India Construction Equipment Market: Industry Analysis and Forecast (2023-2029)

The Indian Construction Equipment Market was valued at US$ 7.25 Bn. in 2022 and is estimated to reach a value of US$ 13.17 Bn. in 2029. The India Construction Equipment Market size is estimated to grow at a CAGR of 8.9% over the forecast period.

India Construction Equipment Market Overview:

Construction equipment or types of machinery are used for heavy operations tasks such as material handling, excavation, lifting, and other heavy operations. Commercial, residential and industrial sectors as well as increased public-private partnerships and economic growth, are driving the construction equipment market and the equipment provided by India influences the market globally. There are many different types of construction equipment in the market; selecting the appropriate construction equipment is critical. For the construction equipment, companies consider factors such as the material, quality, project's complexity, and safety which are provided by India. Construction equipment for building construction and construction machinery used in construction projects. Construction equipment refers to heavy-duty vehicles specially designed for executing construction tasks, most frequently involving earthwork operations. Proper use of appropriate equipment contributes to the Economy, Quality, Safety, Speed, and Timely completion of the Project. Construction equipment is an integral part of any construction process. The report explores the Indian Construction Equipment Market's segments (Type, End-User, and Region). Data has been provided by market participants, and regions (North America, Asia Pacific, Europe, Middle East & Africa, and South America). This market report provides a thorough analysis of the rapid advances that are currently taking place across all industry sectors. Facts and figures, illustrations, and presentations are used to provide key data analysis for the historical period from 2018 to 2022. The report investigates the India Construction Equipment Market's drivers, limitations, prospects, and barriers. This MMR report includes investor recommendations based on a thorough examination of the India Construction Equipment Market's contemporary competitive scenario. India Construction Equipment MarketTo know about the Research Methodology :- Request Free Sample Report 2022 is considered as a base year to forecast the market from 2023 to 2029. 2022’s market size is estimated on real numbers and outputs of the key players and major players across the globe. The past five years' trends are considered while forecasting the market through 2029. 2020 is a year of exception and analysis, especially with the impact of lockdown by region.

India Construction Equipment Market Dynamics:

Increase in the Sales Improves the Market Growth- India's construction equipment (CE) industry reported sales growth of 23 percent for the third quarter of 2021-22 on a year-on-year basis. During this quarter, the construction equipment industry sold 22,630 units as compared to 29,448 units sold in the Q3FY21, according to a report released by the Indian Construction Equipment Manufacturers Association (ICEMA). The construction equipment industry is witnessing recovery and growth due to the government's continuous push for infrastructure development in the country, according to ICEMA President and Volvo Construction. According to Company, this growth is encouraging especially after a 58 percent fall in Q1 FY22. The heavy construction equipment manufactured in the Indian market is driven by increased private sector investment, real estate sector growth, improving economic situations, and residential and commercial infrastructure setup in emerging countries. In addition, the expansion of government infrastructure development projects and public-private partnerships for the construction of public infrastructure systems in countries such as the U.S., India, and China, has aided market growth. Globally Adoption of Products Influenced the Market Opportunities- Various Economies are trusting Indian Construction Equipment and importing lots of equipment and implementing their various activities for development and these factors support the market in India and provide growth opportunities to the market. The U.S. government has made significant investments in the construction of roads, railway tracks, airports, and other infrastructure, which necessitates the employment of excavators, loaders, and other heavy equipment. For instance, in March 2021, the U.S. President introduced a $2.2 trillion infrastructure plan, which includes transportation, broadband, electric grid, and residential & commercial constructions and majorly importing required equipment from Indian Construction Equipment. With a solid push from the government's ambitious infrastructure development plans like National Bank for Financing Infrastructure and Development, National Monetization Pipeline, and Gatishakti, India will rise to [be] a key player, the second-largest in the CE sector by 2030. Rising construction spending across the globe is expected to be one of the long-term factors driving sales in the market over the forecast period. Over the past few years, construction spending in the United States has grown significantly. As a result of the booming infrastructure projects worldwide and the use of heavy-duty excavators for building dams and highways, the earthmoving machinery segment dominated the market. It is expected that this market will grow by 1.4x times during the forecast period.

