Chicago, April 27, 2022 (GLOBE NEWSWIRE) -- According to Arizton’s latest research report, India construction equipment market will grow at a CAGR of 8.9% during 2022-2028. The real estate sector in India is expected to reach $1 trillion by 2030. As per the projected growth trends during the pre-COVID-19 era, the sector’s contribution is likely to rise to 13% of India’s GDP by 2025. The Government of India’s Housing for All initiative is expected to bring $1.3 trillion investments in the housing sector by 2025.
India Construction Equipment Market Report Scope
| REPORT ATTRIBUTES | DETAILS | |
| MARKET SIZE (2028) | $8.7 Billion | |
| MARKET SIZE (2022) | $5.2 Billion | |
| MARKET SIZE -VOLUME (2028) | 1,65,097 Units | |
| CAGR (2021-2028) | 8.9% | |
| HISTORIC YEAR | 2019-2020 | |
| BASE YEAR | 2021 | |
| FORECAST YEAR | 2022-2028 | |
| KEY VENDORS | Caterpillar, Komatsu, Volvo, JCB, XCMG, SANY, Hyundai, TATA Hitachi, Liebherr, Kobelco, Zoomlion Heavy Industry Science & Technology Co. Ltd, L&T, and Action Construction Equipment Limited | |
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Development of Transport Infrastructure to Support the Demand for Earthmoving Equipment
- In 2020, the Indian government announced that it plans to develop the country’s road infrastructure with an investment of more than $212.8 billion by 2030. The Indian Union Budget 2020–21 boosted the Indian infrastructure sector with an investment of $24.2 billion to develop the transport infrastructure.
- Under the NIP, India has an investment budget of $1.4 trillion for infrastructure, including 24% on renewable energy, 19% on roads and highways, 16% on urban infrastructure, and 13% on railways.
- Mega projects such as six new ports, three mega ports, and 600 railway stations are planned for redevelopment by 2025.
Key Insights
- India construction equipment market is expected to grow significantly at a CAGR of 8.75% during the forecast period (2022-2028) with high demand for backhoe loaders in the earthmoving segment due to factors such as increased government investment in the development of highways, railways, metro, airport & renewable energy projects in 2021.
- In 2020, the Indian government announced that it had planned to develop road infrastructure with an investment of more than $212.8 billion by 2030. The Indian Union Budget 2020–21 gave a boost to the Indian infrastructure sector with an investment of $24.27 billion to develop the transport infrastructure.
- The surge in infrastructure development projects across India such as Delhi-Mumbai Trade Corridor ($90 billion), Gujarat International Finance Tec-City ($20 billion), Chennai Metro Rail ($14.9 billion), and Diamond Quadrilateral ($13 billion). The Indian Railway infrastructure will see an investment of $715.4 billion by 2030. The Indian energy sector is expected to offer an investment opportunity of $300 billion over the next 10 years. In 2020-2021, the communication sector allocated $5.36 billion to develop the post and telecommunications departments.
- According to ICEMA, apart from COVID-19 related supply chain disruptions, the construction equipment industry is facing challenges due to abnormal increases in steel prices since July 2020. In 2022, demand for steel is expected to increase by 17% to 110 million tonnes, driven by rising construction activities.
- JCB is the leading manufacturer of Backhoe loaders in India. ACE is India’s leading material handling and construction equipment manufacturing company with a majority market share in hydraulic cranes, mobile cranes, and tower cranes segment.
Key Offerings:
- Market Size & Forecast by Volume | 2022−2028
- Market Dynamics – Leading trends, growth drivers, restraints, and investment opportunities
- Market Segmentation – A detailed analysis by type and end-user
- Competitive Landscape – 13 key vendors and 6 distributors profile
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Increasing Demand for Electric-Mobility Equipment in the Construction Industry
- According to the ICEMA, the Indian construction equipment industry seeks electric-mobility options, which have been increasing in the Indian construction equipment industry.
- The demand for electric vehicles for commercial use is estimated to increase 15 times over the next six months as manufacturing costs are rising. An increase in fuel, raw material, recycling, and energy price is also a key factor contributing to the preference for renewable energy sources.
- SANY launched its first electric 300-ton excavator in February 2022 and is focusing on upgrading the capacity up to 800 ton.
Explore our industrial machinery profile to know more about the industry.
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