India has become one of the key potential markets for construction equipment. Developing construction sector would act as a key catalyst for the growth of the construction equipment market in India.
The demand for construction equipment in India is expected to grow substantially owing to upcoming highway projects, real estate development, infrastructure projects, "Make in India" initiative of government and surging rail network across the country.
According to 6Wresearch, India construction equipment market revenues are projected to grow at a CAGR of 10% during 2019-25. Rapid urbanization, growing population, increasing government spending in infrastructure projects as well as inflow of foreign direct investment are the major drivers boosting the demand for construction equipment in the country. India construction equipment market is an import driven market, especially in higher-tonnage load capacity segment. Although, some of the construction equipment are assembled and manufactured in India as well.
According to Anuj Mehrotra, Manager, Research and Consulting, 6Wresearch, "In India's Construction Equipment Market, Earthmoving Equipment segment accounted for the largest revenue share, followed by bull dozers & construction tractors and cranes. Additionally, government initiatives such as "Make in India" campaign, Pradhan Mantri SadakYojna (PMSY) would provide necessary boost to the demand for construction equipment over the years to come".
According to Ashish Jain, Research Associate, Research and Consulting, 6Wresearch, "In 2018, construction application recorded maximum revenue share in India. Further, mining & quarrying is another prime application for construction equipment in India. With the growth in mining sector, the demand for earthmoving, construction and material handling equipment would increase during the forecast period".
According to Richa Sood, Research Associate, Research and Consulting, 6Wresearch, "Growing industrialization, commercial hubs, construction and expansion of roads, flyovers, metros, airports, railways, and highways across the country would spur the market for construction equipment in India. In terms of regions, the Northern region is expected to capture majority of the market share followed by the Western, Southern and Eastern region".
Some of the major companies in India construction equipment market include- Caterpillar Incorporation, Escorts Group, JCB India Limited, Larsen & Toubro Ltd., Terex Corporation, Volvo Construction Equipment, Voltas Ltd., Action Construction Equipment Ltd., Tata Motors Ltd, Tata Hitachi Construction Machinery, BEML Ltd., Hyundai Construction Equipment, Ashok Leyland Limited and VE Commercial Vehicles Limited.
"India Construction Equipment Market (2019-2025)" report provides an in-depth analysis with 83 figures and 5 tables covered in 140+ pages. The report estimates and forecast overall India construction equipment market by revenues, by equipment types such as material handling, earthmoving, concrete equipment and construction vehicle segment. The report also offer insights on price trends, market trends, competitive landscape, company profiles, players market share, market drivers and restraints.