Indian construction equipment industry to reach $25 bn by 2030 | Dimitrov Krishnan | ICEMA | Volvo

Today the construction equipment industry in India is roughly about US$ 7 billion in the top line. The industry has surpassed Japan in 2018 to become the third largest market in the world.

Sharing the industry’s vision, Dimitrov Krishnan, President, Indian Construction Equipment Manufacturers Association (ICEMA) and Managing Director, Volvo CE India says, “We have created a Vision Plan 2030 in which we have envisioned the industry to become the second largest industry in the world by 2030 and its revenue to grow from US$ 7 billion to US$ 25 billion. The volumes will grow from roughly 105,000 that we had last year to about 250,000 units by 2030.”

He adds, “We expect the current year to be also a strong growth year given the fact that the end of this fiscal year there will be general election.”