Mahindra & Mahindra (M&M) is making strides in the construction equipment market. Its EarthMaster backhoe loaders saw a 13% increase in sales in FY24, selling 1,118 units. This growth aligns with a 22% rise in the backhoe loader market, driven by the Indian government’s focus on infrastructure development.
M&M’s Mahindra RoadMaster brand also experienced significant growth, with motor grader sales rising 62.7% to 306 units in FY24 from 188 units the previous year. This reflects a 28% growth in the motor grader market.
The company’s HaulMaster brand is showing potential in the sugar cane haulage segment, particularly in the export market. According to the Indian Construction Equipment Manufacturers’ Association (ICEMA), the construction equipment industry grew by 26% year-on-year, with sales reaching 1,35,650 units in FY24, compared to 1,07,779 units the previous year. Domestic sales increased by 24%.
Earthmoving equipment, the largest segment of the construction equipment industry, saw a 21% rise in sales to 93,531 units in FY24. Backhoe loaders and crawler excavators accounted for 55% and 35% of this growth, respectively.
Material handling equipment sales grew by 61%, while concrete equipment sales increased by 19%. ICEMA attributed this growth to the government’s infrastructure development initiatives and pre-election project push.