BackConstruction equipment industry grew 47% in Q2 FY22
Sales for the quarter under review rose to 21,323 units compared to 14,522 units in the previous quarter
PremiumNew Delhi: The construction equipment industry recorded a 47% growth in the second quarter of FY2021-22, according to a recent report by the Indian Construction Equipment Manufacturers Association (ICEMA).
Sales for the quarter under review rose to 21,323 units compared to 14,522 units in the previous quarter. Accelerated sales of earthmoving equipment closcked 51% growth and material handling equipment rose 45%, contributing to the industry’s growth.
The sales recorded in Q2FY22 is up by 4% compared to Q2FY21 (20,538 units) and 17% higher than the Q2FY20 (18,298 units), said V G Sakthikumar, convener, ICEMA Industry Analysis and Insights Panel and managing director, Schwing Stetter India Pvt. Ltd.
The other three categories--road construction equipment, concrete equipment, and material processing equipment --grew 35%, 31% and 17%, respectively.
Despite the challenges of the past two years, the construction equipment industry is now witnessing green shoots of recovery and growth at the back of government’s continuous push for infrastructure development in the country, said Dimitrov Krishnan, president, ICEMA and managing director, Volvo Construction Equipment Ltd.
The growth is a promising sign for the industry that witnessed a sharp decline of 58% in Q1FY22.
Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!
