ICEMA Annual Data Report FY'22-23

INDIAN CONSTRUCTION EQUIPMENT
INDUSTRY
ANNUAL
SALES REPORT
FY 2022-23
(April 2022 - March 2023)
04
05
06-17
18-30
31-105
106-108
109-146
TABLE OF CONTENTS
MESSAGE FROM PRESIDENT, ICEMA Page 4
MESSAGE FROM CONVENER, ICEMA INDUSTRY ANALYSIS AND INSIGHTS PANEL Page 5
MAJOR ECONOMIC & SECTORAL DEVELOPMENTS Page 6-13
CE INDUSTRY ANNUAL SALES REPORT: FY23 Page 14-60
CE INDUSTRY QUARTERLY SALES REPORT: Q4 FY23 Page 61-66
CE INDUSTRY MONTHLY SALES REPORT: FY23 Page 67-158
INDUSTRY VIEWS Page 159-170

MESSAGE FROM PRESIDENT, ICEMA
India continues to be the fastest growing large economy in the last year and its prospects
remain very strong for the period ahead. The infrastructure growth story continues to play a
significant role in the economic growth and continues to have its multiplier effect on the
economy. As a consequence, the Construction Equipment (CE) industry recovered its strong
performance in FY2022-23 by recording an excellent 26% growth in the fiscal year FY2022-23,
with sales crossing the one lakh mark. India solidified its position as the third largest CE market
in the world with this excellent growth momentum. With these figures, FY2022-23 is year with
the highest ever sales volumes recorded in Indian CE industry history.
This growth comes on the back of the enhanced pace of road construction observed in the
second half of FY2022-23, which resulted in a significant increase in demand for construction
equipment. The increase in the construction activity in other infrastructure projects including
metro and high-speed rail projects and an upswing in mining activity also continued to be
strong drivers of growth for the CE industry during the last year.
The Government of India’s continued emphasis on infrastructure development, buttressed by

increased capital expenditure announced in the Union Budget 2023, will contribute to the
growth in FY2023-24, and there could be an increase in the market size by 15-20% during the
year. However, with the general election around the corner in mid-2024, the CE industry’s
Mr. Dimitrov Krishnan growth cycle may slow down in FY2024-25 and the growth could be flat or decrease by 5-10%,
President, ICEMA and MD which is a historically observed norm for the fiscal year following elections. Overall, the industry
is quite upbeat about its achievement during the FY2022-23 and quite optimistic about its
Volvo CE India Private Limited
growth in the near term.
Page | 4
MESSAGE FROM CONVENER, ICEMA INDUSTRY ANALYSIS & INSIGHTS PANEL
It is great to hear that the Indian Construction Equipment (CE) industry

quantity in India has exceeded the 100,000 unit mark in FY2022-23.
Infrastructure projects like high-speed trains, metro-rail projects, and national
highway projects contributed to the Q1 and Q2 growth, and subsequent
quarters saw the petrol and refinery, steel plant, port development, and
construction equipment segments gain momentum. The commercial ready-
mix business also revived, providing further impetus for concreting machinery
growth. Overall, FY2022-23 was a year that saw the volume speak to the best-
ever performance.
Looking ahead, we expect FY2023-24 to continue this trend with increased

activities in the road segment, expansions of high-speed trains, and
construction of airports, ports, etc.
Mr. VG Sakthikumar
Chairman & Managing Director
Schwing Stetter India Private Limited
Page | 5
MAJOR ECONOMIC &
SECTORAL DEVELOPMENTS
Global Economic Outlook
IMF WORLD BANK

2.8
1.7
3 2.7
5.9 6.6
6.3 6.1
5.2 4.3
4.5 5
1.6 0.5
1.1 1.6
1.3 1
1 0.7
0.7 -3.3
1.3 1.6
2023 2024
Source: Oxford Economics, ICEMA analysis
Page | 7
Indian Economy : A Snapshot
GDP Growth IIP Index
Q-o-Q
Y-o-Y
14.5%
8.9% 6.3% 4.7% 5.2%
7% 6% -4.1% 7.3% 5.6%
4.6% 4.6% 150
145
140 146.5
145.3
135 138.7
137.4
130
129.5
-6.6% Q1 Q2 Q3 Q4 125
FY 21 FY 22 FY23 FY24 Oct Nov Dec Jan Feb
FY23
Source: RBI Actuals Projections Source: MOSPI *Oct -Feb 2023
Inflation Rate Inflation in Key Commodities PMI Index

(Y-o-Y in %) Jan
(Y-o-Y in %) 60
Feb 57.8
3.15 55.3 55.7 55.4 55.3
6.52 6.44 Mild Steel 1.46 55.1
6.12 5.72 5.66 55
28.47
5.88 4.80 HSD 24.61
5.02 3.85 1.34
5.01 50
Nov Dec Jan Feb Mar Crude Oil Sep Oct Nov Dec Jan Feb
-10.22
Source: MOSPI, CMIE WPI CPI *Nov - Mar 2023 Source: MOSPI, CMIE *Jan & Feb 2023 Source: IHS Markit *Sep - Feb 2023
Foreign Trade Statistics

(Y-o-Y in %) RBI’s Policy Rates (%) Exchange Rate
8% 11% 2% -0.4% -5%
Growth
29.1%
-12% 20.8%
10% -3% 2% -0.4%
100
58 59 61 52 53 Indian
50 32 35 38 36 37 Rupee vs 81.89 Per
Repo Rate Bank Rate USD USD*
0
Oct Nov Dec Jan Feb
6.50% 6.75%
Source: PIB US Billion $ Source: RBI Source: RBI * As on 25 Apr , 2023
Export Import
Page | 8
Government of India continued its focus on “Infrastructure-Led Growth" by
increasing planned outlay across sectors in the Union Budget 2023-24
Roads & Highways Housing & Urban Airports

Affairs INR 3,113 crore of
Allocation of INR INR 76,431 crore of
2.70 lakh crore of allocation in
allocation in
allocation in ministry of civil
ministry of housing Railways
Ministry of Road Ports & Waterways aviation.
Mining & Quarrying and urban affairs
Transport and
INR 2,103 crore of Allocation of INR INR 2.42 lakh crore
Highways
allocation in 2,219 crore in of allocation in
ministry of Coal and ministry of ports, ministry of railways
ministry of mines shipping and
waterways
Source: ICEMA Research Page | 9

Sector-wise Developments: Roads & Highways 1
Key wins for Industry… … with a few Headwinds

NHAI is
allocated
budgetary At end of Dec 2022,
support of Rs anticipated cost of
1.6 Lakh crore projects facing cost
FY24 overruns reported to be
Projects worth Rs.1.6 lakh crore*
more than 2.8
lakh crores Pace of
At end of December 2022, the anticipated cost of
Highway-
INR 2.70 inaugurated,
foundation stones Road transport
these projects has been reported
construction
as almost
remained
laid in 2022 and
Lakh Crore highways sector Rs.1,59,711.49crore.
flat during FY23
vis-a-vis FY22
has the
Allocation for maximum
8,064 km of
Ministry of National Highways number of
Road Transport 27 Greenfield constructed till delayed projects
and Highways Expressways at 472*
28th February
being developed 2023 in the country
across the
country
SOURCE : PROJECT IMPLEMENTATION STATUS REPORT OF CENTRAL SECTOR PROJECTS FOR Q3, MoSPI
*NOTE : Status of central sector project worth INR 150 Cr and above (as on Dec 2022) Page | 10
Sector-wise Developments: Mining & Quarrying 2
All allotted 7projects

Ministry of Coal belonging to the Mines
set targets to Sector are facing delay
produce more
than one billion
The Government
The of
Government ofton
India has allowed
coal during100%
India has allowed the year 2023-24
foreign direct investment (FDI) in the mining
100% foreign
INR 2,103 direct investment sector.. Read more
https://www.constructionworld.in/resources-
Total 38 projects
Crore (FDI) in the mining company-news/100--fdi-in-mining-sector-to-
www.constructionworld.in/resources-company-
sector
reporting time overrun
Allocation for
Index of mineral reach-new-milestones/35869
and 8 projects reporting
news/100--fdi-in-mining-sector-to-reach-new-
production of mining cost overrun*
Ministry of Coal and quarrying sector
and Ministry of milestones/35869 for Jan 2023 was 8.8%
Coal production higher as compared to
Mines touched record Jan 2022
high of 892 MT Ministry of Coal
in FY23, 15% received 51% lower
growth over budget allocation for
FY22 FY24 as compared to
FY23
Sector-wise Developments: Housing and Urban Affairs 3
AMRUT and Smart

9% decrease in
Cities Mission
budget allocation
allocated INR
for Smart Cities
16,000 Cr in FY24
PMAY received highest Mission in FY24
budget allocation of
INR 79,590 Cr*
INR 76,431 (including INR 25,103
Cr for PMAY-AMRUT
Urban) in and Smart Cities Mission
Crore FY24
Out of 27 projects
allotted, 15 reported
Allocation in delayed and 7
Ministry of reported cost
Housing and overrun*
Urban Affairs Urban Infrastructure
Development Fund
(UIDF) to be established ~ 13% decrease in
to create urban budget allocation
infrastructure in Tier 2 for PMAY-Urban
and Tier 3 cities in FY24
Sector-wise Developments: Railways 4
100 PM-GatiShakti Main reason for

Cargo Terminals for project delay are
multimodal logistics forest clearance, land
facilities will be acquisition, limited
developed over next working season*
INR 2.42 three years
Allocation of
Lakh Crore https://www.pib.gov.in/PressReleasePage.aspx?PR
budget increased Out 173 projects
Allocation in by 49% in FY24 ID=1884553 belong to the Railways
Ministry of over FY23 Metro Projects have been Sector 119 projects
Railways allocated INR 23,175 crore, are delayed*
an increase of 13.6% over
FY23.
75 Vande Bharat Out of 119 projects , 89
trains planned till projects reporting both
August 2023. time and cost overrun
ranging from 3-276
months*
CE INDUSTRY
ANNUAL SALES REPORT : FY23
Note to Readers
• The report contains information which is collated from OEM members of ICEMA
• For market summary, all data submitted by ICEMA members has been represented
• For equipment deep dives section, data has been presented only for instances where 3+
manufacturers have submitted data
• ICEMA members have highlighted that some of the equipment like Backhoe loaders and
Excavators are being exported illegally from India by unauthorised sources. It is
estimated that around 507 units of Backhoe loaders, 43 units of Wheel loaders, 80
units of Skid Steer loaders, and 2474 units of Excavators were exported by non-
OEMs in FY23, as reported by a third-party trade data provider. ICEMA would continue
to report these non-OEM exports separately in the subsequent monthly ICEMA reports.
Members may analyse the data accordingly.
Page | 15
Equipment Coverage*
Earthmoving Material Handling Road Construction Material Processing Concrete

Equipment Equipment Equipment Equipment Equipment
Compressors
Pick & Carry Cranes
Backhoe loaders Tracked Pavers (Automatic/Diesel/Electric Batching Plants
(Hydra Cranes)
Portable; Diesel Skid)
Pick & Carry Cranes Self Loading Concrete
Skid Steer loaders Wheeled Pavers Static Crushers
(Hydraulic Cranes) Mixers
Pick & Carry Cranes Single Drum Rollers Concrete Mixers
Track Loaders Track Crushers
(Next Gen Cranes) (Soil Compactors) (Transit Mixers)
Double Drum Rollers
Wheeled Loaders Lorry Loader Cranes Wheeled Crushers Stationary Concrete Pumps
(Tandem Compactors)
Track Type Tractors/
Truck Cranes Pneumatic Tyre Rollers Roll Crusher Mobile Line Pumps
Crawler Dozers
Screeners (Static/Track
Wheeled Dozers Crawler Cranes Asphalt Batching Plants Boom Pumps
mounted/Vibrating)
Crawler Excavators All Terrain Cranes Asphalt Finishers Air Classifiers Shotcrete
Wet Classifiers / Washing
Wheeled Excavators Rough Terrain Cranes Milling Track Slipform Pavers
System
Motor Graders Fixed Tower Cranes Milling Wheel Grizzly Feeder Fixed Form Pavers
Off Highway Dump Trucks Mobile Tower Cranes Pan Feeder

Pipe Layers
Tele Handlers
Reach Stackers Page | 16 *Updated List of Equipment

EXECUTIVE SUMMARY
The Construction Equipment industry recorded an overall growth of
26% in sales volumes in the fiscal year 2022-23. Total equipment sales
crossed the 1 lakh mark for the first time to touch 1,07,779 units in FY23.
The growth has been powered by 29% rise in domestic sales and 3%
growth in exports. All equipment segments showed significant growth
during the year except Road Construction Equipment, which
registered de-growth of 3%.
Domestic production declined at ~1% CAGR over the past 5 years; Strong
recovery in FY23
All figures in '000 Rs. Cr.
-0.7% CAGR
Domestic
Production 38.9 37.6
25.0 31.8 31.0 29.0 28.6
18.5
2015-16 2016-17 2017-18 2018-19 2019-20 2020-21 2021-22 2022-23
Exports
2.7 5.3
3.4 3.7 4.8 3.6
1.8 2.8 3.0
2015-16 2016-17 2017-18 2018-19 2019-20 2020-21 2021-22 2022-23
Imports
4.2 5.5 5.6 4.8
3.6
1.2 1.3 1.5
2015-16 2016-17 2017-18 2018-19 2019-20 2020-21 2021-22 2022-23
Source: ICEMA Page | 18

CE Industry grew by 26% in FY23 led by Strong Domestic Growth
Material Handling
-14% +23% +47%
Earthmoving
+2%
Equipment
Equipment
72,888 77,164 11,571
Annual Sales across all segments 3,962 62,629 6,625 7,748 7,895 367
6,686 148 204
Units sold 68,926 70,539 11,204
55,943 7,600 7,691
FY21 FY22 FY23 FY21 FY22 FY23

+26%
Material Processing
Road Construction
107,779 +338%
-8% -10% -3%
8,044
Equipment
Equipment
92,470 5,520 2,429
4,959 4,828
4,862 85,404 465 609 539
+56% 280
7,803
5,055 4,350 4,289 356 554 2,149
0
303 53 554
FY21 FY22 FY23 FY21 FY22 FY23
99,735
87,608
77,601
Concrete Equipment
+26%
+57%
Domestic Sales 11,787
Exports 9,367 233
5,958 304
234 9,063 11,554
FY21 FY22 FY23 5,724
FY21 FY22 FY23

All Equipment: Historical trend of Domestic Sales
Domestic Sales
15,000 Units sold
11,513
9,819
10,000 10,308
9,693
9,024 9,163
7,622 8,270 8,132 7,626
6,927 6,750 6,245 7,459 7,739 7,717
6,077
5,205 6,130 6,293 6,117
5,000 5,331 5,541
FY 23
FY 22
2,617
0
Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar

All Equipment: Historical trend of Export Sales
Export Sales
1,000 Units sold

993 893 894
923
800 791 773
732
691 668 767 677
674 621
600 544 591 571 568 602
540
517
473 518
432
400 393
FY 23
200 FY 22
0

Performance across Major Equipment Categories in FY23
Source of Procurement: Domestic vs Imports

107,779
77,164 3,195
2,635
104,584
74,529 11,787 11,571
Imports
4,828 2,429
11,757 30 11,246 325 Domestic Source
4,623 205 2,429 0
Earth Moving Equipment Concrete Equipment Material Handling Road Construction Material Processing Total
Equipment Equipment Equipment
97 % 100 % 97 % 96 % 100 % % Share of Domestic Source
Domestics Sales vs Exports 4,828 2,429 107,779

