Earth moving segment in terms of construction equipment type, accomplished the highest revenue share in India Construction Equipment Market – 6Wresearch
Earth moving equipment in Construction Equipment Market in India attained the maximum revenue share on the back of their adaptability for mining as well as quarrying operations and their compliance with environmental regulations.
According to 6Wresearch, India Construction Equipment Market revenue is projected to grow at a CAGR of 11.4% during 2023-2029. The real estate sector in India is projected to reach a value of 1 trillion USD by 2030 owing to growing urban population. By 2025, the urban population in India is anticipated to reach 542.7 million, and it is expected to further increase to 675.5 million by 2035. The current shortage of housing in urban areas is estimated to be approximately 10 million units, with an additional 25 million units of affordable housing required by 2030.
The Foreign Direct Investment (FDI) in the real estate sector, encompassing construction development and activities, reached 4.55 lakh crore between April 2000 and December 2022. Additionally, in the Union Budget 2023-24, the government of India has introduced a significant enhancement for the PM Awas Yojana, with a commitment of 79,000 crore rupees. Furthermore, private equity investment in the real estate sector reached 27,880 crore rupees in 2022. The increasing investments by the government and private equity firms in the real estate sector would contribute to the growth of the construction equipment market in the upcoming years. This is due to their extensive use in the construction and deconstruction processes, such as sand and DMC piling, excavation, foundation laying, structural disassembly and construction of the grey structure.
According to Shivankar, Research Manager, 6Wresearch, it is the earth moving equipment segment which dominated the market in 2022 and the same segment is projected to dominate this market in the near future due to their adaptability.
The India Construction Equipment Market (2023-2029) report provides an in-depth analysis with 13 figures and 23 tables, covering 120 pages. The report comprehensively covers the market by type, organization type. The report provides a detailed as well as unbiased analysis of the ongoing drivers, opportunities/high growth areas, and trends of the sector which are projected to support the stakeholders to align as well as devise their market strategies as per the latest and future market dynamics.