India Construction Equipment Market (2023-2029) | Analysis, Size, Share, Revenue, Foreacst, Trends, Growth, Outlook & Industry

India Construction Equipment Market Size & Growth Rate

The India Construction Equipment market is projected to grow at a CAGR of 11.4% during 2023-2029, driven by key initiatives such as the National Infrastructure Pipeline (NIP), PM Gati Shakti scheme, and large investments in public infrastructure.

India Construction Equipment Market Synopsis

The India Construction Equipment market experienced a downturn in 2019-2020, primarily attributable to the outbreak of the Covid-19 pandemic. the market effectively managed the impact of COVID-19 and achieved a notable 12% growth in 2021. This growth can be attributed to various factors, including the National Monetisation Pipeline (NMP), and the implementation of the Rs 111 trillion National Infrastructure Pipeline (NIP) in six years through FY25 by the government. Additionally, the macroeconomic landscape, policy changes, reforms, and the challenges that affect the construction equipment sector influence the market's performance.

According to 6Wresearch, India Construction Equipment Market revenue is projected to grow at a CAGR of 11.4% during 2023-2029. India's infrastructure sector is poised for substantial growth achieving India's goal of becoming a USD 5 trillion economy by 2025 which relies heavily on robust infrastructure development to attain this objective, the government has launched key initiatives such as the USD 1.4 trillion National Infrastructure Pipeline, PM Gati Shakti scheme, and Industrial Corridors project which includes various projects in infrastructure development, including public transportation systems, smart cities, and urban renewal projects. In the 2023-24 budget, USD 122 billion was allocated for infrastructure, covering railways, roads, urban infrastructure, and power. These factors have been stimulating the India Construction Equipment Market growth.

Significant cost associated with acquiring construction equipment remains a primary barrier to the growth of the construction equipment market. Prospective buyers are now presented with the alternative of opting for rental solutions, which is expected to grow by 5.1% by 2025. This shift towards rentals can be attributed to several factors, including the escalating expenses linked to equipment procurement.

Market Segmentation by Type

By construction equipment type, earth moving equipment segment accounted for maximum revenue share in 2022 primarily owing to their adaptability for mining and quarrying operations, as well as their compliance with environmental regulations. The extensive aftermarket service network further reinforces their market dominance.

Key Attractiveness of the Report

• 11 Years of Market Numbers.
• Historical Data Starting from 2019 to 2022.
• Base Year: 2022
• Forecast Data until 2029.
• Key Performance Indicators Impacting the Market.
• Major Upcoming Developments and Projects.

Key Highlights of the Report:

• India Construction Equipment Market Overview
• India Construction Equipment Market Outlook
• India Construction Equipment Market Forecast
• Historical Data and Forecast of India Construction Equipment Market Revenues for the Period 2019-2029F
• Historical Data and Forecast of India Construction Equipment Market Revenues, By Equipment Types for the Period 2019-2029F
• India Construction Equipment Market Revenue Share, By Regions for the Period 2022
• Market Drivers and Restraints
• Market Trends
• Industry Life Cycle
• India Construction Equipment Market – Porter’s Five Forces
• Competitive Business model analysis
• India Construction Equipment Market Value Chain
• India Construction Equipment Market Industry Ecosystem
• Company Share
• Market Competitive Benchmarking
• Company Profiles
• Key Strategic Recommendations

Market Scope and Segmentation

Thereportprovides a detailed analysis of the following market segments:

By Type

• Earthmoving Equipment
• Material Handling Equipment
• Road Building Construction Equipment
• Material Processing Equipment
• Concrete Equipment