+
Construction equipment market records surge in domestic sales
Equipment

Construction equipment market records surge in domestic sales

The year of the pandemic turned out to be a top gear for the construction equipment segment, which is depending on the government infra spend to witness over 15% increase in yearly domestic sales volumes in FY21 and a doubling of sales in Q1FY22 compared to last year.

President of the Indian Construction Equipment Manufacturers Association (ICEMA), Dimitrov Krishnan, told the media that Global players like Heungkuk India and Daechang Forging Company, both from Korea, are setting up new plants in Pune and Chennai. At the same time, local manufacturer Dozco India has invested in Vizag as a part of an Italian JV. He also said that the consolidated investment between these three is around $30 million.

Besides the new names, the existing manufacturers, including Schwing Stetter and JCB, are also planning new investments. Deepak Shetty, CEO and MD of JCB India, told the media that they are setting up their new factory for Rs 650 crore in Vadodara. He said that this project is proceeding forward and will be commissioned early next calendar year.

Schwing Stetter is putting up a new factory worth Rs 300 crore in Cheyyar in Tamil Nadu and setting up an R&D centre in the state with his concentration on domestic and export business.

The companies said that the CAPEX is a part of the 10-year action plan of the industry to develop this segment even though the current capacity utilisation is around 65%.

The build-up of the capacity is also for the exports with companies like Schwing Stetter, Volvo, JCB, Hitachi, Caterpillar and others, though in small numbers, all exporting out of India, but the drawback is increasing steel prices.

JCB’s Shetty told the media that both CRC and HRC prices went up by 100%, and the spot market was very volatile between last June and this. Additionally, he said that it is increasing the price of the infrastructure because they cannot absorb this kind of price increase. For example, JCB took a 1%-3% cost hike on July 1.

Image Source


Also read: Escorts Q1 results FY22: Net profit at 185.2 cr

The year of the pandemic turned out to be a top gear for the construction equipment segment, which is depending on the government infra spend to witness over 15% increase in yearly domestic sales volumes in FY21 and a doubling of sales in Q1FY22 compared to last year. President of the Indian Construction Equipment Manufacturers Association (ICEMA), Dimitrov Krishnan, told the media that Global players like Heungkuk India and Daechang Forging Company, both from Korea, are setting up new plants in Pune and Chennai. At the same time, local manufacturer Dozco India has invested in Vizag as a part of an Italian JV. He also said that the consolidated investment between these three is around $30 million. Besides the new names, the existing manufacturers, including Schwing Stetter and JCB, are also planning new investments. Deepak Shetty, CEO and MD of JCB India, told the media that they are setting up their new factory for Rs 650 crore in Vadodara. He said that this project is proceeding forward and will be commissioned early next calendar year. Schwing Stetter is putting up a new factory worth Rs 300 crore in Cheyyar in Tamil Nadu and setting up an R&D centre in the state with his concentration on domestic and export business. The companies said that the CAPEX is a part of the 10-year action plan of the industry to develop this segment even though the current capacity utilisation is around 65%. The build-up of the capacity is also for the exports with companies like Schwing Stetter, Volvo, JCB, Hitachi, Caterpillar and others, though in small numbers, all exporting out of India, but the drawback is increasing steel prices. JCB’s Shetty told the media that both CRC and HRC prices went up by 100%, and the spot market was very volatile between last June and this. Additionally, he said that it is increasing the price of the infrastructure because they cannot absorb this kind of price increase. For example, JCB took a 1%-3% cost hike on July 1. Image Source Also read: Escorts Q1 results FY22: Net profit at 185.2 cr

Next Story
Real Estate

Concorde Buys Land in Hennur for Rs 5 billion Housing Project

Concorde has acquired a 3-acre land parcel in Hennur, North Bengaluru, for a premium high-rise residential development. With a total saleable built-up area of approximately 4.25 lakh sq ft, the project carries a Gross Development Value (GDV) of around Rs 5 billion and is expected to be launched in FY 2026–27. The upcoming project will comprise thoughtfully designed 2 and 3 BHK residences, catering to urban homebuyers seeking quality, connectivity, and community. It marks Concorde’s continued expansion in the high-demand North Bengaluru corridor. “This investment underlines our ..

Next Story
Building Material

Shree Cement Appoints Jay Mukhopadhyay as Safety Head

Shree Cement, one of India’s leading cement manufacturers, has appointed Jay Mukhopadhyay as its Corporate Safety Head. With over 30 years of experience in Health, Safety & Environment (HSE), Mukhopadhyay brings strong expertise in embedding safety into corporate culture.He has previously led large-scale safety programs and is recognised for driving people-first, compliance-oriented safety systems across industrial operations.At Shree Cement, Mukhopadhyay will spearhead safety strategy across all plants and project sites. His focus will include developing unified safety frameworks, promo..

Next Story
Infrastructure Urban

REC Reports Record Quarterly Profit of Rs 4,451 Crore

REC has reported its highest-ever quarterly profit, with net profit reaching Rs 4,451 crore for the quarter ended June 30, 2025. The Board of Directors approved the standalone and consolidated financial results for Q1 FY26.Key Highlights – Q1 FY26 vs Q1 FY25 (Standalone):• Disbursements rose by 36 per cent to Rs 59,508 crore• Total income increased 13 per cent to Rs 14,734 crore• Net interest income climbed 17 per cent to Rs 5,247 crore• Net profit grew 29 per cent to Rs 4,451 crore• Return on net worth improved by 312 bps to 22.63 per centThe company sustained strong growth across..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?