Volvo Construction Plans to Double Market Share with Global Expansion in India

Dimitrov Krishnan, Managing Director and Head of Region at Volvo Construction Equipment, in an interview with ET Infra shared insights on construction equipment in the industry. He highlighted significant opportunities for growth and the company’s future plans.

Volvo aims to capitalize on growth within the construction equipment market and strengthen its brand presence in both domestic and international markets. With 26 years in India, Volvo is a well-established leader in the earthmoving equipment sector.

What made Dimitrov plan for global expansion?

Volvo plans to double its market share through a strategic global expansion, leveraging its strong foothold in India. The plan for global expansion follows a successful year (FY23) when India's construction equipment industry saw impressive growth of 26%.

Dimitrov K. is optimistic about the future due to significant growth trends in India’s construction equipment market. He believes that infrastructure development lags behind demand, especially in areas like airports, ports, and roads.

The government's Viksit Bharat plan offers further opportunities as it focuses on long-term infrastructure development. Additionally, addressing water management issues, such as interlinking rivers, is essential for the construction equipment industry. This presents a chance for increased product demand.

Expanding Mid-Range Products for Global Demand

Volvo Construction plans to expand its mid-range products, with over 70% locally sourced. The strategy includes enhancing its supply chain and making its brand more accessible to customers. Currently, the company exports some products to Southeast Asia, Africa, and Latin America. As global demand rises, Volvo aims to export more products to similar regions.

A Strong Focus on the Indian Market

Volvo Construction is operating primarily in India, which has become a crucial market for the company. India will serve as a base for its global expansion, allowing it to reach various developing and developed markets worldwide. 

Volvo Construction Equipment is set for significant growth through strategic planning, local sourcing, and international market expansion. It ultimately aims to double its market share over the next two to five years.

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