Volvo CE India, a subsidiary of the Swedish Volvo group, aims to double market share in the segments it operates in the country, a top company official said on Wednesday. “We are present in 40% of the earth moving and construction equipment (CE) segment in India. The company has a market share of 6.5% and we plan to double this in the coming years,” Managing Director Dimitrov Krishnan said here.
Krishnan was speaking to reporters on the sidelines of the launch of its 20-tonne class hydraulic excavator.
He said the CE sector in India is growing fast with the development of infrastructure.
Quoting figures compiled by the Indian Construction Equipment Manufacturers’ Association (ICEMA), Krishnan said in 2023-24, the size of the CE industry in India in volume terms was 1,36,000 units with a value of around Rs 85,000 crore.
“This, according to ICEMA, is going to double by 2030,” he said.
Krishnan said India’s CE market is the most competitive with the presence of several international and domestic players.
To a question, he said Volvo CE India is currently exporting products to Africa, the Middle East, Latin America and South East Asia.