India Construction Equipment Market Trends:

Development in Infrastructure across the Globe Considers the Biggest Trends- The major demand for Indian construction equipment is expected to be driven by the infrastructure sector, in conjunction with a variety of advanced construction equipment in rental fleets. The growing populations of Asia Pacific countries, including China, India, and South Asia, are driving the need for improved infrastructure including homes, schools, hospitals, stadiums, and government buildings. In addition, the residential infrastructure construction sector across the globe is experiencing an increase in demand for Indian construction equipment as a result of decreasing housing prices and rapid urbanization in various developing countries like China and India. Furthermore, the increase in government policies aimed at encouraging Public-Private Partnerships (PPP) and infrastructure over the forecast period is expected to boost the construction equipment market's growth. Implementation of Various Programs by Government Improves the Market Share globally is Trending- Various programs started by India Brand Equity Foundation (IBEF) are established by the Department of Commerce, Ministry of Commerce and Industry, Government of India. IBEF's primary objective is to promote and create international awareness of the Made in India label in markets of construction equipment and overseas and to facilitate the dissemination of knowledge of Indian products and services. Towards this objective, IBEF works closely with stakeholders across government and industry. India, today, is well established as a credible business partner, preferred investment destination, rapidly growing market, and provider of quality services and manufactured products; and, stands on the threshold of years of unprecedented growth. The upward trend in the Indian construction machinery market continues with the main driving force being the country's high infrastructure investments. After an exceptional gain of 34 percent in 2022, the German Engineering Federation (VDMA) determined a still very considerable growth of 12 percent for 2022. The development in the construction machinery market is mainly driven by the State's massive infrastructure expansion. According to the British market research company Off-Highway Research, this expansion is a top priority for the Indian Government which monitors all projects at the highest level to overcome potential obstacles as quickly as possible. At the very top of the agenda is road construction. In October 2017, the Indian politicians, therefore, approved the biggest ever highway development plan to develop and expand almost 84,000 km of roads at an investment of $105 billion by 2022 money which will also boost further sales of construction machines. Opportunities in the Construction Equipment Market in India- The construction industry in India is one of the sectors which has been resilient to COVID impact, maintaining steady growth despite a decline in the construction activity due to lockdowns with some key industry drivers. With the influx of projects in infrastructure construction, the construction equipment industry is expected to grow by 4% in the period 2023-2029 with the equipment sales expected to reach 122 thousand units. Additionally, India is poised to become one of the key export hubs on account of reforms in the emission and safety standards for equipment manufactured in India. Other factors like cordial relations between India and EU, ASEAN, and the Americas are complementing factors to make India an export hub for construction equipment.

India Construction Equipment Market Segment Analysis:

Based on Type, the India Construction Equipment Market is segmented into Earthmoving Equipment, Material Handling Equipment, and Heavy Construction Vehicles. India Construction Equipment Market Earthmoving equipment is the largest segment which covers the large market share and also influences the market by the growth rate of 6.5% in a year the other factors associated with this are used to carry out various excavation tasks such as digging and moving the earth. Different types of earth-moving equipment have unique applications and are primarily used for repairing, constructing, elevating, agriculture, and demolition, it provides various facilities like Excavators considered the most popular earth-moving vehicles that feature a bucket, arm, rotating cab, and movable tracks. These components provide superior digging power and mobility, allowing this heavy equipment to perform various functions, from digging trenches and breaking holes to lifting away waste and excavating mines. Based on End-User, the India Construction Equipment Market is segmented into Infrastructure, Construction, Mining, Oil & Gas, and Manufacturing. Construction is considered the largest segment of the Indian Construction Equipment market and propels the market growth of 10% in a year over the forecasted period. The major factors that owing the market growth are the industry had witnessed a significant impact on production, demand, and supply chain, following the pandemic and had to reduce activity and cut costs. The widening supply-demand gap added to its woes with surging material and logistics costs. The sector also witnessed an unusual increase in demand, and also huge supply-side constraints simultaneously, he pointed out. Technological advancements by the Indian Construction Equipment for the globe have improved the Construction space had been quite rapid in recent times. Environment concerns had driven eco-friendly engine developments leading to lower emissions. The use of electronics and telematics had driven efficiency while ongoing developments in hydraulics would reduce power losses, delivering much higher value for the users. The construction equipment industry is moving towards electromobility and autonomous solutions using technologies like IoT, virtual reality, and self-learning machines. India shall also witness such technological changes in the coming years. A major development in the infrastructure of various cities in India is increasing their construction as well as off-Highway Research, for example, that the sale of bulldozers in India will increase by more than 25 percent over the next five years. According to experts, quite a few foreign companies managed to conquer significant market shares, competing with the domestic and dominating bulldozer manufacturer BEML. Also, the real estate market, primarily housing, sends out positive signals: IBEF assumes that it will grow from an estimated $125 billion in 2020 and is expected to reach $180 billion in 2029. In the Indian construction machinery market, crawler excavators and backhoe loaders remain a mainstay. According to IBEF, these two types are expected to account for 68 percent of the units sold in 2018. With an increase of almost six percent over 2015, crawler excavators are estimated to yield the highest growth rate. To participate in the growing Indian market also in the future, many major companies in the construction machinery industry such as Action Construction Equipment, Bauer, Hyundai, KYB-Conmat, Manitou Equipment India, Puzzolana, Schwing Stetter India, Volvo India, Wacker Neuson, and Wirtgen India already registered with bauma CONEXPO INDIA to be held in Delhi. The objective of the report is to present a comprehensive analysis of the India Construction Equipment Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants. PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers. The reports also help in understanding the India Construction Equipment Market dynamic and structure by analyzing the market segments and projecting the India Construction Equipment Market size. Clear representation of competitive analysis of key players by Design, price, financial position, product portfolio, growth strategies, and regional presence in the Indian Construction Equipment Market make the report investor’s guide.

