Rapid urbanization drives growth
India construction equipment market is projected to grow at a CAGR of 10% during 2019-2025, making it one of the key potential markets, according to a report by ResearchAndMarkets.
Rapid urbanization, growing population, increasing government spending in infrastructure projects, the inflow of foreign direct investment are the major drivers boosting the demand for construction equipment in the country, said the report “India Construction Equipment Market (2019-2025)” released on 11 June 2019.
In terms of equipment types, construction equipment market is mainly dominated by earthmoving equipment segments such as loaders, excavators and cranes.
Earthmoving equipment segment acquired a key market in the overall market in 2018, owing to the increasing number of public-private partnerships and government initiatives such as smart city development projects.
Moreover, with the rapid increase in infrastructure investment and industrial production, the earthmoving equipment segment contributes key revenues in India construction equipment market forecast period.
The report covered 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. fiinews.com