India Construction Equipment Market Introduction
The construction industry in India is going through a technological change and witnessed a shift in end-user preference to adopt advanced construction equipment over conventional construction equipment. Further, the government of India—in its Twelfth Five-Year Plan (FYP)—has outlined investment of INR 56 Lakh crores to support infrastructure development in India. This, in turn, is projected to drive infrastructure development activities in the country and increase the demand for construction equipment. Thus, the Indian construction industry is poised for excellent growth as the country has large potential in terms of mining, infrastructure, and industrial sector.
Establishment of stringent quality norms for better process control, removing the contractual obligation, offering incentives, and standardization of tax regulations across states are anticipated to increase the adoption of construction equipment in the country. However, finding skilled workforce for operational and maintenance of construction equipment is one of the major issues in the market. In addition, lack of awareness among buyers about benefits of construction equipment and lack of rental and used-equipment market in the country is anticipated to hamper the market growth to some extent over the forecast period.
The India construction equipment market has been studied from various perspectives such as equipment type and end user. By equipment type, the market is segmented into construction vehicle, material handling equipment, earth moving equipment, and others. Based on end user, the market is segmented into mining, oil & gas, transportation, and others. The regional analysis includes market study across North India, South India, Western India, and Eastern India.
India Construction Equipment Market Competitive Landscape
Prominent players in the market are inclined towards offering end-to-end services to gain a competitive edge and outperform competitors. Further, the rise in awareness among construction equipment manufacturers to increase investment in R&D activities are anticipated to increase vendor’s capabilities and competition in the India construction equipment market. Key players analyzed and profiled in the India construction equipment market are Ingersoll-Rand India Limited, JCB India, Volvo, Action Construction Equipment Ltd. (ACE), Bharat Earth Movers Limited (BEML), Telcon, L & T Case and L & T Komatsu, Caterpillar India, Greaves Cotton, ECEL, and others.
This research report on India construction equipment market would be produced using first-hand market information gathered from industry experts and major participants across the value chain, during primary research. It would provide broad view of current market trends, growth factors and competitive analysis.