11,571 2,149 280
77,164 11,787 11,204 4,289 539 8,044
11,554 367
6,625 233
99,735
70,539 Exports
Domestic Sales
72 % 11 % 11 % 4% 2% % Share in Total Sales
Page | 22
FY23 : Sub-category wise sales composition (I/II)
Exports Domestic
Units sold 898 850 495 16
3,573 1,027 77,164
28,401 772 255 879 19 651 199 471 24 13 3
3,493 6,625
1,411 80
26,990
Earthmoving
Equipment
41,904
4,634
70,539
37,270
Backhoe Loader Crawler Wheel Loaders Skid Steer Motor Grader Off Highway Truck Track Type Others Total
Excavators Loaders Tractors
54% 37% 5% 1% 1% 1% < 1% < 1% % sales share
375 331 107 61 54 40 11,571

713 458 59 2 54 0 39 1
9,432 370 5 325 6 107 0 367
457 1
486 227
Material Handling
125
Equipment
11,204
9,307
Pick and Tele Handlers Crawler Cranes Truck Cranes Fixed Tower Mobile Lorry Loader All Terrain Others Total
carry cranes Cranes Tower Cranes Cranes Cranes
82% 6% 4% 3% 3% <1% <1% <1% <1% % sales share

FY23 : Sub-category wise sales composition (II/II)
Exports Domestic
Units sold 203 81 31 25 4,828
358 105 11,787 442 201 2 81 31 25
677 1,868 0 0 0 539
1,117 102 233 442 0
Concrete Equipment
354 42
Road Construction
2,116 677 0 4 3
1,072 45
7,414
Equipment
2,050 66 1,826
115 2,178
11,554 4,289
495
7,299
1,683
Concrete Stationary Batching Self Loading Boom Others Total Soil Tandem Wheeled Tracked Pneumatic Milling Others Total
Mixers Concrete Plants Concrete Pumps Compact-Compact- Pavers Pavers Tyre Wheel
(Transit Pumps Mixers ors ors Rollers % sales
Mixers)
share
63 % 18% 9% 6% 3% 1% 45% 39% 9% 4% 2% <1% <1%
125 118 4 2,429

132 111 7 4 0
Material Processing
150 150 124 1 280

163 109 23
282 147 3 122 28
Equipment
311 6 160 3
276
314 21
290 2,149
680 25
289
163
517
Screeners Static Cone Static Jaw Static Impact Wheeled Wheeled Tracked Cone Tracked Jaw Wheeled Tracked Others Total
Crushers Crushers Crushers Cone Crushers Jaw Crushers Crusher Crushers Impact Impact
(VSI/HSI) Crushers Crusher % sales share
28% 13% 13% 12% 7% 6% 6% 5% (VSI/HSI)
5% (HIS/VSI)
5% <1%
EQUIPMENT DEEP-DIVE
EARTHMOVING EQUIPMENT
PRODUCT – LEVEL DATA SUMMARY (ANNUALY)
EXECUTIVE SUMMARY
EARTHMOVING EQUIPMENT
Earthmoving Equipment sales volume increased to 77164 units in FY23,

which is 23% higher than 62629 units of sales recorded in FY22. With this
growth, the segment contributed 72% of the total construction equipment
sales in FY23. The key drivers of growth have been Backhoe loaders and
Crawler Excavators which together account for nearly 90% of the sales in
the earthmoving equipment segment. While sales of Backhoe loaders
increased by 28% to reach 41904 units, sales of crawler excavators showed
an increase of 17% to touch 28401 units in FY23.
Earthmoving Equipment: Historical trend of Domestic Sales
Domestic Sales
10,000 Units sold
8,138
8,000 7,534
6,745
6,859 5,995 7,014
6,682 5,814
6,000 5,332 5,487
5,122 4,589 5,432 5,584 4,555
4,601 4,793 4,237 4,158
4,000 3,672 3,986 4,501
3,890
FY 23
2,000 FY 22
1,762
0
Source: ICEMA
Page | 27
Earthmoving Equipment: Historical trend of Export Sales
Export Sales
1,000 Units sold

880
844
800 746
746
676
604 610
600 651
613
482 529 478 477 575 556 469
535
444 497
400 356 437 428
374
304
FY 23
200
FY 22
0
Source: ICEMA
Page | 28
EM | Backhoe Loader: 28% increase in YoY sales led by higher domestic sales
Domestic Sales (By HP): 70-80 HP equipment continues to be the key category
Backhoe Loader: 28% increase in Annual sales 7,322 8,139 9,533 12,276
2% 3% 3% 3%
<70 HP 80.1-90 HP
96% 96% 96% 96%
Units sold 70.1-80 HP >90 HP
1% 1%
1% 0% 1% 0% 0% 0%
-28% Q1 Q2 Q3 Q4
45,652 +28%
2,257 41,904 Domestic Sales: Increase in market share split for west region
4,634 43,395 28,794 37,270
32,693 24% 23% 27%
19% 18% 15% North East
3,899 30% 27% 27%
27% 32% 31% South West
FY21 FY22 FY23
43,395
37,270
28,794 Exports: Non-SAARC region dominates exports share in FY23
2,257 3,899 4,634

5%
54% 35% SAARC
FY21 FY22 FY23 95%
46% 65% Others
FY21 FY22 FY23

Domestic Sales Exports

EM | Crawler Excavator : 17% increase in YoY sales led by higher domestic sales
Domestic Sales (By HP): 21-24T equipment continues to be key category

Crawler Excavator: 11% increase in Annual sales 5,740 5,833 7,081 8,336
<6T 16.1-21T
7% 14% 7% 8% 9% 7%
12% 8% 12% 8% 14% 7% 6.1-10T 21.1-24T
29% 30% 30% 27%
Units sold 34% 32% 33% 38% 10.1-16T >24T
8% 9% 9% 7%
+17% Q1 Q2 Q3 Q4
28,401
+11%
1,411 Domestic Sales: Split across the regions is steady
24,226
20,476 21,924 26,990
21,852 2,302 23% 25% 28%
1,376 22% 19% 16% North East
33% 35% 36%
26,990 FY21 FY22 FY23
20,476 21,924
Exports: Non-SAARC region dominated exports share in FY23
1,376 2,302 1,411

12%
76% 53% SAARC
FY21 FY22 FY23 88%
47% Others
24%
Domestic Sales Exports FY21 FY22 FY23

EM | Wheeled Loaders: 18% growth in YoY sales
Domestic Sales (By HP): 100-135 HP and >150 HP are key categories
Wheeled Loaders: 18% increase in sales over previous year 800 814 872 1,007
2% 2% 2% 2%
40% 32% 40% 38% 70-100 HP > 150 HP
15% 23% 17% 19%
Units sold 100-135 HP
43% 43% 41% 42%
135.1-150 HP
+18% Q1 Q2 Q3 Q4
3,573
-1%
80 Domestic Sales: Split across the regions is steady
3,057 3,040
133 2,924 2,872 3,493
168
33% 34% 35%
19% 23% 23%
3,493 FY21 FY22 FY23

2,924 2,872
Exports: SAARC region continued to strongly dominate exports share in FY23
133 168 80
SAARC
99% 93% 88%
FY21 FY22 FY23 Others
1% 7% 13%

EM | Motor Graders:41% growth in YoY sales led by higher domestic sales
Domestic Sales (By HP): < 170 HP is the dominant category

Motor Graders: 41% increase in sales over previous year
177 162 271 269
< 170 HP > 200 HP
60% 64% 62% 77%
Units sold 170-200 HP
34% 23% 31%
6% 14% 7% 4% 19%
+41% Q1 Q2 Q3 Q4
898
19 Domestic Sales: Increase in sales share for south region
-3%
643 597 879
658
637 32% 32% 30%
15 40 18% 20% 22% North East
11% 16% 20%
879 FY21 FY22 FY23
643 597 Exports: Non- SAARC region dominated exports share in FY23
15 40 19
26%
SAARC
87% 88%
FY21 FY22 FY23 74% Others
13% 13%

EM | Skid Steer Loaders: 14% increase in YoY sales
Domestic Sales (By HP): 600- 700 Kg has grown to become the biggest category
Skid Steer Loader: 14% increase in sales over previous year 242 237 149 144
0% 0% 1% 0%
49% 44% < 600 KG > 700 KG
68% 59%
Units sold 56% 600-700 KG
51% 32% 41%
Q1 Q2 Q3 Q4
+14%
+41% 1,027
901 Domestic Sales: Increase in sales share for north region

255 531 717 772
184 22% 23% 23%
639 22% 29%
30% 31% South West
13% 24%
108
FY21 FY22 FY23
717 772
Exports: Non-SAARC region led the exports share in FY23
531
108 184 255
1%
53% 42% SAARC
99%
FY21 FY22 FY23 47% 58% Others
FY21 FY22 FY23


EM | Track Type Tractors/ Crawler Dozer : 25% increase in YoY sales
Track Type Tractors/Crawler Dozer: Domestic Sales (By HP): >210 HP is the key category
25% increase in sales over previous year 71 121 140 139
48% 50% 34% 26% < 160 HP > 210 HP
33% 32%
Units sold 32% 24% 160-210 HP
20% 26% 34% 42%
Q1 Q2 Q3 Q4
-24% +25%
524
495
29 Domestic Sales: Increase in sales share for west region in FY23
24
495 386 471
396
21% 33%
10 24% 45%
North East
22% 26%
24% 28%
10%
495 FY21 FY22 FY23
471
386
Exports: Non-SAARC region dominated exports share in FY23
29 10 24
8%
80% SAARC
100% 92%
0% 20%

EM | Off-Highway Dump Trucks: 20% increase in YoY sales
Off Highway Dump Trucks: Domestic Sales (By HP):55-90 T dominated the sales in FY23
20% increase in sales over previous year 163 110 138 240
4% 18% 3% 21% 4% 4% 6% 1% 0-40 T 90-105 T
38% 31% 75% 74%
Units sold 40.1-55 T 105-170 T
36% 1% 45% 0% 0% 3%
2% 0% 0% 17% 0% 16% 55.1-90 T >170 T
+20% Q1 Q2 Q3 Q4
850
+43%
Domestic Sales: East dominated the sales split in FY23
708 199 462 625 651
83 48% 28% 35%
North East
39% 56% 53%
494
9% 7% 5% South West
32 3% 10% 6%
FY21 FY22 FY23
625 651
Exports: 100% export to Non-SAARC regions
462
32 83 199
0% 0% 0%
SAARC
100% 100% 100%
FY21 FY22 FY23


EQUIPMENT DEEP-DIVE
ROAD CONSTRUCTION EQUIPMENT
EXECUTIVE SUMMARY
ROAD CONSTRUCTION EQUIPMENT
Road Construction Equipment is the only segment that recorded a
negative growth in FY23, partly due to the fluctuating pace of road
construction, along with steep increases in material cost, supply chain
constraints and inadequate financing. Despite a 4% growth in sales of
Soil Compactors, accounting for about 45% of total sales volume in the
segment, 14% de-growth in sales of Double Drum Rollers was
instrumental in the overall 3% fall in sales of Road Construction
Equipment.
Road Construction Equipment: Historical trend of Domestic Sales
Domestic Sales
600 Units sold 588
509
443 442 452 502
400 409 429

417 417
342 395 351
306
337 333 341
292 286
265
200
205 192 201
185 FY 23
FY 22
0
Source: ICEMA
Page | 38
Road Construction Equipment: Historical trend of Export Sales
Export Sales
100 Units sold
87
80
80
62 62 62
65 59 58
60 54
57 58
52
48
40 35 42 36
38 30
33 33 31 FY 23
27 27
20 FY 22
12
0
Source: ICEMA
Page | 39
RCE | Double Drum Rollers: 14% decrease in YoY sales
Domestic Sales (By HP): <5T category dominated the sales in FY23
Double Drum Rollers : 14% decrease in sales over previous year
372 286 537 631
50% 50% 51% <5 T 9.1-10 T
61%
Units sold 27% 15% 6% 32% 29% 5.1-9 T >10 T
18%
3% 20% 0% 19% 0% 20%
-11% Q1 Q2 Q3 Q4
2,430 -14%
175 2,162 Domestic Sales: Split across the regions is steady
259 1,868 2,255 1,903 1,826
42 25% 28% 30%
19% 20% 24%
FY21 FY22 FY23
2,255
1,903 1,826
Exports: Non-SAARC region led the export volume in FY23
175 259 42
56% 45% SAARC
89%
FY21 FY22 FY23 44% 55% Others
11%

RCE | Single Drum Rollers: 4% growth in YoY sales contributed by higher exports
Domestic Sales (By HP): 11.0-11.9T category dominated the sales in FY23
Single Drum Rollers : 4% increase in YoY sales 290 327 488 578
7% 7% 9% 7% 10-10.9 T 12- 15 T
90% 84% 88% 85% 11-11.9 T >15 T
Units sold
0% 3% 2% 7% 1% 3% 1% 7%
-13% Q1 Q2 Q3 Q4
2,393
+4%
283 2,086
2,178 Domestic Sales: Increase in sales share for south region
2,110 1,741 1,683
345 495 35% 38% 33%
21% 19% 24%
FY21 FY22 FY23
2,110
1,741 1,683 Exports: Non-SAARC region led the export volume in FY23
283 345 495
3%
40% SAARC
70%
97%
FY21 FY22 FY23 60% Others
30%
FY21 FY22 FY23

RCE | Tracked Pavers : 22% increase in YoY sales
Domestic Sales (By HP): 7.1 -9 T category dominated the sales in FY23
Tracked Pavers: 22% increase in sales over previous year 39 17 56 89
26% 0% 0% 0%
5.5-7.0 M
59% 71% 84%
49% 7.1-9.0 M
Units sold
26% 41% 29% 16% >9 M
+22% Q1 Q2 Q3 Q4
203
+7% 2 Domestic Sales: Increase in sales share for east region
166
155 155 165 201
1 27% 26%
0 33%
20% 6% 19% 7% 19%
17% North East
201 FY21 FY22 FY23
155 165
Exports: 100% export sales to Non- SAARC region
1 2
0%
SAARC
100% 100%
FY21 FY22 FY23 0 Others
0% 0% 0%

RCE | Wheeled Pavers: 1% growth in YoY sales
Domestic Sales (By HP): <5.5 M category dominated the sales in FY23
Wheeled Pavers: Sales grown by 1% compared to previous year
103 65 140 134
<5.5 M 7.1-9.0 M
70% 68% 73% 72%
Units sold 5.5-7.0 M >9.0 M
+0.2% +1% 30% 0% 5%
28% 0% 26% 0% 28% 0%
0% 1% 0%
435 436 442 Q1 Q2 Q3 Q4
0 0 0
Domestic Sales: Decrease in sales share for east region
435 436 442
20% 23% 24%
26% 24% 27%
26% South West
435 436 442 23% 23%
FY21 FY22 FY23
Exports: No export sales in FY23
FY21 FY22 FY23 SAARC

0 0 0 Others
0% 0% 0% 0% 0% 0%

EQUIPMENT DEEP-DIVE
MATERIAL PROCESSING EQUIPMENT
EXECUTIVE SUMMARY
MATERIAL PROCESSING EQUIPMENT
Material Processing Equipment sales touched 2429 units in FY23 and
subsequently its share in the total equipment mix of the Indian CE industry
increased to more than 2% in FY23. The growth in sales volumes for the
segment was primarily driven by an increase in sales of Screeners, which
touched 680 units during the year, followed by Cone Crushers with 627
sales of units, Jaw Crushers with sales of 593 units, and Impact Crushers
with 525 units.
Sales volume Sales volume

Material Processing Equipment: Historical trend of Domestic Sales
Domestic Sales
300 Units sold
251
217 216
200
180
184 184
173 173
151 152
142
126
100
FY 23
63 60 FY 22
55 49 56
46 42
38 32 38 38 37
0
Source: ICEMA
Page | 46
Material Processing Equipment: Historical trend of Export Sales
Export Sales
Units sold
40
35
32
30
29
25
24 24
22 22
20 19
18 19
11 FY 23
10
FY 22
0
0 0 0 0 0 0 0 0 0 0 0 0

