According to 6Wresearch's new report, India Construction Equipment Market (2016-22), India has become a key global market for construction equipment. The construction market contributes nearly 7 per cent to India's GDP. Further, by 2025, India's construction market is expected to emerge as the third largest in the world.
According to the report, the government vertical is the leading revenue generating segment for the construction market, led by various public infrastructure projects. India's construction equipment market is largely import-driven, especially in the higher load capacity segment.
Rajat Kharbanda, senior research analyst, research and consulting, 6Wresearch, says, "The construction vehicle segment accounted for the largest revenue share of India's construction equipment market, followed by earth-moving equipment, concrete equipment and material handling. Government of India's Make in India campaign, the smart cities project and the housing-for-all scheme covered in over 300 cities would provide necessary boost to the demand for construction equipment in the years to come."
Media Source: Business Standard