India Construction Equipment Market Competitive Landscape & Forecast, 2022-2029
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the India construction equipment market size at USD 7.18 billion in 2022. During the forecast period between 2023 and 2029, the India construction equipment market size is projected to grow at a CAGR of 8.67% reaching a value of USD 12.78 billion by 2029. Rapid urbanization and increased public and private investments in infrastructure development projects are two key driving factors for the India construction equipment market. The Indian government’s focus on developing smart cities and expanding manufacturing sector is also expected to drive the growth of the India construction equipment market over the forecast period.
India Construction Equipment Market – Overview
Construction equipment is heavy-duty machinery and equipment designed specifically for doing construction tasks, most frequently groundwork operations. In addition to maintaining a close check on the applied quality standards, it optimizes the use of resources, such as materials, labor, finances, and the limited supply of a qualified and efficient workforce. The various types of construction equipment include those used for hoisting, excavation, hauling, grading, paving, drilling, and pile driving. Excavators, sometimes known as "diggers," are the most popular type of construction machinery because of their adaptability. On a building site, they predominate together with mining, landscaping, demolition, and other activities.
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India Construction Equipment Market – By Propulsion Type
Based on propulsion type, the India construction equipment market is segmented into ICE, electric, and CNG/LNG. The ICE, or internal combustion engine, accounts for the largest market share. Compared to external combustion engines, internal combustion engines have a number of benefits. The internal combustion engine's direct fuel-to-cylinder combustion results in lesser heat loss, improved thermal efficiency, and less fuel consumption. However, the electric propulsion type is projected to register the highest CAGR during the forecast period owing to its lower emissions.
Impact of COVID-19 on the India Construction Equipment Market
The COVID-19 pandemic impeded the expansion of the India construction equipment market. Construction and infrastructure, manufacturing, mining, and other significant end-user industries of the construction equipment market were all directly affected by the lockdown that the Indian government imposed to stop the virus's spread. The supply chain disruptions and temporary shutdown of construction equipment production both had a detrimental impact on market expansion. However, the market is projected to gain its pace back over the post-COVID-19 period following the lockdown upliftment.
Competitive Landscape
Major players operating in the India construction equipment market include Caterpillar, CNH Industrial America LLC, Deere & Company, Doosan Corporation, Escorts Limited, Hitachi Construction Machinery Co., Ltd, Hyundai Construction Equipment Co., Ltd, J C Bamford Excavators Ltd, Komatsu Ltd, and Kubota Corporation.
To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.
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