JCB India foresees double digit growth in 2024 sales: CEO & MD Shetty

JCB India, the leading heavy construction machine manufacturer, foresees double-digit growth in volume sales for 2024, buoyed by escalating infrastructure development in the country, its Chief Executive Officer and Managing Director Deepak Shetty said on Monday.

The company achieved domestic sales of approximately 35,000 machines in 2022 and anticipates reaching around 45,000 units for 2023, reflecting a robust 30 per cent annual growth.

On Monday, the company unveiled its maiden machine powered by a newly developed hydrogen combustion engine in the presence of Minister for Road Transport and Highways Nitin Gadkari.

When queried about the scale of the hydrogen project in India, Shetty responded that it will be developed concurrently with the nationwide expansion of hydrogen charging infrastructure.

About 65 per cent of construction machines are sold in rural areas of India. "As the infrastructure develops, we will accordingly launch the models... The commercial production will begin as this infrastructure starts coming up," he noted.

The hydrogen-powered products are currently in the initial stages, and it is too early to delve into discussions regarding their pricing in comparison to internal combustion engine-run products, Shetty explained.

When asked about his volume sales outlook for 2024, he said: "I would not say it would be a 20 per cent growth but it would be decent growth. It will be a little too soon to put a number... It should be around double-digit growth."