MPE | Screeners: 198% increase in YoY sales
Domestic Sales (By HP): 250-300 m3/hr category dominated the sales in FY23
Screeners: 198% increase in sales over previous year
144 88 136 149
14% 10% 16% 11% 15% 9% 11% 9% <100 250.1-300
24% 17% 18% 17%
Units sold 29% 39% 38% 39% 100 -200 >300
22% 17% 21% 23%
200.1-250
+198% Q1 Q2 Q3 Q4
680
Domestic Sales: South region dominates regional share
163 68 228 517
26% 19% 17%
34% 40% 46%
27% South West
22% 21%
+128% FY21 FY22 FY23
228
517
0
Exports: Non-SAARC region dominates export sales in FY23
100
228 32 163
32 0% 1%
68 SAARC
100% 99%
FY21 FY22 FY23 0 Others
0% 0%

EQUIPMENT DEEP-DIVE
MATERIAL HANDLING EQUIPMENT
EXECUTIVE SUMMARY
MATERIAL HANDLING EQUIPMENT
Material Handling Equipment recorded an impressive 47% growth in sales volume
in FY23. There has been an increase in both domestic sales as well as exports
which surged by 46% and 80% respectively during the year. Consequently, the
share of the segment in the total construction equipment sales has increased to
about 11% in FY23 from ~9% earlier. While domestic sales growth has been
primarily owning to Pick and Carry cranes which has been the single most
dominant product category in this segment, recording sales growth of 25% to
touch 9432 units, exports growth has been mainly due to a sharp increase
observed in exports of Tele Handlers which increased from 8 units in FY22 to 227
units in FY23. Overall, sales of Tele Handlers have more than doubled in FY23 to
713 units from 342 units in FY22.
Material Handling Equipment: Historical trend of Domestic Sales
Domestic Sales
1,500 Units sold
1,264
1,208
1,170
1,104
1,000 957 929

920
910
854 822
761 683 782
713 742
671 691
641 640 606
603
500 501 492
FY 23
231
FY 22
0
Source: ICEMA
Page | 51
Material Handling Equipment: Historical trend of Export Sales
Export Sales
60 Units sold
56
40
38
36
32
32 31 31 30
25 27
25 22 22
23
19 20
20 17 17
18
13 FY 23
11 10 9
7 FY 22
0
Source: ICEMA
Page | 52
MHE | Pick & Carry Cranes: 25% increase in sales over previous year
Domestic Sales (By HP): 12-15 T category dominated the sales in FY23
Pick & Carry Cranes: 25% increase in sales over previous year 1,828 1,933 2,521 3,025
11% 0% 6% 0% 4% 0% 3% 0%
5.1-10 T 15.1-20 T
70% 70% 73% 73%
Units sold 10.1-12 T > 20 T
7% 13% 8% 16% 8% 15% 8% 15% 12.1-15 T
+25% Q1 Q2 Q3 Q4
9,432
+2% 125 Domestic Sales: Sales share is steady across regions
7,418 7,553 7,276 7,357 9,307
142 196 27% 33% 32%
22% 23% 22%
9,307 FY21 FY22 FY23
7,276 7,357
Exports: Non-SAARC region led the export sales in FY23
142 196 125

18% 12%
56% SAARC
FY21 FY22 FY23 82% 88%
44% Others
FY21 FY22 FY23


EQUIPMENT DEEP-DIVE
CONCRETE EQUIPMENT
EXECUTIVE SUMMARY
CONCRETE EQUIPMENT
Concrete Equipment recorded 26% growth in sales in FY23, at par with the
overall increase in sales volumes of Construction Equipment during this
period. The increase in sales to 11554 units from 9045 units in FY22, has been
the result of a 28% rise observed in domestic sales, while exports showed a
decline of 23%, albeit on a low base, from 303 to 233 units in FY23. Concrete
Mixers (including Self Loading Concrete Mixers), which accounted for nearly
69% of the total concrete equipment sales, recorded a 26% increase in sales
during the year, followed by Stationary Concrete Pumps and Batching Plants
with 11% and 10% growth in sales volume respectively.
.
Concrete Equipment: Historical trend of Domestic Sales
Domestic Sales
1,500 Units sold

1,343
1,241
1,125 1,142
1,207
1,003 1,020
1,000 963
919 903 872
835
851 889
678 833 695
652 777
612
498 560 594
500
387
FY 23
FY 22
0
Source: ICEMA
Page | 56
Concrete Equipment: Historical trend of Export Sales
Export Sales
50 Units sold
43
40 39 36 35
35 34
31
30 27 26
24 24
26
20 19 17 22
16 15 14
11 12 FY 23
10 9
6 6 FY 22
9
0
Source: ICEMA
Page | 57
CE | Batching Plants: 10% increase in YoY sales
Domestic Sales (By HP): 60-90 m3/hr category dominated the sales
Batching Plants: 10% increase in sales over previous year 228 222 295 327
7% 5% 15% 21%
31% 27% 2% 5% < 20 45.1 - 60
22% 30% 18%
24% 14% 15% 25% 20 - 30 60.1 - 90
Units sold 11% 3%
25% 30% 34% 18%
3% 4% 13% 30.1 - 45 > 90
+10% Q1 Q2 Q3 Q4
+27% 1,117
1,013 45 Domestic Sales: Split across the regions is steady
74 740 939 1,072
799 34% 36% 33%
59 35% 31% 31%
23% South West
20% 24%
1,072 FY21 FY22 FY23

939
740 Exports: SAARC region continues to lead export sales in FY23
59 74 45
SAARC
92% 93% 84%
8% 7% 16%

CE | Stationary Concrete Pumps: 11% increase in YoY sales
Stationary Concrete Pumps: 11% increase in sales over previous year Domestic Sales (By HP): 50-80 m3/hr category led the sales in FY23
496 497 499 558
8% 2% 2% 1%
31% 51% 47% 34% < 40 50.1-80
Units sold 52% 39% 44% 48% 40-50 >80
9% 9% 7% 16%
+11% Q1 Q2 Q3 Q4
+49% 2,116
1,900 66 Domestic Sales: Increase in sales share for west region
104 1,193 1,796 2,050
31% 32% 38%
1,276 29% 27% 24%
83
FY21 FY22 FY23
2,050
1,796
1,193 Exports: SAARC region led the export sales in FY23
83 104 66
74% SAARC
99% 92%
1% 8% 26%

CE | Concrete Mixers: 26% increase in YoY sales
Domestic Sales (By HP): 5.1 -7 T category dominated the sales in FY23
Concrete Mixer: 26% increase in sales over previous year 2,290 1,433 1,692 2,561
10% 4% 2% 3% 4% 3% 9% 4% 3% 2 -3 7.1-9
26% 4%
63% 10%
Units sold 80% 0% 6% 78% 2% 3.1-4 5.1-7
53%
4% 25% 4%
2% 1% 4.1-5 >9
+26% Q1 Q2 Q3 Q4
8,091
+40% 115 Domestic Sales: Increase in sales share for south region
6,435 3,791 6,310 7,976
125 35% 41% 40%
28% 21% 28%
26% 26% South West
23%
3,883
7,976 FY21 FY22 FY23
92
6,310
Exports: 100% export sales in SAARC region in FY23
3,791
92 125 115
SAARC
98% 100% 100%
2% 0% 0%

CE INDUSTRY
QUATERLY SALES REPORT : Q4 FY23
Industry Performance for Q4 FY 2023 (Jan-Mar) as compared to previous
year same quarters
-12%
+21%
Material Handling
+23%
Quarterly sales across all equipment categories +50%
Earthmoving
Equipment
Equipment
27,674
24,377
1,572 19,894 3,751
1,960 3,101
1,579 2,495 109
Units sold 55
26,102 22,417 61
18,315 3,046 2,434 3,642
-4% Q4FY21 Q4FY22 Q4FY23 Q4FY21 Q4FY22 Q4FY23

+26%
35,475
Material Processing
33,984 -16%
Road Construction
1,888 +451%
2,344 +9%
Equipment
Equipment
1,957 +244%
26,913 188 1,499 1,639
1,874 151 157 568
73
1,769 1,348 1,482 103 165
0 495
103 0
33,587 31,640 Q4FY21 Q4FY22 Q4FY23 Q4FY21 Q4FY22 Q4FY23
25,039
Concrete Equipment
+38%
+28%
3,649
2,640 2,860 45
Q4FY21 Q4FY22 Q4FY23 73 83
2,567 2,777 3,604
Q4FY21 Q4FY22 Q4FY23
Source: ICEMA
Page | 62
Industry Performance - Over the Last 4 quarters
+18% +22%
Material Handling
+19% +25%
+6% +7% 3,751
Earthmoving
24,377
Equipment
Equipment
Quarterly sales across all equipment categories 20,063 1,960 3,075 109
15,863 16,861 1,877 2,294 2,451 85
1,347 1,441 86 87
Units sold 22,417 3,642
15,420 18,186 2,364 2,990
14,516 2,208
+22%
Q1 FY23 Q2 FY23 Q3 FY23 Q4 FY23 Q1 FY23 Q2 FY23 Q3 FY23 Q4 FY23
33,984 +16%
+21% +75% -23%
Material Processing
2,344
Road Construction
1,639 +5% -2%
27,817 -16% 1,418 724
Equipment
Equipment
-0.4% 157
2,252 151 72 555 582 568
961 810 73
23,037 22,941 140 62 73
1,738 1,710 91 1,267 1,482 652
821 719 493 509 495
31,640 Q1 FY23 Q2 FY23 Q3 FY23 Q4 FY23 Q1 FY23 Q2 FY23 Q3 FY23 Q4 FY23

25,565
21,299 21,231
Concrete Equipment
+27%
-29%
+18%
3,649
3,195 45
93 2,679
2,264
66
29
Q1 FY23 Q2 FY23 Q3 FY23 Q4 FY23 3,102 3,604
2,235 2,613
Exports Domestic Sales
Q1 FY23 Q2 FY23 Q3 FY23 Q4 FY23
Source: ICEMA
Page | 63
Performance across Major Equipment Categories in Q4 FY23

33,984
24,377 964
705
33,020
23,672 3,649 3,751 Imports
1,639 568
3,644 5 3,615 136 1,521 118 568 0
Domestic Source
97 % 100 % 96 % 93 % 100 % % Share of Domestic Source
Domestics Sales vs Exports 1,639 568 33,984

3,751
3,649 1,482 157 495 73 2,344
24,377 3,642 109
1,960 3,604 45
31,640
22,417 Exports
Domestic Sales
72 % 11 % 11 % 5% 2% % Share in Total Sales
Page | 64
Q4 FY23 : Sub-category wise Sales Composition (I/II)
Exports Domestic
Units sold 327 272 140 6
1,022 337 24,377
8,695 240 87 269 3 139 1 6 0
1,007 144 193 1,960
359 15
8,336
Earthmoving
Equipment
13,578
1,302
22,417
12,276
Backhoe Loader Crawler Wheel Loaders Skid Steer Off Highway Truck Motor Graders Track Type Others Total
56% 36% 4% 1% 1% 1% < 1% < 1% % sales share
138 94 35 17 15 11 3,751
178 35 0 17 0 15 0 11 0 109
3,053 210 138 0 94 0
178 0
129 81
Material Handling
28
Equipment
3,642
3,025
Pick and Tele Handlers Crawler Cranes Truck Cranes Fixed Tower Mobile All Terrain Reach Stackers Others Total
carry cranes Cranes Tower Cranes Cranes
81% 6% 5% 4% 3% <1% <1% <1% <1% % sales share

Q4 FY23 : Sub-category wise Sales Composition (II/II)
Exports Domestic
Units sold 31 10 9 1,639
89
128 30 3,649 134 31 10 9 0 157
237 633 89 0 0 0
30 0 45 134 0
Concrete Equipment
345 128
Road Construction
575 237 0 2
327 0
2,334 17 18
Equipment
558 631
10
733
3,604 1,482
155
2,324
578
Concrete Stationary Batching Self Loading Boom Others Total Soil Tandem Wheeled Tracked Pneumatic Milling Others Total
Mixers Concrete Plants Concrete Pumps Compact-Compact- Pavers Pavers Tyre Wheel
(Transit Pumps Mixers ors ors Rollers % sales
Mixers)
share
64 % 16% 9% 6% 4% 1% 45% 39% 8% 5% 2% <1% <1%
22 19 568
28 25
34 22 0 19 0
Material Processing
37 17 8 73
62 33 1 23 5
65 37 0
Equipment
2
83 60
0 52 13
193 83 495
44
149
Screeners Static Impact Static Cone Static Jaw Wheeled Wheeled Tracked Cone Tracked Jaw Wheeled Tracked Total
Crushers Crushers Crushers Jaw Crushers Cone Crushers Crusher Crushers Impact Impact
(VSI/HSI) Crushers Crusher % sales share
34% 15% 11% 11% 7% 6% 5% 4% (VSI/HSI)
4% (HIS/VSI)
3%
CE INDUSTRY
MONTHLY SALES REPORT : MARCH’22
Construction Equipment sales registered strong growth in Mar’23 over the
previous month
+16%
+42%
Material Handling
+21%
+7%
Earthmoving
Monthly sales across all equipment categories
Equipment
Equipment
8,884
7,627 7,355 1,320
746 1,238
613 610 932 56
Units sold 30
8,138 22
+19% 7,014 6,745 1,208 1,264
910
+17% Mar’22 Feb’23 Mar’23 Mar’22 Feb’23 Mar’23

+15%
12,407
Material Processing
Road Construction
894 +20% +242%
10,426 10,592
Equipment
Equipment
646 +4%
732 773 564 539 58
62 87 197 205
24 25
502 452 588 60
173 180
60 0
11,513 Mar’22 Feb’23 Mar’23 Mar’22 Feb’23 Mar’23
9,694 9,819
Concrete Equipment
+9%
+7%
1,243 1,263 1,352

35 22 9
Mar’22 Feb’23 Mar’23 1,343
1,208 1,241
Domestic Sales Exports Mar’22 Feb’23 Mar’23

Construction Equipment Sales: Mar'23 data shows YOY growth for all categories
Month-on-month change (over Feb’23) Year-on-year change (over Mar’22)
% Domestic Sales Exports % Domestic Sales Exports

Units sold change N E W S SAARC Others change N E W S SAARC Others
Earthmoving 8,884 21% 36% 14% 18% 15% 5% 24% 16% 5% 22% 34% 10% -77% 67%
Material 1,320 7% -3% 16% -1% 20% NA 77% 42% 38% 18% 35% 63% -40% 212%
Handling
Concrete
1,352 7% 19% 24% -7% 19% -53% -80% 9% -5% 22% 6% 35% -76% -50%
Road 20% 32% 6% 69% 7% NA -33%

646 15% 53% -21% 51% -11% -100% 26%
Construction
Material
Processing 205 4% 5% 35% -8% 1% NA 4% 242% 229% 350% 70% 265% NA NA
Mar’23 Increase No change Decrease
1. Previous time period had zero sales

Note: NEWS–refers to regions in India, namely, north, east, west and south; SAARC refers to the South Asian Association for Regional Cooperation
Source: ICEMA
Page | 69
Construction Equipment Sales: Mar'23 data shows YOY growth for all categories
Units sold Mar'22 Feb'23 Mar'23
Domestic Sales Exports Domestic Sales Exports Domestic Sales Exports
Dome SAAR Other Exp- Dome Exp- Dome Exp-

Category Total N E W S Total N E W S SAARC Others Total N E W S SAARC Others
-stic C s orts -stic orts -stic orts
Earth
7627 2056 1112 1659 2187 7014 191 422 613 7355 1593 1185 1878 2089 6745 41 569 610 8884 2160 1352 2225 2401 8138 43 703 746
moving
Material
932 262 149 316 183 910 5 17 22 1238 374 152 432 250 1208 0 30 30 1320 361 176 428 299 1264 3 53 56
handling
Concrete 1243 347 119 460 282 1208 33 2 35 1263 276 117 528 320 1241 17 5 22 1352 329 145 489 380 1343 8 1 9
Road 564 111 118 133 140 502 16 46 62 539 129 88 119 116 452 0 87 87 646 170 93 201 124 588 0 58 58
Material
60 14 6 20 20 60 0 0 0 197 44 20 37 72 173 0 24 24 205 46 27 34 73 180 0 25 25
processing

