These manufacturers will be supplying not only to Volvo but also other players in the market, Dimitrov Krishnan, Managing Director of Volvo CE India said.
12 Jul 2024 | 1752 Views | By Shahkar Abidi
Volvo Construction Equipment (Volvo CE) India has facilitated the arrival of two Korean manufacturers of undercarriage parts to set up their base in the country, in what is a clear sign of increasing localisation.
These manufacturers will be supplying not only to Volvo but also other players in the ...
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Volvo Construction Equipment (Volvo CE) India has facilitated the arrival of two Korean manufacturers of undercarriage parts to set up their base in the country, in what is a clear sign of increasing localisation.
These manufacturers will be supplying not only to Volvo but also other players in the market, Dimitrov Krishnan, Managing Director of Volvo CE India said.
Industry associations like the Indian Construction Equipment Manufacturers Association (ICEMA) are taking the lead on these initiatives, as seen by a recent delegation visit to Japan for the same purpose, Krishnan noted.
He further stated that the Indian supply chain ecosystem has undergone a significant transformation in recent years. Volvo CE's recent launch, which achieved a 70% local content level, is a testament to this progress. "It's a challenging battle," Krishnan said, "but we're taking it head-on and making it happen."
Volvo CE last month unveiled the new EC210, a 20-tonne class hydraulic excavator. Excavators represent the second-largest product category in India's construction equipment sector, accounting for roughly 30,000-35,000 units annually out of a total market of 136,000. Notably, the 20-tonne segment captures a dominant 70% share of this excavator demand, translating to 18,000-20,000 units sold each year. "This segment is simply too important to ignore," Krishnan said.