Volvo India Private Ltd, a wholly owned subsidiary of the Sweeden-based Volvo Group, a leading worldwide provider of commercial transport solutions, construction equipment, industrial applications and aircraft engine components, is eyeing 10 per cent share of the construction market equipment in India by the end of 2010.
According to industry estimates, the market for construction equipment in the countr is expected to reach Rs 2500 crore by the end of this calendar year and Volvo aims to clck a revenue of Rs 240 crore in this segment.
Volvo Group's overall business in the India market has breached the $ 1 billion (around Rs 5000 crore) mark and nearly 50 per cent of the Group's turnover in the country comes from the commercial vehicles segment. Mritunjaya Singh, managing director, Volvo India said, “The construction equipment market in India is expected to reach Rs 2500 crore by the end of 2010 and we are aiming to capture 10 per cent of this market. There is a huge scope for the construction equipment market in India given the country's increasing focus on sectors like mining and infrastructure.”
Presently, the company ranks third in terms of market share in the construction equipment segment. Volvo India has a wide range of construction equipment like hydraulic excavators, wheel loaders, articulated haulers, motor graders, vibratory soil compactors, paver finishers, vibratory asphalt compactors and pneumatic tyre rollers. The company supplies the entire range of equipment through its network of 11 dealers across the country.In India, Volvo India has a manufacturing facility for construction equipment where it has already invested over Rs 90 crore.
Meanwhile, the company intends to introduce the 'Care Track' system in its construction equipment. The construction equipment fitted with the 'Care Track' system would be launched next week in the India market, said Singh. Care Track combines two independent systems- Global Positioning System (GPS) and the mobile phone network.
