The report considers the present scenario of the Indian construction equipment market and market dynamics for the forecast period 2022?2028. It covers a detailed overview of several growth enablers, restraints, and trends in the market. The study includes the volume and value sales with a segment analysis of the Indian construction equipment market.
India construction equipment market is is expected to grow at a CAGR of 8.9% during 2022-2028
KEY HIGHLIGHTS IN THE REPORT
• India is the largest market for Backhoe loaders in the world. The equipment is highly flexible, cheaper, and can operate on muddy and uneven surfaces, making it extremely popular in the Indian construction market.
• Various civil engineering works and smart city projects prompt demand for mini excavators in the market. The real estate and affordable housing projects support the demand for large towers and fixed cranes in the Indian market.
• The infrastructure investment in 2021 and the national infrastructure development plan drive the construction industry growth. The government’s focus on renewable energy resources for power generation will attract significant FDI inflows in 2021.
• The surge in commodities prices and rise in demand for coal and iron ore in the market supports the country’s mining industry growth. And government initiatives of make in India & Amtanirbar Bharat encourage the development of manufacturing sectors.
• The surge in infrastructure development projects across India such as Delhi-Mumbai Trade Corridor ($90 billion), Gujarat International Finance Tec-City ($20 billion), Chennai Metro Rail ($14.9 billion) and Diamond Quadrilateral ($13 billion). The Indian Railway infrastructure will see an investment of $715.4 billion by 2030. The Indian energy sector is expected to offer an investment opportunity by $300 billion over the next 10 years. In 2020-2021, the communication sector had allocated $5.36 billion to develop the post and telecommunications departments.
• Real estate sector in India is expected to reach $1 trillion by 2030. As per the projected growth trends during the pre-COVID-19 era, the sector’s contribution was likely to rise to 13% of India’s GDP by 2025. As per ICRA estimates, Indian firms are expected to raise $48 billion through infrastructure and real estate investment trusts in 2022.
• According to ICEMA, apart from COVID-19 related supply chain disruptions, the construction equipment industry is facing the challenges due to abnormal increase in steel prices since July 2020. In 2022, demand for steel is expected to increase by 17% to 110 million tones, driven by rising construction activities.
INDIA CONSTRUCTION EQUIPMENT MARKET SEGMENTATION • The earthmoving segment is the largest in the Indian construction industry, followed by material handling and road construction equipment. Excavators and Backhoe loaders were the fast-growing major construction equipment in the market in 2021. The demand for excavators and backhoe loaders will rise due to various government investments in infrastructure development, growth in renewable energy and the country’s mining industries.
Segmentation by Earthmoving Equipment:
• Backhoe Loaders
• Motor Graders
• Other Earthmoving Equipment (Others loaders, Bulldozers, Trenchers)
Segmentation by Road Construction Equipment
• Road Rollers
• Asphalt Pavers
Segmentation by End Users
JCB is the leading manufacturer of Backhoe loaders in India. ACE is India’s leading material handling and construction equipment manufacturing company with a majority market share in hydraulic cranes, mobile cranes and tower cranes segment.
• Volvo Construction Equipment
• Hyundai Construction Equipment
• TATA Hitachi
• Zoomlion Heavy Industry Science & Technology Co. Ltd
• L&T Construction & Mining Machinery
• Action Construction Equipment Limited
• V Enterprises
• GS Sethi & Sons
• MM Brothers
• Gainwell Commosales Pvt. Ltd.
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Construction Equipment Revenue
Gross Domestic Product
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