Schwing Stetter India, the wholly-owned subsidiary of Germany’s Schwing Group, is gearing up to launch 16 new products and 14 variants this year, as it seeks to address gaps in its product portfolio and cater to specific customer needs. The new launches will span all five segments in which the company operates, with a pronounced focus on concreting equipment—a segment that generates 56% of the firm’s total revenue.
The company operates in concrete, construction, material handling, and mining and foundation equipment.
In an interview with Autocar Professional, Schwing Stetter India's Chairman and Managing Director Sakthikumar VG noted that the expansion aligns with the company’s strategy to identify and capitalise on market gaps in India’s construction equipment landscape.
"We are playing a major role in identifying the gap in the Indian industry across all five areas where we can accelerate progress with specific imported machines in the short term," said Sakthikumar. He added that the company’s long-term goal is to localise manufacturing, as demand scales up.
The planned product launches follow a period of robust financial performance for Schwing Stetter India. The company posted a net profit of Rs 106.89 crore in 2023, a 30.5% increase from Rs 81.90 crore in 2022. Revenue surged by 37.7% to Rs 5,395.77 crore, compared to Rs 3,919.26 crore in the previous year.
Last year, the company introduced 25 new products and variants, with their full sales potential expected to materialise in 2024.
The Indian Construction Equipment Manufacturers Association (ICEMA) in its latest report, noted that the construction equipment industry had grown by 26% year-on-year (YoY) with 1,35,650 units in sales, surpassing all expectations during FY24 as compared to 1,07,779 units in the previous fiscal year.
Schwing Stetter India's aggressive expansion plans, coupled with its strong financial performance and the booming construction equipment market in India, suggests the positive growth trajectory for the construction equipment industry in years to come.