Schwing Stetter India, a subsidiary of Germany’s Schwing Group, is set to introduce 16 new products and 14 variants this year, aiming to fill gaps in its product lineup and better meet customer demands. These new offerings will span across all five segments in which the company operates, with a significant emphasis on concreting equipment—a category that accounts for 56% of the company’s revenue.
The company, known for its expertise in concrete, construction, material handling, mining, and foundation equipment, is focused on expanding its portfolio to align with the growing needs of the Indian market. In an interview with a news magazine, Sakthikumar VG, Chairman and Managing Director of Schwing Stetter India, highlighted that this expansion strategy is part of the company’s broader plan to identify and address market gaps in India’s construction equipment sector. “We are playing a crucial role in recognizing areas where the Indian industry can advance rapidly with specific imported machines in the short term,” said Sakthikumar, noting that the company’s long-term goal is to increase localized manufacturing as demand grows.
This wave of product launches comes on the heels of a strong financial performance for Schwing Stetter India. The company reported a net profit of Rs 106.89 crore in 2023, a 30.5% increase from the Rs 81.90 crore recorded in 2022. Revenue also saw a substantial rise, growing by 37.7% to Rs 5,395.77 crore from Rs 3,919.26 crore the previous year.
In 2022, the company introduced 25 new products and variants, with their full sales impact expected to be realized in 2024. The Indian Construction Equipment Manufacturers Association (ICEMA) recently reported a 26% year-on-year growth in the construction equipment industry, with 1,35,650 units sold in FY24, surpassing projections. Schwing Stetter India’s ambitious expansion plans, backed by its robust financial performance and the thriving construction equipment market in India, point to a promising future for the industry.
