The earthmoving equipment segment which accounts for nearly three-fourths of the total construction gear sales in India, experienced 14 per cent decline in growth during FY22, while road construction products sales were lower by 10 per cent during the same year
The Indian construction tools industry has witnessed an 8 for each cent fall in sales of construction devices to 85, 385 units in 2021-22 fiscal, a report said on Friday.
As per the data released simply by Indian Building Equipment Manufacturers Association (ICEMA), the construction equipment (CE) industry had sold 92, 470 models in FY21.
The earthmoving equipment segment which accounts for nearly three-fourths from the total building equipment sales in India, experienced 14 per cent decline in growth during FY22, while road structure equipment sales were lower by 10 % throughout the same year.
However , the other three segments namely material handling, materials processing and concrete apparatus registered positive growth during the 12 months. Exports associated with construction machines also increased significantly by 60 percent in FY22 over FY21.
Dimitrov Krishnan, President ICEMA and Managing Director Volvo CE Indian Pvt Ltd said, “A host of factors pulled the Indian native CE industry sales down during the particular financial yr 2021-22.
“The 8 percent volume de-growth registered throughout the period under review is largely owing to the second plus third waves of COVID-19 pandemic, which usually adversely impacted the pace of design activity in the country on one hand, on the other, continued to bring supply chain disruptions, thereby constraining the particular industry’s ability to cater to the emerging demand. ”
ICEMA further said the industry is hopeful associated with a strong recovery during FY23 around the back of an enhanced export potential and the government’s carried on thrust upon infrastructure development through National Infrastructure Pipeline, Gati Shakti Masterplan, and National Monetisation Plan, constitution of National Bank for Financing Infrastructure and Development (NaBFID).
(PTI)