Performance across Major Equipment Categories in Mar'23

12,407
8,884 316
209
12,091
8,675 1,352 1,320 Imports
646 205
1,351 1 1,293 27 567 79 205 0
Domestic Source
98% 100% 98% 88% 100% % Share of Domestic Source
Domestics Sales vs Exports 646 205 12,407

1,320
1,352 588 58 180 25 894
8,884 1,264 56
746 1,343 9
11,513
8,138 Exports
Domestic Sales
72% 11% 11% 5% 2% % Share of Total Sales
Page | 71
Sub-category wise Sales Composition (I/II)
Exports Domestic
Units sold 133 118 56 5 8,884
413 167
3,374 127 40 48 85 118 0 55 1 5 0 746
191 412 1
3,183
Earthmoving
Equipment
4,618
428 8,138
4,190
Backhoe Loader Crawler Wheel Loaders Off Highway Truck Skid Steer Motor Graders Track Type Others Total
52% 38% 5% 2% 1% 1% < 1% <1% % sales share
38 30 12 8 5 3 1,320
92 60
Material Handling
1,072 38 0 30 0 12 0 8 0 5 0 3 0 56
42 60 0
14 50
Equipment
1,264
1,058
Pick and Tele Handlers Crawler Cranes Truck Cranes Fixed Tower Mobile All Terrain Reach Stackers Others Total
carry cranes Cranes Tower Cranes Cranes
81% 7% 5% 3% 2% <1% <1% <1% <1% % sales share

Sub-category wise Sales Composition (II/II)
Exports Domestic
Units sold 32 11 5 3 646
11 1,352 56 5 0 3 0
50 257 32 0 11 0 58
105
50 0 11 0 9 56 0
Concrete Equipment
134 1
Road Construction
216 105 0
2 127 7
836 256
Equipment
214
0 282
1,343 588
57
836
225
Concrete Stationary Batching Self Boom Others Total Soil Tandem Wheeled Tracked Pneumatic Milling Others Total
Mixers Concrete Plants Loading Pumps Compact- Compact- Pavers Pavers Tyre Track
(Transit Pumps Concrete ors ors Rollers % sales
Mixers) Mixers
share
62% 16% 10% 8% 4% <1% 44% 40% 9% 5% 2% <1% <1%
8 6 205
12 10
6 0
Material Processing
14 2 8 0 25
16 7 5 8
20 14 0
16 0
Equipment
23
29 5 20 0
0 18
67 29 180
13
54
Screeners Static Impact Static Cone Static Jaw Wheeled Wheeled Tracked Jaw Tracked Cone Wheeled Tracked Impact Total
Crushers Crushers Crushers Cone Crushers Jaw Crushers Crushers Crusher Impact Crusher
(VSI/HSI) Crushers (HIS/VSI) % sales
33% 14% 11% 10% 8% 7% 6% 5% (VSI/HSI)
4% 3% share
Page | 73
EQUIPMENT DEEP-DIVE
PRODUCT – LEVEL DATA SUMMARY (MONTHLY)
EME | Backhoe Loader: Strong growth in MoM sales in Mar'23
Domestic Sales (By HP): 70-80 HP equipment continues to be key category

Backhoe loader: 11% increase over previous month,
3,643 3,726 4,190
16% growth over Mar'23 2% 3% 3%
<70 HP 80.1-90 HP
Units sold 97% 96% 96%
+16% 1% 70.1-80 HP >90 HP
1% 0% 1% 0% 0%
+11% Mar’22 Feb’23 Mar’23
4,618
4,145 428 Domestic Sales: Steady sales share across regions
3,970 3,643 3,726 4,190
327 419
23% 28% 28%
29% 29% 25%
Mar’22 Feb’23 Mar’23
4,190
3,643 3,726
Exports: Non-SAARC region continues to lead in export sales
327 419 428
27% 6% 1%
SAARC
73% 94% 99%
Others
Domestic Export
EME | Backhoe Loader : Historical trend of Domestic Sales
Domestic Sales
5,000 Units sold
4,360
4,190
4,186
4,000 3,726 3,643
3,611
3,086 3,183
3,000 3,093 2,767
2,481 3,013
2,640 2,348
2,357 2,261
2,325
2,156 2,372
2,000 1,883 1,699
1,992 1,962
FY 23
1,000 730 FY 22
0
Source: ICEMA
Page | 76
EME | Backhoe Loader : Historical trend of Export Sales
Export Sales
800 Units sold
600 637
544 536
455 428
403 419
400 360 360 425 418
377
268 287 275 341 254 327
268 268 265 211
200 249 FY 23
FY 22
158
0

EME | Backhoe Loader : Capacity-wise & Region-wise Sales
Units sold
Mar'22 Feb'23 Mar'23
Category Dom SAAR Other Exp- Dome SAAR Other Exp- Dome SAAR Other Exp-
Total N E W S Total N E W S Total N E W S
(By HP) -estic C s orts -stic C s orts -stic C s orts
<70 70 28 8 15 19 70 0 0 0 101 38 16 36 11 101 0 0 0 123 40 16 51 16 123 0 0 0
70.1-80 3542 1229 457 798 1050 3534 8 0 8 3604 952 552 1005 1081 3590 0 14 14 4057 1272 606 1096 1036 4010 2 45 47
80.1-90 104 0 0 0 0 0 12 92 104 136 0 0 2 0 2 0 134 134 109 2 0 3 0 5 0 104 104
>90 254 14 12 13 0 39 68 147 215 304 27 4 2 0 33 26 245 271 329 42 7 3 0 52 4 273 277
Total 3970 1271 477 826 1069 3643 88 239 327 4145 1017 572 1045 1092 3726 26 393 419 4618 1356 629 1153 1052 4190 6 422 428
Source: ICEMA
Page | 78
Earthmoving Equipment –
Crawler Excavators: Strong growth in sales compared to previous month
Domestic Sales (By Tonnage) : 21-24 T category led sales in Mar'23

Crawler Excavators: 31% increase over previous
2,692 2,514 3,183
month, 16% sales growth w.r.t. Mar'22 < 6T 16.1-21T
7% 6% 7% 7%
15% 7% 14% 6.1-10T 21.1-24T
Units sold 28% 7% 24% 29%
+16 % 35% 40% 36% 10.1-16T > 24T
8% 8% 6%
+31% Mar’22 Feb’23 Mar’23
3,374
191 Domestic Sales: Steady sales share across regions
2,903 2,692 2,514 3,183
211 2,582 23% 27% 25%
68 18% 18% 16% North East
38% 35% 37%
3,183
2,692 2,514 Exports: Non-SAARC region continue to dominates exports
211 68 191
29 12% 19%
SAARC
71 88% 81% Others
Source: ICEMA
Page | 79
EME | Crawler Excavators : Historical trend of Domestic Sales
Domestic Sales
4,000 Units sold
Domestic Break up for Mar'23

Crawler Excavators (Gen Construction) – 2900 3,183
Crawler Excavators (Mini)- 224
3,000 Crawler Excavators (Mining) -59
2,639
2,534 2,497 2,514
2,376 2,692
2,208
2,097
2,000 1,929 2,230
1,973 1,942 2,091 1,828
1,825 1,614 1,700 1,975
1,498 1,695
1,599
1,485
1,000 FY 23
790
FY 22
0

EME | Crawler Excavators : Historical trend of Export Sales
Export Sales
300 Units sold

294
Export Break up for Mar'23
Crawler Excavators (Gen Construction) – 171 256 246
Crawler Excavators (Mini)- 0
Crawler Excavators (Mining) - 20
231 211
200 181
202 205
191
147
132 163
142
125 139 114 116
98 100 FY 23
100
90 103 88 FY 22
68
71
0

EME | Crawler Excavators : Capacity-wise & Region-wise Sales
Units sold

Category Dome Exp- Dome Exp- Dome Exp-

Total N E W S SAARC Others Total N E W S SAARC Others Total N E W S SAARC Others
(By Tonnage) -stic orts -stic orts -stic orts
0-2 26 11 1 4 10 26 0 0 0 24 0 9 0 15 24 0 0 0 33 4 13 4 12 33 0 0 0
2.1-4 151 7 6 7 126 146 5 0 5 148 10 5 29 104 148 0 0 0 187 13 15 29 130 187 0 0 0
4.1-6 4 1 0 2 1 4 0 0 0 12 0 6 2 4 12 0 0 0 4 0 0 2 2 4 0 0 0
6.1-10 202 37 50 36 76 199 3 0 3 158 18 43 24 73 158 0 0 0 221 21 68 46 86 221 0 0 0
10.1-12 10 1 2 2 4 9 1 0 1 4 2 0 1 1 4 0 0 0 8 1 1 3 3 8 0 0 0
12.1-14 297 43 37 59 141 280 17 0 17 269 50 26 71 122 269 0 0 0 273 42 32 54 137 265 7 1 8
14.1-16 109 42 14 16 36 108 1 0 1 79 23 6 11 38 78 1 0 1 185 54 12 67 52 185 0 0 0
16.1-19 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
19.1-21 757 180 111 232 229 752 3 2 5 606 129 116 213 147 605 1 0 1 934 228 138 251 314 931 3 0 3
21.1-24 1117 225 221 215 294 955 18 144 162 1079 234 209 275 299 1017 6 56 62 1310 272 216 283 381 1152 26 132 158
24.1-28 11 1 1 6 3 11 0 0 0 14 0 1 12 1 14 0 0 0 10 2 0 7 1 10 0 0 0
28.1-32 13 4 1 2 3 10 3 0 3 7 1 0 3 3 7 0 0 0 5 1 0 4 0 5 0 0 0
32.1- 35 38 5 4 7 16 32 6 0 6 45 4 4 12 24 44 0 1 1 34 4 4 7 17 32 0 2 2
35.1- 40 110 16 12 10 67 105 2 3 5 65 12 10 8 32 62 0 3 3 91 22 8 16 45 91 0 0 0
40.1 – 50 33 3 9 10 11 33 0 0 0 31 7 6 13 5 31 0 0 0 39 4 4 9 8 25 0 14 14
50.1 – 66 14 2 3 6 0 11 3 0 3 18 4 2 5 7 18 0 0 0 13 0 2 7 4 13 0 0 0
66.1 – 80 0 0 0 0 0 0 0 0 0 7 0 6 1 0 7 0 0 0 2 0 1 1 0 2 0 0 0
80.1 – 90 4 2 1 0 1 4 0 0 0 10 1 7 0 2 10 0 0 0 4 0 4 0 0 4 0 0 0
90.1 – 150 7 0 6 1 0 7 0 0 0 6 0 2 4 0 6 0 0 0 21 0 5 10 0 15 0 6 6
>150 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Total 2903 580 479 615 1018 2692 62 149 211 2582 495 458 684 877 2514 8 60 68 3374 668 523 800 1192 3183 36 155 191
Source: ICEMA Mini Gen Construction Mining
Page | 82
Wheeled Loaders: Strong growth in sales on MoM basis in Mar'23
Domestic Sales (By HP) : >150 HP category dominated sales

Wheeled Loaders: 38% growth over previous
351 293 412
month, 13% increase in sales w.r.t. Mar'22 70-100 HP > 150 HP
3% 3% 1%
49% 42% 38% 100-135 HP
12% 21% 19%
Units sold +13% 36% 34% 42% 135.1-150 HP
+38% Mar’22 Feb’23 Mar’23
413
1 Domestic sales: Increase in market share for west region
366
15 351 293 412
300 36% 34% 39%
7 25% 24% 18% North East
16% 24% 22%
412
351
293
Exports: Single unit export sales to SAARC region
15 7 1
40% SAARC
100% 100%
60% Others
Mar’22 Feb’23 Mar’23 0% 0%
Source: ICEMA
Page | 83
EME | Wheeled Loaders: Historical trend of Domestic Sales
Domestic Sales
500 Units sold
412
400
329
313 302 351
298 293
300
275 269 302
262 263 245 287
232
260 256
196 240
200 219 221 177
158 205
FY 23
100 FY 22
0
Source: ICEMA
Page | 84
EME | Wheeled Loaders: Historical trend of Export Sales
Export Sales
30
Units sold
26
20
17 19
18 15
16
12 15 12
FY 23
12 12
10 11 FY 22
10 7 7
7 5
6
5
4 4 1
3
0
Source: ICEMA
Page | 85
EME | Wheeled Loaders : Capacity-wise & Region-wise Sales
Units sold

(By HP) -stic orts -stic orts -stic orts
70 - 80 11 1 2 8 0 11 0 0 0 8 1 2 5 0 8 0 0 0 5 0 0 5 0 5 0 0 0
80.1- 100 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
100.1 - 120 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
120.1 - 135 171 56 33 60 22 171 0 0 0 124 26 24 40 34 124 0 0 0 158 28 29 70 31 158 0 0 0
135.1 - 150 42 9 6 13 13 41 1 0 1 65 16 19 15 12 62 3 0 3 78 24 5 18 30 77 1 0 1
150.1 - 175 27 4 7 11 5 27 0 0 0 29 2 7 13 5 27 2 0 2 67 14 11 30 12 67 0 0 0
175.1 - 200 16 8 5 2 1 16 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
200.1 - 250 95 4 33 31 13 81 5 9 14 65 9 13 25 16 63 2 0 2 101 20 26 37 18 101 0 0 0
250.1 - 300 3 0 0 0 3 3 0 0 0 7 0 3 1 3 7 0 0 0 1 0 1 0 0 1 0 0 0
300.1- 350 0 0 0 0 0 0 0 0 0 1 0 0 0 1 1 0 0 0 0 0 0 0 0 0 0 0 0
350.1- 500 1 1 0 0 0 1 0 0 0 1 0 1 0 0 1 0 0 0 3 0 1 1 1 3 0 0 0
500.1 - 750 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
750.1 - 1000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
>1000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Total 366 83 86 125 57 351 6 9 15 300 54 69 99 71 293 7 0 7 413 86 73 161 92 412 1 0 1
Source: ICEMA
Page | 86
Motor Graders: Strong growth in sales on MoM basis
Domestic Sales (By HP) : Sales share is led by < 170 HP category
Motor Graders: 49% increase over previous month,
30% increase in sales w.r.t. Mar'22 69 79 118
Units sold 74% 78% 80% < 170 HP > 200 HP

+30% 20% 170-200 HP
6% 4% 18% 3% 18%
+49% Mar’22 Feb’23 Mar’23
118
0 Domestic Sales: Increase in sales share for west region
69 79 118
91 35% 19% 33%
79 19% 33% 14% North East
22% 21%
22 0 28%
19% 22%
31% South West
27%
118
79
69 Exports: Nil export sales in Mar'23
22
SAARC
100%
0 0 Others
Mar’22 Feb’23 Mar’23 0% 0% 0% 0% 0%
Source: ICEMA
Page | 87
EME | Motor Graders: Historical trend of Domestic Sales
Domestic Sales
150 Units sold
118
100 104
100
88
87 79 79
72
67
63 63 69
53
50 53 44 45 45
47 46 40
FY 23
22 37 38 FY 22
17
0
Source: ICEMA
Page | 88
EME | Motor Graders: Historical trend of Export Sales
Export Sales
25 Units sold
22
20
15
10 10
FY 23
6
5 3 FY 22
4
2 2 3
2 1 1
1 1 0
0 0 0 0 0 0 0 0
Source: ICEMA
Page | 89
EME | Motor Graders : Capacity-wise & Region-wise Sales
Units sold

