CNH aims double-digit revenue growth from construction equipment
Case New Holland Industrial (CNH Industrial), an American-Italian multinational corporation, is targeting double-digit growth in revenue from its construction equipment vertical in the next three years. CNH Industrial (Africa, Middle East, and Asia Pacific AME and APAC), vice president, Fabrizio Cepollina, told the media that the construction and agricultural equipment manufacturer has charted a strategic business plan and anticipates revenues from the construction equipment venture to grow by 50% to $300 million in the country in the next three-four years. Cepollina told the media that the firm was bullish about development prospects in the Indian market and is planning to launch a line of new products to take on market leader JCB. There was a negative trend in construction equipment sales last year due to the Covid-19 pandemic impact, but it was temporary. Everybody's in the contract that the investment, mainly in infrastructure in India and the modernisation of the industry, need a lot of investment in construction machinery. There are many projects that the firm sees in the next five or seven years, Cepollina said. Industry evaluates overall construction equipment sales to increase 15%-20% in the ongoing financial year (FY), against a drop of 8% recorded in the previous financial year. Even as construction equipment exports increased by 60.5% to 7,802 units in FY22, domestic sales decreased 11.4% to 77,583 units on weak demand. Cepollina said 00CNH plans to double its market share in the backhoe loader segment to 12% in the next three years. Apart from promoting domestic sales, plans are also afoot to improve supply and develop more products for the global market out of the nation. The company wants our facility in India to help more and more of our global business activity. The major importance of India is not only based on increasing sales but also to leverage it as a supplier base and for technology development, Cepollina said. Construction equipment export includes nearly a third of the annual output at CNH. CNH is looking to develop a common platform in India that will generate products for sale both locally and overseas, with the industry set to move on to Euro V emission norms. CNH Industrial creates about 6,000 units of construction equipment at its facility in Madhya Pradesh's Pithampur. The company is using 70% of the total available capacity right now, which can be improved further through digitisation and enhanced efficiencies. Image Source
Also read: CNH Industrial to increase sourcing from India worth over $300
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