Volvo CE India, a subsidiary of the Swedish Volvo Group, is strategically positioned to double its market share in the segments it operates within the country, as highlighted by a senior company official on Wednesday. Managing Director Dimitrov Krishnan emphasized the company’s current market presence, covering 40% of the earthmoving and construction equipment segment in India with a current market share of 6.5%. Krishnan articulated the company’s ambition to achieve a significant expansion in market share in the coming years.
In a press conference during the launch event of its 20-tonne class hydraulic excavator, Krishnan underscored the rapid growth of the CE sector in India, driven by infrastructure development initiatives. Citing data from the Indian Construction Equipment Manufacturers’ Association (ICEMA), Krishnan revealed that the CE industry in India witnessed substantial growth, with a volume of 136,000 units and an estimated value of Rs 85,000 crore in 2023-24. He further noted ICEMA’s projection indicating a doubling of this figure by 2030.
About 40% of the nation’s construction equipment market is served by the corporation. During the most recent fiscal year, the industry’s overall size was approximately $10 billion in value and approximately 1,36,000 units in volume.
Krishnan acknowledged the intensely competitive landscape of India’s CE market, characterized by the presence of numerous international and domestic players. Responding to inquiries, he mentioned Volvo CE India’s ongoing exports to regions including Africa, the Middle East, Latin America and South East Asia.
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