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Volvo CE India, a wholly-owned subsidiary of the Volvo Group, is eyeing to double its market share in its participated segments of the country’s construction equipment industry.
The company, which garnered 6.5 per cent market share in the last financial year, is also aiming at increasing export volume from the country to around 25 per cent of its total production from the current 15 per cent. The India unit of the Swedish construction equipment major has a manufacturing facility in Bengaluru.
The company operates in about 40 per cent of the country’s construction equipment market. In the last financial year, total industry size in value terms was around $10 billion, while in volume terms it was around 1,36,000 units
“We have not participated in the entire volume because we don’t have products to cater to all product categories...We have to be bullish on India. Every global player in the construction equipment business is also bullish on India,” Volvo CE India Managing Director Dimitrov Krishnan said on Wednesday.
“We want to double our market share. We are quite confident that we will be able to achieve that,” Krishnan said on the sidelines of the launch of a 20-tonne excavator in Kolkata.
Currently, about 15 per cent of its product is being exported from India to 20 different countries. “We are looking at markets where we can use the Indian capability to export machines as well as components...I think the potential is to get to 25 per cent of volume. It should be possible,” the MD added.
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