<140 18 2 5 8 3 18 0 0 0 25 2 10 9 4 25 0 0 0 28 5 8 13 2 28 0 0 0
140 - 170 54 14 3 7 9 33 21 0 21 37 16 10 2 9 37 0 0 0 66 22 4 20 20 66 0 0 0
170.1 - 200 15 3 2 8 1 14 1 0 1 14 3 5 3 3 14 0 0 0 21 10 2 6 3 21 0 0 0
200.1- 250 0 0 0 0 0 0 0 0 0 1 0 0 0 1 1 0 0 0 1 0 1 0 0 1 0 0 0
>250 4 0 3 1 0 4 0 0 0 2 0 1 1 0 2 0 0 0 2 0 2 0 0 2 0 0 0
Total 91 19 13 24 13 69 22 0 22 79 21 26 15 17 79 0 0 0 118 37 17 39 25 118 0 0 0
Source: ICEMA
Page | 90
Skid Steer Loaders: Decline in sales compared to previous month
Domestic Sales (By KG) : 600-700 kg led the sales share

Skid Steer Loaders: 13% sales decrease compared 151 53 48
to previous month, 15% de-growth w.r.t. Mar'22 1% 0% 0%
32% 49% < 600 KG > 700 KG
Units sold 77%
67%23% 51% 600-700 KG
23%
-15% Mar’22 Feb’23 Mar’23
-13%
157
153 Domestic sales: Decline in sales share for south region
6
133 151 53 48
18% 26% 38%
16%
100 53% 42%
13%
23% South West
6%
85
151
Exports: 100% export to Non- SAARC region

6 100 85
53 48 0% 0%
SAARC
100% 100% 100%
Others
Mar’22 Feb’23 Mar’23 0%
Source: ICEMA
Page | 91
EME | Skid Steer Loaders: Historical trend of Domestic Sales
Domestic Sales
200
150
151
100 100 95 94
96 98
63 70 69
49 52 53
48
50 48 43
46 50 51
49 47
40 43
16 18 FY 23
FY 22
0
Source: ICEMA
Page | 92
EME | Skid Steer Loaders: Historical trend of Export Sales
Export Sales
100 100
85
80
60
40 40
24 26
27
20 22
17 16 11
9 FY 23
11 10 12 8
4 9 FY 22
0 2 0 0 0 0 0 6
Source: ICEMA
Page | 93
EME | Skid Steer Loaders : Capacity-wise & Region-wise Sales
Units sold


(By KG) -stic orts -stic orts -stic orts
0-500 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 70 0 0 0 0 0 0 70 70
500.1-600 1 1 0 0 0 1 0 0 0 60 0 0 0 0 0 0 60 60 0 0 0 0 0 0 0 0 0
600.1-700 55 5 19 12 13 49 6 0 6 26 1 6 8 11 26 0 0 0 37 1 13 15 8 37 0 0 0
700.1-800 10 0 2 5 3 10 0 0 0 3 0 1 1 1 3 0 0 0 8 2 0 3 3 8 0 0 0
800.1-900 0 0 0 0 0 0 0 0 0 16 0 4 5 7 16 0 0 0 0 0 0 0 0 0 0 0 0
900.1-1000 0 0 0 0 0 0 0 0 0 1 0 0 0 1 1 0 0 0 0 0 0 0 0 0 0 0 0
1000.1-1100 84 74 3 3 4 84 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
1100.1-1300 7 0 0 7 0 7 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
1300.1-1500 0 0 0 0 0 0 0 0 0 47 2 3 0 2 7 0 40 40 18 3 0 0 0 3 0 15 15
>1500 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Total 157 80 24 27 20 151 6 0 6 153 3 14 14 22 53 0 100 100 133 6 13 18 11 48 0 85 85
Source: ICEMA
Page | 94
Earthmoving Equipment – Track Type Tractors/Crawler Dozer: Strong sales
growth compared to previous month
Domestic Sales (By HP) : >210 HP category led the sales

Track Type Tractors/Crawler Dozers: 33% sales growth
47 42 55
over previous month, 4% sales growth w.r.t Mar'22 5% 5%
21% 17% 18%
Units sold 21% < 160 HP > 210 HP
57% 79% 76% 160-210 HP
+4%
+33%
56
54 1 Domestic sales: West region led the sales share in Mar'23
7 47 42 55
42 30% 29% 44%
0 19% 45% 20%
North East
21%
30% 33% South West
2% 24% 4%
55
47
42
Exports: Single unit export to Non-SAARC region
7 1
0%
SAARC
100% 100%
0 Others
Mar’22 Feb’23 Mar’23 0% 0% 0%
Source: ICEMA
Page | 95
EME | Track Type Tractors/Crawler Dozers: Historical trend of Domestic Sales
Domestic Sales
Units sold
60
55
57
52 53 47
43 42
44 39 38
40 42
39 35
35 31
31
26
23
25
20 20 18 22 23
FY 23
17 FY 22
0
Source: ICEMA
Page | 96
EME | Track Type Tractors/Crawler Dozers: Historical trend of Export sales
Export Sales
25 Units sold
21
20
15
10
7
FY 23
5 FY 22
3
1 1 1
0 0 0 0 0 0 0 0 0 0 0
Source: ICEMA
Page | 97
EME | Track Type Tractors/Crawler Dozers : Capacity-wise & Region-wise Sales
Units sold

20 - 75 0 0 0 0 0 0 0 0 0 1 1 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0
75.1 - 85 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
85.1 - 105 10 10 0 0 0 10 0 0 0 1 0 0 1 0 1 0 0 0 3 1 0 2 0 3 0 0 0
105.1 - 130 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
130.1 - 160 10 2 0 5 3 10 0 0 0 7 0 5 2 0 7 0 0 0 10 0 2 6 2 10 0 0 0
160.1 - 210 16 1 4 3 1 9 7 0 7 19 0 4 6 9 19 0 0 0 12 0 0 5 7 12 0 0 0
210.1 - 260 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 2 1 0 0 1 2 0 0 0
260.1 - 360 11 1 5 3 2 11 0 0 0 10 0 7 2 1 10 0 0 0 17 0 2 7 8 17 0 0 0
360.1 - 520 7 0 0 3 4 7 0 0 0 3 0 3 0 0 3 0 0 0 12 0 7 4 0 11 0 1 1
>520 0 0 0 0 0 0 0 0 0 1 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0
Total 54 14 9 14 10 47 7 0 7 42 1 19 12 10 42 0 0 0 56 2 11 24 18 55 0 1 1
Source: ICEMA
Page | 98
Off Highway Dump Trucks: Strong growth in MoM sales
Domestic Sales (By Tonnage): 55-75 T category dominated sales

Off Highway Dump Trucks: 215% increase over 60 37 127
previous month, 96% increase w.r.t. Mar'22 0% 0% 0%
3%
2% 6% 2% 0% 0-30T 75.1-90 T
27%
10% 70% 0% 78% 0%
Units sold 0% 30-40 T 90-105 T
52%
+96% 24% 0% 0%
7% 0% 5% 4% 10% 40.1-55 T 140-170 T
+215% Mar’22 Feb’23 Mar’23 55.1-75 T >170T
167
Domestic sales: East region led the sales split in Mar'23
40 60 37 127
45% 22% 23%
73% 66% North East
40%
0% 5%
15% 0% 4% 7% South West
85 Mar’22 Feb’23 Mar’23
25
53 127 Exports: 100% exports for Non- SAARC region
16
25 16 40
60 0% 0% 0%
37 SAARC
100% 100% 100%
Others
Source: ICEMA
Page | 99
EME | Off-Highway Dump Trucks: Historical trend of Domestic Sales
Domestic Sales
150 Units sold
127
100 94
77 74 76
60
56
49 50 64
50 52 47
37 52 37
34 45 FY 23
41 41
30 35 34 33 FY 22
31
0
Source: ICEMA
Page | 100
EME | Off Highway Dump Trucks: Historical trend of Export Sales
Export Sales
40 Units sold 40
32
31
30
25
20 19
16 16
16
12 14
13 FY 23
10 11
FY 22
7
4
2 3 6
2 5 3
2
1
0
Source: ICEMA
Page | 101
EME | Off Highway Dump Trucks : Capacity-wise & Region-wise Sales
Units sold
Category (By Dome Exp- Dome Exp- Dome Exp-

Tonnage) -stic orts -stic orts -stic orts
0 - 30 2 0 0 2 0 2 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
30.1 - 40 1 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 2 0 2 0 0 2 0 0 0
40.1 - 55 16 0 8 8 0 16 0 0 0 0 0 0 0 0 0 0 0 0 8 0 4 0 4 8 0 0 0
55.1 - 75 6 3 3 0 0 6 0 0 0 26 0 18 8 0 26 0 0 0 99 0 70 24 5 99 0 0 0
75.1 - 90 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
90.1 - 105 56 6 13 12 0 31 0 25 25 25 0 9 0 0 9 0 16 16 53 0 8 5 0 13 0 40 40
105.1 - 140 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
140.1 - 170 0 0 0 0 0 0 0 0 0 2 2 0 0 0 2 0 0 0 5 5 0 0 0 5 0 0 0
170.1 -200 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
200.1 - 275 4 0 0 4 0 4 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
>275 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Total 85 9 24 27 0 60 0 25 25 53 2 27 8 0 37 0 16 16 167 5 84 29 9 127 0 40 40
Source: ICEMA
Page | 102
Road Construction Equipment–
Double Drum Rollers : Increase in MoM sales reported
Double Drum Roller:34% increase in month-on- Domestic Sales (By Tonnage) : < 5T category continue to dominate sales
month sales, 11% increase w.r.t Mar'22 216 191 256
55% 57% 48% <5 T 9.1-10 T
Units sold
+11% 23% 26% 0% 30% 5.1-9 T >10 T
12% 11% 17% 0% 22%
+34% Mar’22 Feb’23 Mar’23
257
1 Domestic sales: Increase in sales split for west region
232
16 216 191 256
192
27% 23% 30%
1 27% 24% 18% North East
26% 24% 24%
29% South West
20% 28%
256 Mar’22 Feb’23 Mar’23
216
191 Exports: Single unit export to Non-SAARC region
16 1 1
0% 0%
38% SAARC
100% 100%
63% Others
Source: ICEMA
Page | 103
RCE | Double Drum Rollers: Historical trend of Domestic Sales
Domestic Sales
300 Units sold
256
199
200 189 190 191 216
180
161 184 184 188
154
154
138 158
134 149
133 130
120
100
84 81 FY 23
89
67 FY 22
0
Source: ICEMA
Page | 104
RCE – Double Drum Rollers :Historical trend of Export Sales
Export Sales
50 Units sold
42
40
31
30 29
23 24 24
22 22
20
15 16
10
FY 23
10 8 8 FY 22
3 4 6
3
0 0 1 0 0 1 1
Source: ICEMA
Page | 105
RCE | Double Drum Rollers : Details
Units sold

Category Dome- Exp- Dome- Exp- Dome- Exp-

(By Tons) stic orts stic orts stic orts
2.5- 3 6 2 2 1 1 6 0 0 0 8 0 4 1 2 7 0 1 1 10 5 4 1 0 10 0 0 0
3.1- 5 117 18 35 26 33 112 3 2 5 101 25 34 20 22 101 0 0 0 112 33 24 16 39 112 0 0 0
5.1- 8 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
8.1- 9 56 13 11 11 14 49 0 7 7 50 20 5 13 12 50 0 0 0 77 24 13 28 12 77 0 0 0
9.1- 10 24 3 4 9 7 23 1 0 1 33 11 3 10 9 33 0 0 0 58 9 6 32 10 57 0 1 1
10.1 -11 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
11.1- 12 29 7 6 12 1 26 2 1 3 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Total 232 43 58 59 56 216 6 10 16 192 56 46 44 45 191 0 1 1 257 71 47 77 61 256 0 1 1
Source: ICEMA
Page | 106
Single Drum Rollers: Growth in MoM unit sales
Domestic Sales (By Tonnage): 11-11.9 T category continues to be the dominant
category
Single Drum Roller: 9% increase over previous 186 172 225
month, 22% increase in sales w.r.t. Mar'22 10% 5% 8%
10-10.9 T 12- 15 T
11-11.9 T >15 T
0% 1% 1% 9% 0% 4%
+22%
+9% Mar’22 Feb’23 Mar’23
282
258 Domestic sales: Increase in sales split for west region
232 57 186 172 225
27% 32% 39%
46 86 25% 14% 14% North East
26% 27% 20%
225
186 Exports: Non-SAARC region continues to dominate exports
172
46 86 57
22% 0% 0%
SAARC
78% 100% 100%
Others
Source: ICEMA
Page | 107
RCE | Single Drum Rollers : Historical trend of Domestic Sales
Domestic Sales
250 Units sold

225
219
200 207
180
181 186
180
161 172
150 153 142
143 152
143 119
131
102 113 117 95
100 98
86
84 FY 23
65
50 FY 22
0
Source: ICEMA
Page | 108
RCE | Single Drum Rollers : Historical trend of Export Sales
Export Sales
100 Units sold
86
80
60 59 57
57 56
44
40 37 46
38 34 35
30
30 26 31 34
21 26 25 20 FY 23
20 18 FY 22
11
12
7
0
Source: ICEMA
Page | 109
RCE | Single Drum Rollers : Capacity-wise & Region-wise Sales
Units sold

Category Dome- Exp- Dome- Exp- Dome- Exp-

(By Tons) stic orts stic orts stic orts
'10 -10.9 25 2 5 10 1 18 0 7 7 9 4 1 2 2 9 0 0 0 17 9 2 4 2 17 0 0 0
'11 - 11.9 206 39 41 39 48 167 10 29 39 231 37 22 46 40 145 0 86 86 254 46 29 79 43 197 0 57 57
'12- 15 1 0 0 1 0 1 0 0 0 16 4 1 7 4 16 0 0 0 10 5 0 5 0 10 0 0 0
'> 15 0 0 0 0 0 0 0 0 0 2 2 0 0 0 2 0 0 0 1 1 0 0 0 1 0 0 0
Total 232 41 46 50 49 186 10 36 46 258 47 24 55 46 172 0 86 86 282 61 31 88 45 225 0 57 57
Source: ICEMA
Page | 110
Tracked Pavers: Increase in MoM sales in Mar'23
Domestic Sales (By Meters): 7.1-9 M category dominated sales

Tracked Pavers: 23% increase in sales over previous 24 26 32
month, 33% increase in sales as compared to Mar'22 0% 0% 0% 0% 0%
0% <5.5 7.1-9.0
+33% 38% 5.5-7.0 >9
15% 13%
+23% Mar’22 Feb’23 Mar’23
32
0 Domestic sales: Increase in sales share for west region
26 24 26 32
24 0 21% 23%
8% 12% 41%
0 38% 27% 6% 9% North East
32
24 26
Exports: Nil exports reported in Mar'23
SAARC
0 0 0 Others
Mar’22 Feb’23 Mar’23 0% 0% 0% 0% 0% 0%
Source: ICEMA
Page | 111
RCE | Tracked Pavers: Historical trend of Domestic Sales
Domestic Sales
40 Units sold
32
31
30 29
26 24
23 22
20 20 18
19
14 13
13
12 12
10
FY 23
11
10 FY 22
7 7 5
7 6
4
0 1
Source: ICEMA
Page | 112
RCE | Tracked Pavers: Historical trend of Export Sales
Export Sales
Units sold
2
2
1 1
FY 23
FY 22
0 0 0 0 0 0 0 0 0 0 0 0 0
Source: ICEMA
Page | 113
RCE | Tracked Pavers : Capacity-wise & Region-wise Sales
Units sold

(By Meters) -stic orts -stic orts -stic orts
<5.5 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
5.5-7.0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
7.1-9.0 15 5 1 0 9 15 0 0 0 22 9 1 6 6 22 0 0 0 28 11 2 12 3 28 0 0 0
>9 9 3 1 5 0 9 0 0 0 4 1 2 0 1 4 0 0 0 4 3 0 1 0 4 0 0 0
Total 24 8 2 5 9 24 0 0 0 26 10 3 6 7 26 0 0 0 32 14 2 13 3 32 0 0 0
Source: ICEMA
Page | 114
Material Handling Equipment –
Pick and Carry Cranes: Increase in MoM unit sales
Domestic Sales (By Tonnage) : 12.1-15 T continues to be the dominant segment

