Smart City, Golden Corridor, Housing and railways driving demand for the sector
The Indian Construction Equipment market size is projected to grow at CAGR of 23.3% during 2021-27, driven by rising investment in the growing public and private infrastructure, FDI reforms for construction sector, highway projects and growing economy. Demand from such projects has led to the overall surge in the country’s construction equipment market.
In addition, the Government initiated ambitious projects such as Smart city, Golden Corridor, Housing for all, restructuring and expansion of railways would bolster the growth of the construction equipment during the forecast period, said report on the sector by ResearchAndMarkets released on 25 Oct 2022.
“India Construction Equipment market is capitalizing on rapid development of infrastructure and construction sector in the country. Growing public and private infrastructure, FDI reforms for construction sector, highway projects and growing economy has led to the overall surge in demand for construction equipment in India,” said the report.
The market witnessed a slowdown in 2020 owing to the COVID-19 pandemic, which caused in halt in construction projects, suspension of economic activities and lockdown across the country.
However, with the gradual recovery of economic activities and relaxation in lockdown measures, the market regained its momentum and is expected to rise during the forecast period.
The Government activities focused on infrastructure advancement and improvement in financing from non-banking financial companies (NBFCs) are boosting the demand for construction equipment in India.
The industry is led by:
Caterpillar Incorporation
Hyundai Construction Equipment India Pvt Ltd.
JCB India Limited
Kobelco Construction Equipment India Pvt Ltd.
Liugong India Private Limited
L&T Construction Equipment Limited
Sany Heavy Industry India Private Limited
Tata Hitachi Construction Machinery
Volvo Construction Equipment
Xuzhou Construction Machinery Group Co Ltd
Liebherr Group. fiinews.com
