equipment by 3%, Material Processing Equipment by 5% and Concrete Equipment by 24%.

With regard to overall CE sales for the eleven months of the current fiscal year, the figure for the period April 2023 – February 2024 has already reached 1.19.645 units, a 25% YoY increase over the same period of FY2022-23.

The ICEMA Panel on Industry Analysis and Insights provides robust and credible market intelligence by collating, generating, and analysing industry data. The value-added quarterly CE Industry Report is among the several industry reports collated based on data shared by its member companies which represent about 95% of the OEMs operating in the Indian Construction Equipment industry.

ICEMA (Indian Construction Equipment Manufacturers Association) is the nodal body representing the Construction Equipment industry (OEMs, suppliers and FIs) in the country and is affiliated to Confederation of Indian Industry (CII).