Pick and Carry Cranes: 6% increase over previous 878 1,000 1,058
month; 19% increase in sales w.r.t. Mar'22 5.1-10 T 15.1-20 T
13% 0% 2% 0% 3% 0%
74% 74% 10.1-12 T > 20 T
Units sold 63%
18% 16% 14% 12.1-15 T
+19% 6% 8% 9%
+6% Mar’22 Feb’23 Mar’23
1,072
1,008 14 Domestic sales: Steady sales share across regions
898 8
878 1,000 1,058
20 35% 34% 32%
20% 21% 24%
1,000 1,058
878
Exports: Non-SAARC region led exports in Mar'23
20 8 14
15% 0% 14%
SAARC
85% 100% 86%
Others
Source: ICEMA
Page | 115
MHE | Pick & Carry Cranes: Historical trend of Domestic Sales
Domestic Sales
1,500 Units sold
Domestic Break up for Mar'23

Pick & Carry Cranes (Hydraulic & Hydra Cranes) – 613
Pick & Carry Cranes (Next Gen Cranes)-445
1,058
967 1,000
1,000 939
878
798 784 756
749 792
649 707
721 659
609 559
632 577
573 474
500 488 534 552
FY 23
FY 22
209
0
Source: ICEMA
Page | 116
MHE | Pick & Carry Cranes: Historical trend of Export Sales
Export Sales
40 Units sold
Exports Break up for Mar'23

Pick & Carry Cranes (Hydraulic & Hydra Cranes) – 12
Pick & Carry cranes (Next Gen Cranes)- 2
30 32
25
20 20
20 19
18 16
16
14 13 14
13 13
11
10 FY 23
10 10 10 8
7 FY 22
7 6 9 6
4
0
Source: ICEMA
Page | 117
MHE | Pick & Carry Cranes : Capacity-wise & Region-wise Sales
Units sold

(By Tons) -stic orts -stic orts -stic orts
< 3 tons 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
3 - 5 tons 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
5.1 - 10 tons 0 0 0 0 0 0 0 0 0 2 1 1 0 0 2 0 0 0 0 0 0 0 0 0 0 0 0
10.1 - 12 tons 116 31 0 29 53 113 0 3 3 27 6 0 6 11 23 0 4 4 33 5 1 7 20 33 0 0 0
12.1- 15 tons 566 153 112 223 67 555 2 9 11 744 215 104 262 160 741 0 3 3 792 226 120 252 185 783 1 8 9
15.1- 20 tons 161 56 26 27 47 156 1 4 5 156 68 18 40 29 155 0 1 1 151 55 20 38 34 147 0 4 4
20.1- 25 tons 55 13 7 25 9 54 0 1 1 71 25 8 33 5 71 0 0 0 86 17 14 40 14 85 1 0 1
25.1- 30 tons 0 0 0 0 0 0 0 0 0 8 6 1 1 0 8 0 0 0 10 3 0 5 2 10 0 0 0
Total 898 253 145 304 176 878 3 17 20 1008 321 132 342 205 1000 0 8 8 1072 306 155 342 255 1058 2 12 14
Source: ICEMA
Page | 118
Material Handling Equipment – Truck Cranes: Decrease in MoM unit sales
Domestic Sales (By Tonnage) : >100 T dominated sales in Mar'23

Truck Cranes: 16% decrease over previous month
45 38
31% 26%
26% 25.1- 55 >100
Units sold 36%
100% 0% 33% 47% 55.1- 99
0% 0%
-16% Mar’22 Feb’23 Mar’23
45
0 Domestic sales: West region led sales in Mar'23
38
45 38
0
44% 55%
0% 13% North East
0 24% 16%
0% 18% 16% 13% South West
0% 0%
45 Mar’22 Feb’23 Mar’23
38
Exports: Nil export sales in Mar'23
0 SAARC
0 0 0 0 0 Others
Mar’22 Feb’23 Mar’23 0% 0% 0% 0% 0% 0%
Source: ICEMA
Page | 119
MHE | Truck Cranes: Historical trend of Domestic Sales
Domestic Sales
60 Units sold
55
45
40 38
36
30
26 27
28
25
20 23
20 FY 23
17
0
Apr May Jun 209 Aug Sep Oct Nov Dec Jan Feb Mar
Source: ICEMA
Page | 120
MHE | Truck Cranes: Historical trend of Export Sales
Export Sales
2
2.0 Units sold
1 1 1
1.0
FY 23
0.0 0 0 0 0 0 0 0 0
Source: ICEMA
Page | 121
MHE | Truck Cranes : Capacity-wise & Region-wise Sales
Units sold

25.1- 55 tons 0 0 0 0 0 0 0 0 0 14 4 1 4 5 14 0 0 0 10 2 4 2 2 10 0 0 0
55.1- 99 tons 0 0 0 0 0 0 0 0 0 16 2 5 4 5 16 0 0 0 10 3 1 4 2 10 0 0 0
> 100 tons 0 0 0 0 0 0 0 0 0 15 2 0 12 1 15 0 0 0 18 0 1 15 2 18 0 0 0

Total 0 0 0 0 0 0 0 0 0 45 8 6 20 11 45 0 0 0 38 5 6 21 6 38 0 0 0
Source: ICEMA
Page | 122
Material Handling Equipment–
Crawler Cranes: Sales growth in MoM unit sales
Domestic Sales (By Tonnage) : >100 T dominated sales in Mar'23

Truck Cranes:9% growth over previous month
55 60 <40 80.1-100
0% 17% 3%
58% 20% 40.1-60 >100
+100% 0% 18%
9% 7% 50% 60.1-80
0% 0%
+9% Mar’22 Feb’23 Mar’23
60
55 0 Domestic sales: North region dominated sales in Mar'23
0 55 60
42% 32%
0% 4% 7% North East
22% 23%
0 0% 33% 38% South West
0% 0%
60 Mar’22 Feb’23 Mar’23
55
Exports: Nil exports in Mar'23
0 SAARC
0 0 0 0 0 Others
Mar’22 Feb’23 Mar’23 0% 0% 0% 0% 0% 0%
Source: ICEMA
Page | 123
MHE | Crawler Cranes: Historical trend of Domestic Sales
Domestic Sales
80 Units sold
63
60
60 55
49
44
40 43
33 30
27 FY 23
20
21
16 16
0
Apr May Jun 209 Aug Sep Oct Nov Dec Jan Feb Mar
Source: ICEMA
Page | 124
MHE | Crawler Cranes: Historical trend of Export Sales
Export Sales
1 1 Units sold
FY 23
0 0 0 0 0 0 0 0 0 0 0 0
Source: ICEMA
Page | 125
MHE | Crawler Cranes : Capacity-wise & Region-wise Sales
Units sold

0 0 0 0 0 0 0 0 0 32 13 0 8 11 32 0 0 0 2 2 0 0 0 2 0 0 0
<40 tons
0 0 0 0 0 0 0 0 0 4 1 1 1 1 4 0 0 0 10 4 0 2 4 10 0 0 0
40.1-60 tons
0 0 0 0 0 0 0 0 0 5 1 0 4 0 5 0 0 0 12 5 0 6 1 12 0 0 0
60.1-80 tons
0 0 0 0 0 0 0 0 0 10 0 1 9 0 10 0 0 0 6 4 0 1 1 6 0 0 0
80.1-100 tons
0 0 0 0 0 0 0 0 0 4 3 0 1 0 4 0 0 0 30 8 4 10 8 30 0 0 0
>100 tons
Total 0 0 0 0 0 0 0 0 0 55 18 2 23 12 55 0 0 0 60 23 4 19 14 60 0 0 0
Source: ICEMA
Page | 126
Material Processing Equipment – Screeners: Decline in MoM unit sales
Domestic Sales (By m3/hr) : 250-300 m3/hr segment dominated the sales
Screeners: 3% decrease over previous month, 116% 31 55 54
increase w.r.t. Mar'22 0% 9%
19% 11% 9% 11%
16% <100 250.1-300
Units sold 26% 20%
38% 100 -200 >300
+116% 45% 41%
25% 200.1-250
10% 19%
-3%
69 67
Domestic sales: South region continue to lead the market share split
14 13 31 55 54
23% 18% 17%
35% 47% 44%
South West
29% 22% 24%
31 Mar’22 Feb’23 Mar’23
0
55 54
Exports: 100% exports to Non-SAARC region
31 14 13
0% 0%
SAARC
100% 100%
0 Others
Mar’22 Feb’23 Mar’23 0% 0%
Source: ICEMA
Page | 127
MPE | Screeners: Historical trend of Domestic Sales
Domestic Sales
59
60 Units sold
55 54
54
46
44 41
39 40
40 36
32 31
30 28
25
23
19
20
16 16
13 13 FY 23
11 12
8 FY 22
0
Source: ICEMA
Page | 128
MPE | Screeners: Historical trend of Export Sales
Export Sales
25 Units sold
23
20 20
18
17
15
14
13
12
11 11
10 10
9
5 FY 23
5 FY 22
0
Source: ICEMA
Page | 129
MPE | Screeners : Capacity-wise & Region-wise Sales
Units sold

Category
Dome- Exp- Dom Exp- Dome- Exp-
(By Total N E W S SAARC Others Total N E W S SAARC Others Total N E W S SAARC Others
stic orts e-stic orts stic orts
m3/hr)
<100 0 0 0 0 0 0 0 0 0 5 1 0 0 4 5 0 0 0 5 1 0 0 4 5 0 0 0
100 -200 6 1 1 1 3 6 0 0 0 6 3 0 0 3 6 0 0 0 6 3 0 0 3 6 0 0 0
8 2 1 2 3 8 0 0 0 13 1 1 1 6 9 0 4 4 11 3 1 1 6 11 0 0 0
200.1-250
14 5 2 3 4 14 0 0 0 22 6 5 4 6 21 0 1 1 24 6 5 4 7 22 0 2 2
250.1-300
>300 3 1 0 1 1 3 0 0 0 23 1 1 5 7 14 0 9 9 21 0 2 4 4 10 0 11 11
Total 31 9 4 7 11 31 0 0 0 69 12 7 10 26 55 0 14 14 67 13 8 9 24 54 0 13 13
Source: ICEMA
Page | 130
Material Processing Equipment–
Jaw Crushers: Growth in unit sales on MoM basis
Jaw Crushers: 12% growth over previous month; Domestic Sales (By TPH): 200-250 T category led the sales share
411% increase in sales compared to Mar'22 9 39 41 <100 250.1 - 300
21% 20%
78% 13% 15% 100 - 200 > 300
Units sold 33% 39%
+411 % 8% 7% 200.1 - 250
11% 11% 26% 20%
+12% Mar’22 Feb’23 Mar’23
46
41 5 Domestic sales: South region continues to lead the market share split
2 9 39 41
15% 12%
44% 13% 22%
11% 46% North East
22% 44%
39 41
9 Exports: 100% export sales to Non-SAARC regions

0 2 5
9 0% 0%
SAARC
100% 100%
Mar’22 Feb’23 Mar’23 0 Others
0 0
Source: ICEMA
Page | 131
MPE | Jaw Crushers: Historical trend of Domestic Sales
Domestic Sales
80 Units sold Domestic Break up for Mar'23

Static Jaw Crusher – 20
Tracked Jaw Crusher- 7
68 Wheeled Jaw Crusher -14
60 61 61
48 47 45
40 39 41
38
34 34
30
20
FY 23
17 FY 22
13 12 12 12
11
9 9 8 9
6 7
0
Source: ICEMA
Page | 132
MPE | Jaw Crushers: Historical trend of Export Sales
Export Sales
10 Units sold
Static Jaw Crusher – 0
Tracked Jaw Crusher- 5 9
Wheeled Jaw Crusher -0
8
6 6
5 5
5
4 4
4
3
3 FY 23
2 2
1
0
0
Source: ICEMA
Page | 133
MPE | Jaw Crushers: Capacity-wise & Region-wise Sales
Units sold

(By TPH) -stic orts -stic orts -stic orts
<100 0 0 0 0 0 0 0 0 0 8 0 2 0 6 8 0 0 0 8 0 2 0 6 8 0 0 0
100 - 200 0 0 0 0 0 0 0 0 0 5 3 0 0 2 5 0 0 0 6 3 0 0 3 6 0 0 0
200.1 - 250 7 1 1 3 2 7 0 0 0 13 3 2 4 4 13 0 0 0 16 3 4 4 5 16 0 0 0
250.1 - 300 1 1 0 0 0 1 0 0 0 3 2 0 0 1 3 0 0 0 4 2 0 0 1 3 0 1 1
> 300 1 0 0 1 0 1 0 0 0 12 2 1 2 5 10 0 2 2 12 1 3 1 3 8 0 4 4
Total 9 2 1 4 2 9 0 0 0 41 10 5 6 18 39 0 2 2 46 9 9 5 18 41 0 5 5
Source: ICEMA
Page | 134
Cone Crushers: Growth in unit sales on MoM basis
Cone Crushers: 11% growth over previous month, Domestic Sales (By TPH): 200-250 T category led the sales share
308% growth in sales over Mar'22 12 36 42
0% 0% <100 > 300
14% 11% 14% 10%
92% 39% 48% 100 - 200
Units sold
+308% 14% 10% 200.1 - 250
8% 0% 22% 19%
+11% 250.1 - 300
49
44 Domestic sales: Steady sales share across regions
7
12 36 42
8
25% 19% 17%
8% 11% 14%
36% 38% North East
42%
42
36
12
Exports: 100% export to Non-SAARC region
0
8 7
12 0% 0%
SAARC
100% 100%
0 0
Source: ICEMA
Page | 135
MPE | Cone Crushers: Historical trend of Domestic Sales
Domestic Sales
Units sold Domestic Break up for Mar'23

80 Static Cone Crusher – 18
Tracked Cone Crusher- 8
73 Wheeled Cone Crusher -16
65
60 61
54
47
45 44
43 42
40
36
31 30
FY 23
20
FY 22
13 12 12
11 10
8 9
7 7 7 6 6
0
Source: ICEMA
Page | 136
MPE | Cone Crushers: Historical trend of Export Sales
Export Sales

Units sold
10 Static Cone Crusher – 5
Tracked Cone Crusher-2
Wheeled Cone Crusher - 0
9 9
8
8
7
6
5
4
4
3 3 3 FY 23
2
2 2
1
0
Source: ICEMA
Page | 137
MPE | Cone Crushers: Capacity-wise & Region-wise Sales
Units sold

(By TPH) -stic orts -stic orts -stic orts
0 0 0 0 0 0 0 0 0 4 1 0 1 2 4 0 0 0 4 1 0 1 2 4 0 0 0
<100
0 0 0 0 0 0 0 0 0 5 2 0 0 3 5 0 0 0 6 1 2 0 3 6 0 0 0
100 - 200
11 2 1 3 5 11 0 0 0 16 4 2 4 4 14 0 2 2 22 6 3 3 8 20 0 2 2
200.1 - 250
0 0 0 0 0 0 0 0 0 5 2 1 1 1 5 0 0 0 6 2 1 1 0 4 0 2 2
250.1 - 300
1 1 0 0 0 1 0 0 0 14 3 1 1 3 8 0 6 6 11 3 0 2 3 8 0 3 3
> 300
Total 12 3 1 3 5 12 0 0 0 44 12 4 7 13 36 0 8 8 49 13 6 7 16 42 0 7 7
Source: ICEMA
Page | 138
Vertical & Horizontal Shaft Impactors (VSI/HSI): Sales are flat on MoM basis
Shaft impactors (VSI/HIS): Growth is flat compared to Domestic Sales (By TPH): 200-250 T led the category wise sales share
previous month 43 43 <100 250.1 - 300
0% 33% 33%
14% 14% 100 - 200 > 300
Units sold 0%
0 35% 28%
+100% 0% 12% 7% 12% 14%
200.1 - 250
0% 0%
0%
43 43
0 0 Domestic sales: Steady split across regions
43 43
33% 30%
0% 9% 9% North East
0 35% 35%
0% 0%
43 43 Mar’22 Feb’23 Mar’23
Exports: Nil exports in Mar'23
0
SAARC
0 0
0 0 0 Others
Mar’22 Feb’23 Mar’23 0 0 0% 0% 0% 0%
Domestic Sales Mar’22 Feb’23 Mar’23
Source: ICEMA Exports
Page | 139
MPE | Vertical & Horizontal Shaft Impactors (VSI/HSI):
Historical trend of Domestic Sales
Domestic Sales
Units sold Domestic Break up for Mar'23

