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Construction equipment industry reports 23% degrowth in Q3FY22: ICEMA

Construction equipment industry reports 23% degrowth in Q3FY22: ICEMA

India’s construction equipment (CE) industry reported sales degrowth of 23 percent for the third quarter of 2021-22 on a year-on-year basis.

The sales reported in Q2FY23 are 6 per cent more than Q2FY22 (21,323 units) and 23 lower than Q3FY21 (29,448 units), as per this report The sales reported in Q2FY23 are 6 per cent more than Q2FY22 (21,323 units) and 23 lower than Q3FY21 (29,448 units), as per this report

India’s construction equipment (CE) industry reported sales degrowth of 23 per cent for the third quarter of 2021-22 on a year-on-year basis. During this quarter, the construction equipment industry sold 22,630 units as compared to 29,448 units sold in the Q3FY21, according to a report released by the Indian Construction Equipment Manufacturers Association (ICEMA).
 
The sales reported in Q2FY23 are 6 per cent more than Q2FY22 (21,323 units) and 23 lower than Q3FY21 (29,448 units), as per this report. Sales of concrete equipment, material processing equipment and earthmoving equipment reported a growth of 31 per cent, 23 per cent and 4 per cent respectively. Sales of material handling equipment, on the other hand, reported a fall of 3 per cent in the quarter under review.
 
The construction equipment industry is now witnessing recovery and growth due to the government’s continuous push for infrastructure development in the country, according to ICEMA President and Volvo Construction Managing Director Dimitrov Krishnan. According to Krishnan, this growth is encouraging especially after a 58 per cent fall in Q1 FY22.
 
The manufacturers body also supported the announcement of Gati Shakti Yojana by Prime Minister Narendra Modi and called it a “game-changer in the space of infrastructure development”.

“The continued guidance and support provided by Hon’ble Shri Nitin Gadkari, Minister of Road Transport and Highways and his vision of developing world-class infrastructure in the country at an accelerated pace, using modern technologies and equipment, has augured well for our industry as the key demand driver”, said Dimitrov Krishnan.