According to Indian media reports, the government plans to reach a record investment of 960 billion RMB in infrastructure in next 5 years, which will have significant multiplier effects on the economy.
Komatsu, a Japanese construction machinery company, plans to develop its Indian factory into a global production base on par with its factories in China. In addition to increasing its annual production capacity by 60% compared to before, the company also plans to introduce 7-ton excavators to the Indian market. The company’s sales target for 2024 is to sell 2,300 units (slightly lower than the 2,000 units sold in 2023), and it will start exporting excavators produced and assembled in its Indian factory to African countries.
As of 2024, the Indian construction equipment market saw a 5% growth in the second quarter.
Sany Group achieved record sales of all construction machinery in India, with excavators experiencing a doubling in sales. Sany’s equipment sales in India have surpassed 30,000 units, and XCMG’s sales performance in India has doubled annually over the past three years.
Japanese company Kato has exited the Chinese market and is aggressively entering the Indian market.
Amid the trend of going global, Chinese construction machinery companies are turning their focus away from the domestic market and expanding globally. With India being a country with a large population dividend, it has become a “gold mine” for Chinese companies. What risks and challenges will Chinese companies encounter in the Indian market? We will delve into this in the next analysis.
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