India construction equipment market is projected to cross $ 4.7 billion by 2025, on account of anticipated growth in construction industry, increasing foreign investments, and rising number of smart city projects in the country. India construction equipment market is broadly segmented into Earth Moving, Material Handling, Concrete Mixing, and Road Construction Equipment. Earth Moving segment is expected to continue its dominance during the forecast period, however, the Concrete Mixing segment is anticipated to witnessed fastest growth over the next five years. Based on specific product type segmentation, the market is dominated by backhoe Loaders, followed by Crawler Excavators, Forklifts, and Pick & Carry Cranes. Demand for such products is expected to continue growing in the coming years owing to the factors such as increasing project sizes, shorter completion time, and demand for customized and multipurpose equipment by end-users.
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Government initiatives focused on infrastructure development are further boosting demand for construction equipment in India. Some of the largest projects include Smart City Mission, AMRUT (Atal Mission for Rejuvenation of Urban Transformation), Metro Rail in urban areas, Bharatmala, and Sagarmala, among others. In addition, government is also supporting the construction equipment market by liberalizing taxation policies for construction industry such as GST and custom duty. In 2018, the government of India reduced the GST on construction equipment from 28% to 18%, which will help the construction equipment manufacturers to reduce the overall cost of equipment and other operational losses. However, the global economic slowdown and spread of COVID-19 pandemic pose a huge imminent challenge for India construction equipment market.
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Years considered for this report:
Historical Years: FY2015 – FY2019
Base Year: FY2019
Estimated Year: FY2020
Forecast Period: FY2020 – FY2025F
Objective of the Study:
To study India construction equipment market scenario, which covers earth moving equipment, material handling equipment, concrete equipment, and road construction equipment.
To analyze and forecast the market size of India construction equipment market.
To classify and forecast India construction equipment market on the basis of segment, product type, region and company.
To identify drivers and challenges for India construction equipment market.
To identify market trends & developments for India construction equipment market.
Some of the major players operating in India construction equipment market include JCB India Limited, Action Construction Equipment Limited, BEML Limited, L&T Construction Equipment Limited, Greaves Cotton Limited, Mahindra Construction Co. Ltd. and many more.
In order to perform the study, TechSci Research conducted primary as well as exhaustive secondary research. Initially, TechSci Research prepared an exhaustive list of India construction equipment companies. Subsequently, TechSci Research conducted primary research surveys, which included primary calls, e-mail responses, etc., with the identified companies. While interviewing, the respondents were asked about their major competitors. Through this technique, TechSci Research was able to include companies which could not be identified due to the limitations of secondary research.
TechSci Research calculated the market size for India construction equipment market using a bottom-up and top-down approach, wherein India construction equipment companies’ revenue for different products (backhoe loaders, hydraulic excavators, pick & carry cranes, transit mixer, forklifts, and others) was recorded as well as forecast for the future years. TechSci Research sourced these values from industry experts and company representatives, and externally validated by analyzing historical data of respective construction equipment companies to arrive at the overall market size. Multiple secondary sources such as directories, company websites, company annual reports, white papers, investor presentations and financial reports were also analyzed by TechSci Research.
In addition, government is also supporting the construction equipment market by liberalizing taxation policies for construction industry such as GST and custom duty. In 2018, the government of India reduced the GST on construction equipment from 28% to 18%, which will help the construction equipment manufacturers to reduce the overall cost of equipment and other operational losses. Some of the largest ongoing projects in India that are boosting the country’s construction equipment market include Smart City Mission, AMRUT (Atal Mission for Rejuvenation of Urban Transformation), Metro Rail in urban areas, Bharatmala, and Sagarmala, among others. However, the global economic slowdown and spread of COVID-19 pandemic pose a huge imminent challenge for India construction equipment market.
Key Target Audience:
- Construction equipment companies, manufacturers and dealers
- Major end-users of construction equipment market
- Government and financial institutions
- Associations, organizations, forums and alliances related to construction equipment market
- Market research and consulting firms
The study is useful in providing answers to several critical questions that are important for industry stakeholders such as construction equipment companies, distributors and policy makers. The study would enable the stakeholders in identifying the growing segments over the coming years, thereby aiding them in taking investment decisions and facilitating their expansion.
Mr. Ken Mathews
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