Dimitrov Krishnan, President at ICEMA and MD at Volvo Construction Equipment Ltd, informed that while the past two years have been challenging, the CE industry is now witnessing green shoots of recovery and growth at the back of the Government's continuous push for infrastructure development in the country. This growth is encouraging considering the sharp 58% decline the CE industry experienced in Q1 FY22.
The CE industry registered sales of 21,323 units during the quarter under review as compared to 14,522 units sold in the previous quarter. The CE industry's growth was led by accelerated sales of earthmoving equipment (51% growth) and material handling equipment (45%). The other 3 categories including road construction equipment, concrete equipment, and material processing equipment also registered a healthy growth of 35%, 31% and 17% respectively, over the previous quarter.
V G Sakthikumar, Convener, ICEMA Industry Analysis and Insights Panel and MD, Schwing Stetter India Pvt. Ltd, informed that the sales recorded in Q2FY22 is up by 4% compared to Q2FY21 (20,538 units) and 17% higher than Q2FY20 (18,289 units).
According to ICEMA, the Gati Shakti Yojana by the PM of India will turn out to be a game-changer in the space of Infrastructure development.
"The continued guidance and support provided by the Minister of Road Transport and Highways, Nitin Gadkari, 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.
With these developments, the industry is looking forward to achieve the target of 3X growth outlined in CE Industry Vision Plan 2030, developed by ICEMA.
Click here to view the ICEMA Quarterly report -Q2 FY22 - 22.10.21
