Exports power growth as domestic demand prepares for revival.

India’s Construction Equipment Industry Eyes Global No. 2 Spot by 2030.

India’s construction equipment industry is aiming to become the world’s second-largest market by 2030, moving up from its current third position, according to the Indian Construction Equipment Manufacturers' Association (ICEMA). The sector is projected to grow from about $10 billion today to $14.76 billion by 2030, with annual volumes nearing 250,000 units. Speaking at ICEMA’s annual meet, Deepak Shetty, ICEMA President and JCB India CEO and Managing Director, said domestic demand is expected to grow around 7% in FY27. In comparison, exports could expand by at least 20%. In FY26, overall sales dipped 2% to 136,995 units due to slower infrastructure execution and delayed project awards. However, exports surged over 31%, driven by strong demand from Europe, Africa and West Asia. Earthmoving equipment remained dominant, accounting for 71% of total sales, underlining the industry’s resilience and rising global competitiveness.