India Construction Equipment Market Scope: Inquire before buying

India Construction Equipment Market
Report Coverage Details
Base Year: 2022 Forecast Period: 2023-2029
Historical Data: 2018 to 2022 Market Size in 2022: US $ 7.25 Bn.
Forecast Period 2023 to 2029 CAGR: 8.9% Market Size in 2029: US $ 13.17 Bn.
Segments Covered: by Type Earthmoving Equipment Material Handling Equipment Heavy Construction Vehicles
by End-User Infrastructure Construction Mining Oil & Gas Manufacturing
by Application Excavation & Demolition Heavy Lifting Tunneling Material Handling Recycling & Waste Management

India Construction Equipment Market Key Players:

1. Caterpillar 2. Komatsu 3. Volvo Construction Equipment 4. JCB 5. XCMG 6. SANY 7. Hyundai Construction Equipment 8. TATA 9. Hitachi 10. Liebherr 11. Kobelco 12. Zoomlion Heavy Industry Science & Technology 13. L & T Construction & Mining Machinery 14. Action Construction LTD Frequently Asked Questions: 1] What segments are covered in the India Construction Equipment Market report? Ans. The segments covered in the India Construction Equipment Market report are based on Type and End-Use. 2] What is the market size of the India Construction Equipment Market by 2029? Ans. The market size of the India Construction Equipment Market by 2029 is expected to reach USD 13.17 Billion. 3] What is the forecast period for the Europe Hose Pump Market? Ans. The forecast period for the India Construction Equipment Market is 2023-2029. 4] What was the market size of the India Construction Equipment Market in 2022? Ans. The market size of the Indian Construction Equipment Market in 2022 was valued at USD 7.25 Billion.
1. India Construction Equipment Market Size: Research Methodology 2. India Construction Equipment Market Size: Executive Summary 2.1. Market Overview and Definitions 2.1.1. Introduction to Global India Construction Equipment Market Size 2.2. Summary 2.2.1. Key Findings 2.2.2. Recommendations for Investors 2.2.3. Recommendations for Market Leaders 2.2.4. Recommendations for New Market Entry 3. India Construction Equipment Market Size: Competitive Analysis 3.1. MMR Competition Matrix 3.1.1. Market Structure by region 3.1.2. Competitive Benchmarking of Key Players 3.2. Consolidation in the Market 3.2.1 M&A by region 3.3. Key Developments by Companies 3.4. Market Drivers 3.5. Market Restraints 3.6. Market Opportunities 3.7. Market Challenges 3.8. Market Dynamics 3.9. PORTERS Five Forces Analysis 3.10. PESTLE 3.11. Regulatory Landscape by region • North India • South India • East India • West India 3.12. COVID-19 Impact 4. India Construction Equipment Market Size Segmentation 4.1. India Construction Equipment Market Size, by Type(2022-2029) • Earthmoving Equipment • Material Handling Equipment • Heavy Construction Vehicles 4.2. India Construction Equipment Market Size, by End-Use(2022-2029) • Infrastructure • Construction • Mining • Oil & Gas • Manufacturing 5. Company Profile: Key players 5.1. Caterpillar 5.1.1. Company Overview 5.1.2. Financial Overview 5.1.3. Global Presence 5.1.4. Capacity Portfolio 5.1.5. Business Strategy 5.1.6. Recent Developments 5.2. Komatsu 5.3. Volvo Construction Equipment 5.4. JCB 5.5. XCMG 5.6. SANY 5.7. Hyundai Construction Equipment 5.8. TATA 5.9. Hitachi 5.10. Liebherr 5.11. Kobelco 5.12. Zoomlion Heavy Industry Science & Technology 5.13. L & T Construction & Mining Machinery 5.14. Action Construction LTD

About This Report

Report ID 21117
Category Material & Chemical
Published Date Sep 2023
Updated Date
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