80 Static VSI/HSI Crusher – 29
Tracked VSI/HSI Crusher- 6
Wheeled VSI/HSI Crusher -8
62
60 60
51
47
43 43
40 40
38
35 36
30
26
20
FY 23
0
Source: ICEMA
Page | 140
Historical trend of Export Sales
Export Sales
Units sold Export Break up for Mar'23

8 Static VSI/HSI Crusher – 0
Tracked VSI/HSI Crusher- 0
Wheeled VSI/HSI Crusher -0
7
6
3 3
2 FY 23
1
0
0 0 0 0 0 0 0 0
Source: ICEMA
Page | 141
Capacity-wise & Region-wise Sales
Units sold
Category Dome Exp- Dome- Exp- Dome Exp-

(By TPH) -stic orts stic orts -stic orts
0 0 0 0 0 0 0 0 0 14 1 1 2 10 14 0 0 0 14 1 1 2 10 14 0 0 0
<100
0 0 0 0 0 0 0 0 0 6 2 0 4 0 6 0 0 0 6 2 0 4 0 6 0 0 0
100 - 200
0 0 0 0 0 0 0 0 0 15 3 1 6 5 15 0 0 0 12 3 1 5 3 12 0 0 0
200.1 - 250
0 0 0 0 0 0 0 0 0 3 2 0 1 0 3 0 0 0 6 3 0 1 2 6 0 0 0
250.1 - 300
0 0 0 0 0 0 0 0 0 5 2 2 1 0 5 0 0 0 5 2 2 1 0 5 0 0 0
> 300
Total 0 0 0 0 0 0 0 0 0 43 10 4 14 15 43 0 0 0 43 11 4 13 15 43 0 0 0
Source: ICEMA
Page | 142
Concrete Equipment –
Batching Plants: Growth in unit sales on MoM basis
Domestic Sales (By m3/ hr) : Steady split across categories

Batching Plants: 21% growth over previous month,
15% increase w.r.t. Mar'22 112 106 127 < 20 45.1 - 60
20% 20% 5% 20%
6%
20 - 30 60.1 - 90
5% 29% 28%
+15% 18% 8% 3% 14% 17% 30.1 - 45 > 90
16% 18%
+21% Mar’22 Feb’23 Mar’23
134
7 Domestic sales: Increase in sales share for north region
117
111
5 112 106 127
5 35%
45% 42%
28% 20% 24%
127
112 106
Exports: SAARC region dominated in export sales
5 5 7
60% SAARC
100% 86%
Mar’22 Feb’23 Mar’23 40% Others
0% 14%
Source: ICEMA
Page | 143
CE | Batching Plants: Historical trend of Domestic Sales
Domestic Sales
150 Units sold
127
123
109 112
100 107 106
89 90
94
80 75 84
74 74 79 77
67 64 62 76
70
66 63
50
43
FY 23
FY 22
0
Source: ICEMA
Page | 144
CE | Batching Plants: Historical trend of Export Sales
Export Sales
15 Units sold
11 11
10
8
9
7 7
6 7
6 6
5 5 5
4 5
4 4 FY 23
3 3 FY 22
2
2 2
1 1
0 0
Source: ICEMA
Page | 145
CE | Batching Plants : Capacity-wise & Region-wise Sales
Units sold

(By m3/ hr) -stic orts -stic orts -stic orts
< 20 22 5 4 7 6 22 0 0 0 5 1 0 3 1 5 0 0 0 8 2 0 4 2 8 0 0 0
20 - 30 55 9 6 22 15 52 3 0 3 25 4 6 7 4 21 3 1 4 30 11 5 5 5 26 4 0 4
30.1 - 45 9 2 2 2 3 9 0 0 0 17 3 2 10 2 17 0 0 0 13 1 2 5 5 13 0 0 0
45.1 - 60 22 2 0 14 4 20 2 0 2 32 13 5 7 6 31 0 1 1 37 14 4 12 5 35 2 0 2
60.1 - 90 6 1 0 3 2 6 0 0 0 15 1 2 8 4 15 0 0 0 23 1 5 8 8 22 0 1 1
> 90 3 0 0 2 1 3 0 0 0 17 2 1 10 4 17 0 0 0 23 6 1 10 6 23 0 0 0
Total 117 19 12 50 31 112 5 0 5 111 24 16 45 21 106 3 2 5 134 35 17 44 31 127 6 1 7
Source: ICEMA
Page | 146
Concrete Equipment – Stationary Concrete Pumps: Strong sales growth
reported on MoM basis
Domestic Sales (By m3/ hr): 50-80 m3/ hr category led the sales in Mar'23
Stationary Concrete Pumps: 29% growth over 204 157 214
previous month, 1% decrease w.r.t. Mar'22 1% 1%
16% 27% 27%
18% < 40 50.1-80
Units sold 37%
50% 67%
35% 40-50 >80
-1% 16% 4%
+29% Mar’22 Feb’23 Mar’23
218 216
14 2 Domestic sales: Decline in sales share for west region
204 157 214
168
34% 44% 37%
11 12% 15% 17% North East
24% 17% 20%
204 214
157
Exports: 100% export sales to SAARC region in Mar'23
14 11 2
0 SAARC
86% 73%
100% Others
14% 27%
0%
Source: ICEMA
Page | 147
CE | Stationary Concrete Pumps: Historical trend of Domestic Sales
Domestic Sales
250 Units sold
214
210
200 192 187
181 204
196 170 192
158 173 157
146 151
150
148 152 147 153
140 138
100 105
95
FY 23
56
50 FY 22
0
Source: ICEMA
Page | 148
CE | Stationary Concrete Pumps: Historical trend of Export Sales
Export Sales
15 Units sold
14
12
11 11 11
10
10 10
8 8 8 9
7
6
6 6
5
5 4
4 4 3
FY 23
2 FY 22
0 0 0
Source: ICEMA
Page | 149
CE | Stationary Concrete Pumps : Capacity-wise & Region-wise Sales
Units sold
Category
Dome Exp- Dome Exp- Dome Exp-
(By m3/ Total N E W S SAARC Others Total N E W S SAARC Others Total N E W S SAARC Others
-stic orts -stic orts -stic orts
hr)
< 40 33 8 10 12 3 33 0 0 0 4 0 1 0 1 2 0 2 2 3 0 2 1 0 3 0 0 0
40-50 38 10 9 10 7 36 2 0 2 50 9 8 21 5 43 7 0 7 57 12 20 22 3 57 0 0 0
50.1-80 114 28 5 36 33 102 10 2 12 107 27 14 43 21 105 1 1 2 82 22 4 28 26 80 2 0 2
>80 33 16 1 11 5 33 0 0 0 7 2 0 5 0 7 0 0 0 74 21 11 29 13 74 0 0 0
Total 218 62 25 69 48 204 12 2 14 168 38 23 69 27 157 8 3 11 216 55 37 80 42 214 2 0 2
Source: ICEMA
Page | 150
Concrete Mixers*: Slight growth in sales on MoM basis
Domestic Sales (By m3/ hr): 7.1-9 m3/ hr category led the sales share
Concrete mixers: 1% growth over previous month,
891 925 941
4% increase w.r.t Mar'22 <2 5.1-7
6% 0% 12% 4% 0% 0%
6% 7%
2.1-3 7.1-9
+4% 3.1-4 >9
9%
+1% 4.1-5
931 941
907
6 0 Domestic sales: Steady sales split across regions
16
891 925 941
38% 42% 37%
9% 8% 9% North East
23% 29% 31%
891 925 941 Mar’22 Feb’23 Mar’23
Exports: Nil export sales for Mar'23

Page | 151
16 6
SAARC
100 100%
0 0% 0% 0%
Source: ICEMA Domestic Sales Exports Mar’22 Feb’23 Mar’23
*Total Sales of Concrete Mixers include Sales of Transit Mixers and Self-Loading
Concrete Mixers Page | 151
CE | Concrete Mixers: Historical trend of Domestic Sales
Domestic Sales
1,000 941
925
Units sold
866 883
891
800
683 695
632 643
656 637
600
581 574
481 541 571
447 489 445
400 395
336 356
288 330
200 FY 23
FY 22
0
Source: ICEMA
Page | 152
CE | Concrete Mixers: Historical trend of Export Sales
Export Sales
30 Units sold
30
28
24
20
20
16 14 16
12
12 10
12
10
FY 23
8
4 FY 22
4 6
2 5
4 2
0
0 0
0 0
Source: ICEMA
Page | 153
CE | Concrete Mixers : Capacity-wise & Region-wise Sales
Units sold

<2.0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
2 -3 10 4 3 3 0 10 0 0 0 23 3 0 7 13 23 0 0 0 40 7 0 14 19 40 0 0 0
3.1-4 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
4.1-5 50 11 13 9 17 50 0 0 0 34 6 9 10 9 34 0 0 0 65 13 15 20 17 65 0 0 0
5.1-7 762 235 66 278 167 746 16 0 16 114 8 1 99 0 108 6 0 6 53 17 0 26 10 53 0 0 0
7.1-9 76 14 0 44 18 76 0 0 0 726 176 65 243 242 726 0 0 0 746 183 69 249 245 746 0 0 0
>9 9 1 0 7 1 9 0 0 0 34 0 0 34 0 34 0 0 0 37 0 0 35 2 37 0 0 0
Total 907 265 82 341 203 891 16 0 16 931 193 75 393 264 925 6 0 6 941 220 84 344 293 941 0 0 0
Source: ICEMA
Page | 154
Boom Pumps: Sales growth on MoM basis
Domestic Sales (By m3/ hr): 31-40 m3/ hr category led the sales in Mar'23
Boom Pumps: 16% growth over previous month
43 50
20 41-50
7% 20%
21-30 >50
Units sold +100% 86% 74%
0 0% 31-40
0% 0% 0% 7% 0% 6%
+16%
50
0 Domestic sales: Increase in sales share for south region
43
0 43 50
42% 30%
0% 2% 19% 10% North East
0 28%
0% 0%
50 Mar’22 Feb’23 Mar’23
43
Exports: Nil export reported in Mar'23
0
SAARC
0 0
0 0 0 Others
Mar’22 Feb’23 Mar’23 0 0 0% 0% 0% 0%
Source: ICEMA
Page | 155
CE | Boom Pumps: Historical trend of Domestic Sales
Domestic Sales
50 Units sold
50
43
40
36 35
34 33
30 29
27
25
20
17
14 FY 23
10 11
0
Source: ICEMA
Page | 156
CE | Boom Pumps: Historical trend of Export Sales
Export Sales
2 Units sold
1 1 1 1 1
FY 23
0 0 0 0 0 0 0 0
0
Source: ICEMA
Page | 157
CE | Boom Pumps: Capacity-wise & Region-wise Sales
Units sold


0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
20
0 0 0 0 0 0 0 0 0 3 2 0 1 0 3 0 0 0 10 1 2 3 4 10 0 0 0
21-30
0 0 0 0 0 0 0 0 0 37 12 1 17 7 37 0 0 0 37 12 3 12 10 37 0 0 0
31-40
0 0 0 0 0 0 0 0 0 3 2 0 0 1 3 0 0 0 3 3 0 0 0 3 0 0 0
41-50
0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
>50
Total 0 0 0 0 0 0 0 0 0 43 16 1 18 8 43 0 0 0 50 16 5 15 14 50 0 0 0
Source: ICEMA
Page | 158
INDUSTRY VIEWS
MESSAGE
MESSAGE FROM
FROM ICEMA
ICEMA MEMBER
GOVERNING COUNCIL MEMBERS
As we welcome the excellent results posted by Indian Construction Equipment (CE)

industry in FY2022-23, we further hope for great things for the industry going into
FY2023-24. The Indian CE industry shows clear signs of revival, as evidenced by the
crossing of the 1 Lac unit sales milestone. With Government’s continued thrust on
building world class infrastructure gaining momentum and increased construction
activity in multiple sectors of the economy, the CE industry is back on track towards
Mr. V. Vivekanand achieving its Vision 2030 to become the 2nd largest and fastest growing CE market in
Vice President, ICEMA and Director the world. As the growth prospects of the industry align to the Government’s initiative
Caterpillar India Private Limited of Atma Nirbhar Bharat, the CE industry is primed up to lay strong foundations for
building India’s tomorrow.
FY2022-23 has been an exceptional year for the Construction Equipment (CE) industry
with volumes breaching the 1 Lakh unit mark for the first time ever in the history of the
industry. The strong demand in the industry is driven by the Government’s continued
focus on Infrastructure development across all the sectors like Road, Railways, Urban
development, Ports, Airports, Mining and Irrigation. The 10 Lakh Crores Capex
Mr. Sandeep Singh announced in the recent budget will further drive the growth in the coming year in the
Past President, ICEMA (2019-21) runup to elections. However, execution is key for sustained demand of CE. Further, the
and Managing Director industry continues to face some major headwinds, such as inflation and high
Tata Hitachi Construction commodity prices, supply chain disruptions due to geopolitical crisis, currency
Machinery Company Private fluctuations, etc., which pose a threat to growth going forward. A focused Production
Limited Linked Incentive (PLI) Scheme for the CE industry is therefore essential to drive
investments, indigenization & competitiveness in the sector.
Page | 160
MESSAGE
MESSAGE FROM
FROM ICEMA
ICEMA MEMBER
The Indian Construction Equipment (CE) industry has demonstrated a resilient

trend with a surge in demand across various segments in Q3 and Q4 of FY2022-
23. Despite initial sluggishness due to high commodity prices and prolonged
monsoon, demand for earthmoving machines like excavators experienced strong
growth momentum in the last few months. In addition, infrastructure
Mr. Arvind Garg
development, including roads & highways, railway projects, urban infrastructures,
Past President, ICEMA (2017-19) &
water management and solid waste management, drove demand for
Senior Vice President & Head
construction equipment. Stability in commodity prices is expected to positively
Construction & Mining Machinery
impact the CE demand, with a possibility of sustained growth momentum until
Business
Jan'2024, given the Government's increased CAPEX budget and flurry of contract
Larsen & Toubro Limited
awards in the later part of FY2022-23
We are pleased to note the impressive growth of the Indian Construction

