Volvo CE India, the construction equipment subsidiary of the Swedish major Volvo group, on Wednesday said that it is looking to double its market share in India and also increase the share of exports from the country.

India's construction equipment industry witnessed a 26 per cent rise in sales to 1,35,650 units in the 2023-24 fiscal on the back of rising capital expenditure towards infrastructure development, as per the data from the Indian Construction Equipment Manufacturers' Association (ICEMA). The construction equipment (CE) industry had sold 1,07,779 units in the previous fiscal year.

"In the last three years the construction equipment industry has seen strong growth in India and the growth momentum has continued so far this year. We are bullish about the market growth," said Dimitrov Krishnan, managing director of Volvo CE India.

"We operate in about 40 per cent of the market in India and we have a market share of around 6.5 per cent in the segments where we are present. We aim to double our market share," said Krishnan.

The construction equipment maker has expanded into the 20 tonne excavator segment with the launch of EC 210 in the eastern market.

"The eastern region is of significant importance because of strategic efforts of the government to bolster the connectivity and infrastructure across border roads, railways, airports and other projects. We have witnessed strong growth in our business in the region with major industrial establishments and the presence of rich mineral deposits and coal fields," said Krishnan.

The company is also looking to expand the share of exports from its factory in Bangalore. "We are currently exporting around 15 per cent of our production and there is potential to increase this to 25 per cent," Krishnan said.