Volvo CE India's Ambitious Plan to Double Market Share in Construction Equipment

Volvo CE India aims to double its market share in the construction equipment sector. Currently holding 6.5% market share, the company plans to leverage India's growing infrastructure development. According to ICEMA, the CE industry volume is set to double by 2030. The company also exports to Africa, the Middle East, Latin America, and South East Asia.

Volvo CE India, a prominent subsidiary of the Swedish Volvo group, has declared a strategic goal to double its market share in India's competitive construction equipment (CE) sector. The announcement was made by Managing Director Dimitrov Krishnan during the launch of a 20-tonne class hydraulic excavator.

Presently, Volvo CE India commands a 6.5% share in the market, which constitutes 40% of the overall CE segment in the country. Krishnan noted that the Indian CE sector is expanding rapidly, driven by robust infrastructure development.

He cited data from the Indian Construction Equipment Manufacturers' Association (ICEMA), which states that the industry's volume reached 1,36,000 units, valued at approximately Rs 85,000 crore in 2023-24. ICEMA projects this volume will double by 2030. Additionally, Volvo CE India is currently exporting its products to various regions, including Africa, the Middle East, Latin America, and South East Asia.

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