M&M's EarthMaster Loaders See 13% Increase in FY24

Key Highlights:

• M&M's EarthMaster backhoe loaders sales rose 13% in FY24, with 1118 units sold.
• The Indian backhoe loader market grew by 22%.
• M&M's RoadMaster motor graders saw a 62.7% sales increase, reaching 306 units in FY24.
• India's construction equipment industry grew 26% in FY24, selling 1,35,650 units.
• Earthmoving equipment sales rose 21%, driven by backhoe loaders and crawler excavators.

Mahindra & Mahindra (M&M) is making inroads into the construction equipment industry, with EarthMaster backhoe loaders up 13% year on year (YoY) in FY24.

Sales numbers show 1118 units sold, capitalising on a strong 22% rise in the backhoe loader sector. This upswing coincides with the Indian government's increasing emphasis on infrastructure development, which is projected to boost the category even higher.

M&M is not simply dominating the backhoe loader market. The Mahindra RoadMaster brand saw a 62.7% increase in motor grader sales in FY24, hitting 306 units from 188 the previous year, according to the company's most recent accessible annual report. 

This outstanding success mirrors a 28% increase in the motor grader segment, indicating a thriving market for both equipment categories.

Industry-Wide Growth

According to the Indian Construction Equipment Manufacturers' Association (ICEMA), the construction equipment industry grew by 26% YoY in FY24, with total sales reaching 135,650 units, up from 107,779 units the previous year. 

Domestic sales saw a 24% increase. The government's infrastructure projects and pre-election initiatives contributed to this growth across five major construction equipment segments.

Potential in Sugar Cane Haulage

M&M's HaulMaster brand shows promise in the sugar cane haulage segment, particularly in the export market. Specific details about this segment are limited.

Earthmoving Equipment Dominates

Earthmoving equipment sales, the largest segment in the construction equipment industry, increased to 93,531 units in FY24, a 21% rise from 77,164 units in FY23. 

Backhoe loaders and crawler excavators accounted for 55% and 35% of sales growth, respectively, making up 90% of the total earthmoving equipment sales.

Material Handling and Concrete Equipment

Material handling equipment, including pick & carry cranes and telehandlers, saw a 61% growth in sales volume in FY24, 14% of total construction equipment sales, compared to 9% in FY23. 

Concrete equipment, such as concrete mixers, batching plants, concrete pumps, and boom pumps, recorded a 19% YoY increase in FY24.

Also Read: Volvo CE India Unveils EC210 Hydraulic Excavator: Built for Bharat and Beyond

CMV360 Says

Mahindra & Mahindra's impressive performance in the construction equipment segment reflects a well-executed strategy aligned with market trends and government initiatives. Their significant growth in both backhoe loaders and motor graders demonstrates their ability to capitalize on the booming infrastructure development sector. 

As the government continues to prioritize infrastructure projects, M&M is well-positioned to further strengthen its market presence.