Equipment (CE) Industry in FY2022-23, driven by Government investment in
infrastructure development and digitization. Ammann India has also experienced
high Page
demand
| 161 for its road construction products. However, supply chain
disruptions and the pace with which new emission standards are being
implemented pose significant challenges. Despite these challenges, we remain
optimistic and committed to delivering innovative and reliable solutions to our
Mr. Anand Sundaresan customers. We urge the Government to incentivize component manufacturing for
Past President, ICEMA (2015-17) import substitution & recommend postponing the introduction of CEV V
and Managing Director regulations by a year, given the fact that recent introduction of CEV-IV regulation
Ammann India Private Limited is yet to stabilize.
MESSAGE
MESSAGE FROM
FROM ICEMA
ICEMA MEMBER
Back on a growth path, the Indian Construction Equipment (CE) Industry clocks
13% in FY2022-23. The Concreting industry continues its growth at ~30%, while
Ajax surpasses the industry with 43% overall and 53% growth in SLCM volumes.
The industry remains bullish and expects 13-15% in CE and ~ 30% growth in
Concreting industry in FY2023-24 as of Government focus on vital
infrastructure projects in the pre-election year. Ajax feels the country’s
dependence on imports of construction equipment machinery is a challenge
Mr. Shubhabrata Saha in “Make in India” & foresees the role of the PLI scheme to enable technology
Managing Director & CEO transfer, capability building & improving export competitiveness.
Ajax Engineering Private Limited
There has been a very encouraging push towards developing world-class

infrastructure by the Government, especially over the last few years. The record
allocations towards key sectors in this year‘s budget are leading to improved
sentiment across different product categories. On the back of this macro
environment, the industry hearteningly grew by double digits and we look
forward to this momentum continuing. India is today the third-largest market
for Construction Equipment in the world, and well on the way to becoming the
Mr. Deepak Shetty second-largest market by 2030. As we move into FY2023-24, we hope to further
Convener, ICEMA SMART Infra Panel & see reductions in Commodity Prices and the easing of Geopolitical disruptions,
CEO & Managing Director
which will further improve sentiment. We believe that the India Infrastructure
JCB India Limited
Growth Story has only begun.
Page | 162
MESSAGE
MESSAGE FROM
FROM ICEMA
ICEMA MEMBER
The Indian Construction Equipment (CE) industry displayed robustness with growing
demand in the later part of FY2023, driven by infrastructure projects. Stable
commodity prices and increased Government spending are expected to support
sustained growth of the industry until January 2024. Meanwhile, with RBI maintaining
Mr. Vivek Hajela steady interest rates and easing global commodity prices will reduce input costs for
Convener, ICEMA Brand Building & manufacturers. India's pursuit of a $30 trillion economy will rely on top-notch
Communications Panel and Vice infrastructure enabled by the Government's progressive policies. This ambition will
President & Head – Construction fuel the demand for eco-friendly, efficient construction equipment for years to
Equipment Business come, fostering a thriving industry.
Larsen & Toubro Limited
The Indian Construction Equipment (CE) industry bounced back in FY2022-23 post the
COVID pandemic. With the total equipment sales surpassing the 1 Lac unit milestone
for the first time ever, the industry is buoyant with optimism and looks forward to
another record-breaking performance in FY2023-24. The Government has
demonstrated a growth-oriented vision with the National Infrastructure Pipeline, The
PM Gati Shakti
Page |Plan,
163 and the National Monetisation Pipeline (NIP) that has led to stellar
growth in the CE Industry so far. Apart from infrastructure, industrial development such
as the construction of new factories and the expansion of capacity in steel, power,
Mr. Deepak Garg
cement, fertilizers, oil refineries, and other sectors will also have a positive impact on
Convener, ICEMA Strategic the growth of the Indian CE industry. With consequent upward movement in the
Partnerships Panel & interest rates impacting the buying capacity of the customers, a subsidized borrowing
Managing Director policy through major lenders would go a long way in supporting construction
Sany Heavy Industry India equipment buyers and ensuring that the rate of infrastructure development in the
Private Limited country remains upbeat.
MESSAGE
MESSAGE FROM
FROM ICEMA
ICEMA MEMBER
The Indian Construction Equipment (CE) industry results for FY2022-23, with sales crossing
one lakh units for the first time, herald a new era of growth as the industry gears up to
achieve its potential in both, domestic and global markets. The initiatives announced in
the Union Budget 2023 to promote ease of doing business in India are expected to attract
increased investment into the manufacturing sector which, along with the Government’s
continued focus on infrastructure development and overall increase in construction
Mr. Jaswinder S Bakshi activity in the country, hold promise of a bright future for the CE industry. The CE Financing
Treasurer, ICEMA and industry growth was 34% in FY2022-23. The sale of earthmoving equipment in India has
Senior Vice President & Head been growing steadily in recent years driven by factors like infrastructure initiatives,
CE, CV & Equipment Finance demand from mining sector and urbanization. While the sectoral portfolio across the FIIs
Tata Capital Financial Services have been faring well, the rising interest rates and high input cost remain key risks to be
Limited monitored. CE industry plays a very crucial role in the infrastructure development and
deserves to be given either a priority sector or infrastructure lending status.
The Government’s continued focus on driving the economic growth through
infrastructure investments helped the Indian Construction Equipment (CE) industry to
cross the 1 Lakh unit mark for the first time ever in FY2022-23. Almost all segments have
seen good growth, particularly the earthmoving equipment segment led by excavators
Page | 164
& backhoe loaders. The demand in the industry was also supported by the states with
investments in traditional infrastructure drivers like roads, urban/rural development
and irrigation. The 10 Lakh Crores Capex announced for this year will support growth in
Mr. Suresh Nair the runup to the elections. However, Government needs to focus on debottlenecking the
Co-Convener, ICEMA Manufacturing challenges of land acquisition, utility shifting & environment / govt clearances so that
& Supply Chain Panel & execution improves for sustained demand of CE. The current supply chain disruptions
Vice President – External Affairs due to geopolitical crisis, volatility in exchange rates, commodities could pose
Tata Hitachi Construction challenges to growth going forward. Further, Production Linked Incentive (PLI) Scheme
Machinery Company Private Limited for the CE industry is required to drive investments, indigenization, employment & export
competitiveness of the industry.
MESSAGE
MESSAGE FROM
FROM ICEMA
ICEMA MEMBER
India's rapid urbanization and demand for faster and smarter construction
are fueling the Construction Equipment (CE) industry's shift towards electric
and hybrid machines. Terex is committed to sustainability and innovation,
and we have introduced new products and technologies, including hybrid
machines and telematics, to meet industry needs. While we anticipate
ongoing challenges such as supply chain disruptions, labor shortages, and
Mr. Jaideep Shekhar rising costs of raw materials that may impact the timely completion of
Managing Director – Asia, projects and increase the costs, we remain optimistic about the industry's
Australia & EMEAR future in FY2023-24 and beyond. We also believe the Government should
Terex India Private Limited continue investing in infrastructure and easing regulations to support
economic growth, job creation, and a more sustainable future.
The Construction Equipment (CE) industry has recovered well from the
disruptions of the pandemic. We anticipate this momentum to continue,
backed by domestic demand and export growth. Wipro supplies hydraulic
cylinders to multiple industries, and the good performance of these segments
helped us grow well in FY2022-23. Going ahead, industry performance in
FY2023-24 would be determined by the pace of economic recovery,
infrastructure investment, and the adoption of new technologies. While the
Mr. Pratik Kumar continued investment by the Government into large projects would propel
Convener, ICEMA Manufacturing &
sustained growth, speedy approval of incentives and wider coverage under
Supply Chain Panel & CEO
the PLI scheme would provide the required added boost to industry.
Wipro Infrastructure Engineering
Page | 165
MESSAGE
MESSAGE FROM
FROM ICEMA
ICEMA MEMBER
MEMBERS
We welcome the positive growth posted by the CE industry in FY2022-23. The

26% growth was driven by increased momentum of road and highway
construction, along with the Government’s continued efforts and initiatives
towards Atmanirbhar Bharat, including the increase in defence procurement,
increased activity in metro, rail and bullet train projects etc. We are proud to
say that despite challenges such as rising machine and RMC costs, the
Mr. Sorab Agarwal Russia-Ukraine war and the resultant negative impacts on global supply
Executive Director chains as well as migration to BS-IV emission norms, ACE have had an
Action Construction Equipment Limited excellent year with the highest ever Q2 revenues and the best Q3 for the
company so far. Going forward, with the expected easing of the supply chain
situation, relaxation in commodity and RMC prices and growth in higher
capacity cranes, we confidently expect growth of 15-20% in the coming year.
In FY2022-23, the hydraulics industry and its respective segments experienced

significant growth due to a rising demand for industrial and construction
equipment. This growth was driven by factors such as innovation,
technological advances, and expansion into both new and existing markets.
Despite challenges such as supply chain disruptions and rising raw material
costs, the industry managed to sustain supplies, albeit with some pressure on
margins. This growth was evident through increased revenue, expansion of the
customer base, and successful new product launches. Looking ahead to
Mr. B V Ramesh FY2023-24, the industry will require continued Government support in the form
Managing Director of policy reforms and incentives to maintain this growth and continue
Bosch Rexroth India Private Limited delivering value to customers.
Page | 166
MESSAGE
MESSAGE FROM
FROM ICEMA
ICEMA MEMBER
MEMBERS
The Construction Equipment (CE) industry in India crossed 1 Lac unit mark in
FY2022-23 which is about 10% of the global sales numbers in CE market and it
is a milestone. There is no doubt that India is consistently moving towards
becoming the 2nd largest CE industry in the world by 2030. The industry
performed extraordinary well in Q3 & Q4 in FY2022-23. Our company grew
almost 12% during calendar year 2022 in India after we doubled our turnover
during 2021 when CE market migrated to BS-IV emission norms. Our key focus
Mr. Mitesh Chitkara is always to have sustainable and profitable growth. Going forward, the key
Country Manager - India growth drivers of market will include:- infrastructure investments,
COBO Group mechanization in construction projects, reforms in emission and safety
standards and make in India for the world. The outlook for CE industry in
FY2023-24 is positive with lot of growth potential supported by India’s own
consumption and infrastructural needs.
The Indian Construction Equipment (CE) industry has seen a progressive

growth for last few years with its demand driven by Government's focus in
infrastructure and urbanization. The implementation of new emission norms
in India has led to the launch of advanced equipment, boosting growth in
this segment. With demand in rental segment, the compact construction
equipment continues to grow at a healthy pace. However, challenges such
Mr. Hyunsoo Kim as rising input costs and lack of skilled labour does affect the growth. To
address this, Government could provide incentives for R&D, initiatives to
Managing Director
address manpower shortage and improve the ease of doing business to
Doosan Bobcat India Private Limited
support industry's growth.
Page | 167
MESSAGE
MESSAGE FROM
FROM ICEMA
ICEMA MEMBER
MEMBERS
FY2022-23 was an eventful year, marked by global turmoil and COVID re-
opening all over the world. Regardless, the Indian Construction Equipment (CE)
industry witnessed significant growth of 26% over the last year. Steel1 supplies
for components like Undercarriage frame parts, Buckets, Couplers, & Thumbs,
both to key domestic and Global OEMs maintained steady growth in its topline
while maintaining focus on quality and on time delivery. Our outlook for
Mr. Dhruv Moondhra
FY2023-24 is optimistic and we expect industry to grow 10-15% over FY2022-23,
MD & CEO
driven by Government’s continued focus on infrastructure development.
ICE Steel1 Private Limited
FY2022-23 has been a much better year with 10% growth as compared to the
previous financial year, and predominantly driven by strong Q4 performance of
excavator segment with whopping whole sales numbers in March’23. With
limited spending by many State Governments and a few payment delays in
irrigation projects and other state-related projects like highways, the excavator
business was purely dependent on the large green field NHAI projects. However,
the execution of these projects was either delayed after declaration or they
were declared only in last quarter of the year due to various reasons, resulting in
Mr. Takemichi Hirakawa a lopsided whole sale excavator business in Q4. Going ahead, we are now
MD & CEO looking forward to a well-distributed and a reasonably predictable markets in
Kobelco Construction Equipment FY2023-24 with regular intervals of state Government payments to contactors
India Private Limited and well-spread and spaced release of tender results followed by the “LOI and
startup of works” within the stipulated period.
Page | 168
MESSAGE
MESSAGE FROM
FROM ICEMA
ICEMA MEMBER
MEMBERS
With the Construction Equipment (CE) industry gaining momentum in

FY’23, the Government’s thrust on infrastructure development and increase
in budgetary capex for highways, railways & housing construction, the
stage is all set for robust growth in FY’24. This will surely create big
opportunities and growth avenues for the entire construction equipment
Mr. Ramesh Iyer eco-system including financial institutions, who will play a key role in
Vice Chairman & Managing Director enabling the growth story. It will be critical that financiers adapt to
Mahindra & Mahindra Financial changing industry dynamics & product requirements to provide relevant
Services Limited solutions keeping in mind unique needs of CE buyers.
The FY2022-23 was like light at the end of tunnel after the hard times we all
faced during COVID pandemic/Lockdown for 2+ years. The start was
jubilant/exciting, but as we moved on, the industry performance did not
rise to the expectations. We would say it was rather flat or no significant
growth in numbers despite new projects announced by the Government of
India. Steep increase in material cost, supply chain collapse and
Mr. Kamlesh Jain reluctance of funding to Construction Equipment industry were major
Managing Director impact on growth.
Nakoda Machinery Private Limited
Page | 169
MESSAGE
MESSAGE FROM
FROM ICEMA
ICEMA MEMBER
MEMBERS
2022 marked Normet Group’s 60th year anniversary and as an organization we strive
to make a positive difference and continue to innovate and define the future
underground. India is one of the key growing markets for underground mining and
tunnelling especially given Government’s boost to the infrastructure development in
the country. The group recognizes the growth opportunity that exists in India and has
invested in a global technology and production hub, the Centre of Excellence at
Mahindra World City in Jaipur. As the second global manufacturing facility after the
present production hub at Iisalmi in Finland, it offers the same scale of operations
Mr. Subhasis Mohanty with the intent to cater to both domestic and global markets. We are committed to
MD & VP Sales Area - India the society & business by bringing in new technologies like battery driven equipment
Normet India Private Limited and digitalization services which support sustainability and can be adopted to meet
our customers growth ambitions.
Page | 170
ICEMA Members
Indian Construction Equipment Manufacturers' Association
3rd Floor, Indo Global Social Service Society Building
28, Lodhi Road, Institutional Area,
New Delhi, Delhi 110003
Email: contact@i-cema.in

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INDIAN CONSTRUCTION EQUIPMENT

MAJOR ECONOMIC & SECTORAL DEVELOPMENTS Page 6-13

CE INDUSTRY ANNUAL SALES REPORT: FY23 Page 14-60

CE INDUSTRY QUARTERLY SALES REPORT: Q4 FY23 Page 61-66

CE INDUSTRY MONTHLY SALES REPORT: FY23 Page 67-158

INDUSTRY VIEWS Page 159-170

The Government of India’s continued emphasis on infrastructure development, buttressed by

It is great to hear that the Indian Construction Equipment (CE) industry

Looking ahead, we expect FY2023-24 to continue this trend with increased

IMF WORLD BANK

Inflation Rate Inflation in Key Commodities PMI Index

Foreign Trade Statistics

Roads & Highways Housing & Urban Airports

Source: ICEMA Research Page | 9

Key wins for Industry… … with a few Headwinds

Key wins for Industry… … with a few Headwinds

All allotted 7projects

Key wins for Industry… … with a few Headwinds

AMRUT and Smart

Key wins for Industry… … with a few Headwinds

100 PM-GatiShakti Main reason for

Earthmoving Material Handling Road Construction Material Processing Concrete

Off Highway Dump Trucks Mobile Tower Cranes Pan Feeder

Reach Stackers Page | 16 *Updated List of Equipment

All figures in '000 Rs. Cr.

Source: ICEMA Page | 18

FY21 FY22 FY23 FY21 FY22 FY23

FY21 FY22 FY23

Source: ICEMA Page | 19

15,000 Units sold

Source: ICEMA Page | 20

1,000 Units sold

Source: ICEMA Page | 21

Source of Procurement: Domestic vs Imports

97 % 100 % 97 % 96 % 100 % % Share of Domestic Source

Domestics Sales vs Exports 4,828 2,429 107,779

72 % 11 % 11 % 4% 2% % Share in Total Sales

375 331 107 61 54 40 11,571

82% 6% 4% 3% 3% <1% <1% <1% <1% % sales share

Source: ICEMA Page | 23

125 118 4 2,429

150 150 124 1 280

Earthmoving Equipment sales volume increased to 77164 units in FY23,

10,000 Units sold

1,000 Units sold

2,257 3,899 4,634

FY21 FY22 FY23

Source: ICEMA Page | 29

Domestic Sales (By HP): 21-24T equipment continues to be key category

26,990 FY21 FY22 FY23

1,376 2,302 1,411

Source: ICEMA Page | 30

3,493 FY21 FY22 FY23

Source: ICEMA Page | 31

Domestic Sales (By HP): < 170 HP is the dominant category

879 FY21 FY22 FY23

Source: ICEMA Page | 32