India’s construction equipment (CE) retail market ended CY2025 on a decline. Total sales fell 6.67% from the previous year to 74,029 units, compared to 79,316 units in CY2024, according to data from the Federation of Automobile Dealers Associations (FADA).
The slowdown reflected delays in infrastructure projects, cautious spending by contractors, and selective financing approvals. However, some manufacturers managed to outperform the overall market through niche positioning, competitive pricing, and focused product strategies.
Market Leaders Under Pressure, Leadership Intact
Market leader JCB India Limited maintained its strong position despite facing pressure on volumes. JCB sold 34,833 units in CY2025, a decline of 13.7% from CY2024. This drop largely resulted from a high base effect and general market moderation. The company maintained a solid 47% market share, supported by its leadership in the backhoe loader segment.
Second-ranked Action Construction Equipment Ltd (ACE) reported 8,269 units sold, showing a year-on-year decline of 6.9%. Weaker demand in the crane segment impacted volumes; however, the company continued to hold its position with a diverse portfolio in cranes and material handling equipment.
Growth Performers Defy Industry Trend
Among those that excelled, Ajax Engineering Ltd achieved 8.1% growth year-on-year, selling 4,879 units. This growth was supported by steady demand for concrete batching and related equipment.
Similarly, CASE New Holland Construction Equipment India Pvt Ltd saw a 10.4% increase in sales with 2,034 units sold, benefiting from consistent demand for backhoe loaders and improved dealer engagement.
Tata Hitachi Construction Machinery Co Pvt Ltd also experienced steady growth, retailing 2,014 units, a 7.0% year-on-year increase driven by excavator demand from mining and infrastructure projects.
Premium and Large-Project Focused Brands See Declines
In contrast, Escorts Kubota Limited and Caterpillar India Private Limited faced double-digit declines due to reduced large-project orders and cautious capital spending among key customer segments.
Mid-Tier Players Gain Momentum
Mid-tier manufacturers stood out in CY2025. Bull Machines Pvt Ltd, All Terrain Crane, and LiuGong India Pvt Ltd experienced strong double-digit growth, driven by value-focused products, niche applications, and growing dealer networks.
Construction Equipment Sales: Brand-wise YoY Comparison
(CY2025 vs CY2024)
| Brand | CY2025 Sales (Units) | CY2024 Sales (Units) | YoY Change (Units) | YoY Change (%) |
|---|---|---|---|---|
| JCB India Limited | 34,833 | 40,351 | –5,518 | –13.68% |
| Action Construction Equipment (ACE) | 8,269 | 8,877 | –608 | –6.85% |
| Ajax Engineering Ltd | 4,879 | 4,515 | +364 | +8.06% |
| Escorts Kubota (Construction Equipment) | 4,723 | 5,476 | –753 | –13.75% |
| CASE New Holland Construction Equipment | 2,034 | 1,842 | +192 | +10.42% |
| Tata Hitachi Construction Machinery | 2,014 | 1,883 | +131 | +6.96% |
| Caterpillar India Pvt Ltd | 1,762 | 2,085 | –323 | –15.49% |
| Bull Machines Pvt Ltd | 1,723 | 1,354 | +369 | +27.27% |
| All Terrain Crane | 1,522 | 1,097 | +425 | +38.74% |
| LiuGong India Pvt Ltd | 1,196 | 863 | +333 | +38.59% |
| Mahindra & Mahindra Ltd | 1,172 | 1,244 | –72 | –5.79% |
| Schwing Stetter India Pvt Ltd | 1,117 | 1,103 | +14 | +1.27% |
| Industry Total | 74,029 | 79,316 | –5,287 | –6.67% |
Outlook Remains Cautiously Optimistic
Overall, CY2025 showed a clear divide within India’s heavy construction equipment market. While total volumes declined, brands focusing on specific applications and cost-effective solutions managed to gain market share. With infrastructure spending expected to continue supporting the sector, the outlook for CY2026 appears cautiously optimistic, depending on project execution and financing availability.
