India’s Excavator Exports Are Triple Its Imports, and 80% of Loader Imports Come from China

Disclaimer: this article was originally published by Machinery Intelligence Agency.

Sources: https://mp.weixin.qq.com/s/RC9foywtsft2kgSo-K4uSA

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

Interact Analysis has been continuously tracking the import and export dynamics of off-road equipment in key global markets (equipment import and export data sourced from customs statistics, including used equipment). This article will review the import and export situation of India’s excavators and loaders in 2024. Click to read the original text and view IA’s global off-road market import and export database.

Exports of Excavators Are Three Times Imports

In 2024, India exported over 10,000 excavators to nearly 100 countries and regions globally, nearly tripling its import totals; export totals exceeded 600 million US dollars, approximately three times the amount of imports. India’s excavators import and export market performance was stable overall in 2024, with the import market seeing a significant increase in the fourth quarter. Excavator imports in India peaked from October to November, with monthly imports exceeding 350 units. From the export perspective, in the second half of 2024, India’s excavator exports in terms of both value and volume were significantly higher than in the first half, peaking in September with exports of over 1,000 units.

On the import side, India mainly imports excavators from the Asia-Pacific region, with machines originating from China, Japan, and Korea dominating, accounting for over 90% of the total import value and volume in 2024. Looking at the export side, Europe, Middle East, and Africa (EMEA)—especially the Middle East and Africa—are the primary export regions accounting for over 50% of the export value, with Ghana being the largest market for India’s excavators in 2024, accounting for nearly 30% in terms of value and volume.

International Brands Compete in the Indian Import and Export Market

Chinese, Japanese, and European brands are the main forces in India’s excavator imports. In terms of quantity, Japanese brands such as Kubota, Hitachi, and Yanmar were the top three imported brands in India in 2024, accounting for nearly 50% of total imports. However, in terms of value, Volvo, SANY, and Hitachi were the top three import brands, accounting for over 50%.

Overall, Indian imports of Japanese excavator brands focus on small equipment, with relatively low prices, including major models such as Kubota U30-6, Hitachi ZX33U series, and Yanmar VIO30-7. In contrast, imported excavators from Volvo and SANY focus on larger models, such as Volvo EC550EL and SANY SY870H, with relatively higher prices. Imported Volvo excavators are mainly from their production bases in Korea.

Foreign investment leads India’s excavator exports. In 2024, Hyundai, JCB, and Komatsu were the top three brands in terms of export value; JCB ranked first in the number of exports. These brands entered the Indian market early, have continued to deepen their investment, and have achieved localized production. In addition to foreign brands setting up factories in India, domestic brands (such as Mahindra) and joint ventures (such as Tata Hitachi) also occupy a place in India’s excavator export market.

Nearly 80% of High Efficiency Loader Imports Come from China

In 2024, India imported over 1,100 High efficiency loaders with a total value of nearly 90 million US dollars. Overall, the Indian High efficiency loader import market showed an upward trend within the year, with imports increasing significantly in Q4, with import value exceeding 12 million US dollars each month from October to December, and the number of units exceeding 130. Excavator loader made in China account for nearly 40% of the total import value and close to 80% of the quantity. Besides Chinese brands (such as LiuGong) imported loaders from Doosan Bobcat and Caterpillar mainly come from their production bases in China.

Regarding brands, Doosan Bobcat, LiuGong, and Caterpillar are the top three imported brands, accounting for over 60% combined. However, from a value perspective, Volvo, Caterpillar, and Sandvik are the top three in terms of import value, exceeding 50%.

Overall, the European brand loaders India imports are mainly large equipment with high prices, including models such as Volvo’s L150H and Sandvik’s LH621I underground mining loader. Imported loaders from Doosan Bobcat and LiuGong, however, mainly focus on smaller models, including Doosan Bobcat’s S450 skid-steer loader and LiuGong’s 820TE electric loader.

Western Brands Lead in Loader Exports

In 2024, India exported over 22,000 loaders to nearly 140 countries and regions worldwide, with total exports nearly amounting to 700 million US dollars. The export market showed a steady trend overall, with peaks in numbers occurring in May, and from May to July, the number of exports exceeded 2,000 units each month. Looking at export destinations, Europe, Middle East, and Africa (EMEA) are the primary regions, accounting for over 50% of export value. However, in terms of countries, the United States is the largest destination country for Indian loaders, representing nearly 20% of the value and quantity.

Brand-wise, Western brands lead the export market, with Caterpillar, JCB, and CASE being the top three in both value and quantity. The main export models include Caterpillar’s 216B series skid-steer loaders, JCB’s 3CX, and CASE’s 570SV backhoe loader. Considering the export destinations, Caterpillar mainly exports to the Americas (primarily the USA), while JCB and CASE’s largest export regions are Europe, Middle East, and Africa (EMEA), particularly the Middle East and African markets.

Aside from these earlier entrants into the Indian market that have achieved localized production, local Indian brands (such as Mahindra) also hold a share in India’s loader export market. Overall, India’s loader export market is dominated by small and medium-sized equipment, with relatively low prices.

Keywords:

1. Excavator

2. High efficiency loader

3. Excavator loader made in China