India Is Becoming a Manufacturing Giant, with Excavator Exports Reaching $610M in 2024

According to Interact Analysis, 2024 data on India’s excavator trade highlights a notable disparity between imports and exports. The country imported approximately 3,500 excavators, with a total value of around $210 million. In contrast, India exported nearly 10,300 units, generating over $610 million in revenue. These figures reflect India’s growing role not only as a domestic consumer but increasingly as a global supplier of off-highway equipment.

Interact Analysis is headquartered in the United Kingdom, and monitors the global trade dynamics of off-highway equipment by analysing customs data from key markets, including both new and second-hand machinery.

India has long been one of the key national markets for global construction machinery. Since 2014, the Indian government has been advancing the “Make in India” initiative to enhance the competitiveness of domestic manufacturing and strengthen the resilience of the supply chain. In recent years, India’s construction machinery industry has gradually shifted from being import-oriented to export-driven.

Indian excavator exports triple imports in 2024

In 2024, India exported over 10,000 excavators to nearly 100 countries and regions worldwide, a figure that is nearly triple the number of imports. The total export value exceeded $600 million, approximately three times the total value of imports. The import and export market for excavators in India remained stable overall in 2024, with a notable surge in imports during the fourth quarter. From October to November, the monthly import volume of excavators peaked, consistently surpassing 350 units. On the export front, both the value and volume of excavator exports from India were significantly higher in the second half of the year compared with the first half. Peak export volume occurred in September, with over 1,000 excavators exported during the month.

On the import side, India primarily sources its excavators from the Asia-Pacific region, with those manufactured in China, Japan, and South Korea dominating the market. In 2024, these three countries accounted for over 90% of both the total import value and volume. On the export front, Europe, the Middle East, and Africa (EMEA) region – particularly the Middle East and Africa – was the most significant customer, contributing more than 50% of the total export value. Ghana emerged as the largest export market for Indian excavators in 2024, representing nearly 30% of both export value and volume.

International brands compete in India’s import and export market

Chinese, Japanese, and European brands dominate India’s excavator imports: In terms of import volume, Japanese brands Kubota, Hitachi, and Yanmar were the top three brands for excavator imports into India in 2024, collectively accounting for nearly 50% of total import volume. However, in terms of value, Volvo, Sany, and Hitachi were the top three brands, with their combined value exceeding 50% of total import value.

Overall, Japanese-brand excavators imported by India are predominantly small-sized equipment with relatively lower unit prices. The primary models imported include the Kubota U30-6, Hitachi ZX33U series, and Yanmar VIO30-7. In contrast, the excavators imported from Volvo and Sany tend to be larger models – such as the Volvo EC550EL and Sany SY870H – which command higher unit prices. The Volvo excavators imported into India mainly come from its production base in South Korea.

Foreign Brands lead India’s excavator exports. In 2024, Hyundai, JCB, and Komatsu were the top three brands by export value for excavators from India, with JCB ranked first in terms of export volume. These brands entered the Indian market early and have continued to deepen their presence, achieving localized production. In addition to overseas brands establishing factories in India, local Indian brands (such as Mahindra) and joint ventures (such as Tata Hitachi) also hold significant shares in India’s excavator export market.

In the first quarter of 2025, India’s excavator import and export markets maintained growth momentum with relatively stable market patterns. Chinese, Japanese, and South Korean equipment continued to dominate India’s excavator import market, while the EMEA region remained the key export destination for Indian excavators. With the recovery of the global construction machinery market, India’s excavator trade is expected to sustain its growth trajectory.

India Is Becoming a Manufacturing Giant, with Excavator Exports Reaching $610M in 2024 published on The HeavyQuip Magazine.