The recent infrastructure sector investments by the Indian government have encouraged India construction equipment market growth. The considerable development in the infrastructure sector is likely to boost demand and research for advanced construction equipment solutions. Right from machines, cranes, protective devices, safeguards, runways, platforms, material handling equipment to hoists, and derricks, the construction equipment market segments are expected to observe considerable growth in the upcoming future. India construction equipment market 2023 looks a better developed as it expands at a compound annual growth rate of ~7% from 2017. This will make the market value of the Indian construction equipment market around INR 210 billion.
Insights on segments based on the equipment category
The construction equipment market involves various categories segmented into earthmoving, material handling equipment, material processing equipment, road construction equipment, concrete equipment, etc.
The latest real estate and road-building projects in the economy have had a massive share of the earthmoving segment in the total construction equipment market. Concrete equipment stood second in the contribution while material handling equipment third.
Among construction equipment products, the following are the commonly used equipment material in India wherein the backhoe loaders top the list.
• Backhoe Loaders
• Crawler Dozers
• Crawler Excavators
• Wheeled Loaders
• Mobile compressors
• Compaction equipment
• Mobile cranes
The present trends in the Indian construction equipment market:
With the Value Engineering Program by Road Transport Ministry of India, the construction market players are encouraged to have innovative technologies, advanced materials, equipment. The schemes aim to promote cost-effective projects making them as environment-friendly as possible.
Speaking of real estate market in India, it is projected to expand at a CAGR of ~11.54%, to reach a value of ~INR 12,0104.2 Bn by 2020, from ~INR 7004.34 Bn in 2015. This will be one of the key reasons behind the increased market growth of the construction equipment market.
Having said that, the rigid regulations in the economy due to increased environmental concerns, a number of real estate projects in India remain unfinished or struggle with delayed approvals. The heavy equipment in many projects is rented and becomes unused for months. As a result, the secondary market for used construction equipment still looks for possible opportunities to grow further.
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