India Construction Equipment Market: Building the Nation's Infrastructure Horizon (2023-2029)

India's Construction Equipment Market Set for Robust Growth, Forecasted to Reach US$ 13.17 Billion by 2029

The Indian Construction Equipment Market is poised for substantial growth, with a projected value of US$ 13.17 billion by 2029, according to a comprehensive report released today. The market, which was valued at US$ 7.25 billion in 2022, is estimated to grow at a CAGR of 8.9% over the forecast period.

Driving Factors and Market Overview

The surge in the construction equipment sector is attributed to increased private sector investments, real estate growth, and the government's relentless focus on infrastructure development. The market has experienced a significant recovery, witnessing a 23% sales growth in the third quarter of 2021-22 compared to the previous year, as reported by the Indian Construction Equipment Manufacturers Association (ICEMA).

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Market Dynamics and Trends

The report highlights the key drivers, limitations, prospects, and barriers shaping the India Construction Equipment Market. With a solid push from ambitious government infrastructure plans, India is expected to emerge as a key player and the second-largest in the construction equipment sector by 2030.

One notable trend is the emphasis on infrastructure development across the globe, driving the demand for construction equipment. The report also underscores the implementation of various government programs, such as those by the India Brand Equity Foundation (IBEF), which aim to promote the "Made in India" label in international markets.

India Construction Equipment Market Scope:

India Eyewear market report is an ultimate guideline for business development and provides the user with ins and outs of the industry whether a user is an investor, business owner, or wants to start a business in the same industry.

Analysis in the report is conducted using widely used and trusted tools such as SWOT, and PESTLE analysis, which gives an analysis of the impacts such as political, social-cultural, economic, technological, and environmental impacts, also can build strategic planning and management using this analysis.

The report is designed in such a manner that it provides the readers the appropriate and up-to-date market data in graphical and tabular forms.

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India Construction Equipment Market Segmentation:

by Type

Earthmoving Equipment
Material Handling Equipment
Heavy Construction Vehicles

The India Construction Equipment Market is divided into three categories based on type: heavy construction vehicles, material handling equipment, and earthmoving equipment.
The largest segment, earthmoving equipment, accounts for a sizable portion of the market and grows at a rate of 6.5% annually. The other related factors are utilised to perform different excavation tasks, like earthmoving and digging. Various earth-moving equipment types have specific uses and are mostly employed in construction, demolition, agriculture, repair, and raising. They offer a range of amenities, including The most widely used earthmoving equipment is the excavator, which has a bucket, arm, rotating cab, and movable tracks.

by End-User

Infrastructure
Construction
Mining
Oil & Gas
Manufacturing

Infrastructure, Construction, Mining, Oil & Gas, and Manufacturing are the segments of the India Construction Equipment Market based on End-User. Over the projected period, the Indian Construction Equipment market is expected to grow at a rate of 10% annually, with the construction sector being the largest contributor to this growth. The industry had to reduce activity and cut costs after the pandemic, which had a significant impact on supply chain, demand, and production. These were the main factors contributing to the market growth. Its problems with rising material and logistical costs were made worse by the growing supply-demand imbalance. He also noted that the industry saw both extraordinary supply-side constraints and an unusual rise in demand.

by Application

Excavation & Demolition
Heavy Lifting
Tunneling
Material Handling
Recycling & Waste Management

Recent years have seen a rapid improvement in the construction industry thanks to technological advancements made by Indian construction equipment worldwide. Environmental concerns prompted the development of eco-friendly engines, which reduced emissions. Efficiency had been boosted by the use of electronics and telematics, and continued advancements in hydraulics would lower power losses and increase user value. The construction equipment sector is transitioning to autonomous solutions and electromobility through the use of IoT, virtual reality, and self-learning machines. In the upcoming years, India will likewise see these technological advancements.

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India Construction Equipment Market Major 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

India Construction Equipment Market Regional Analysis:

As India Construction Equipment Market tends to rapid growth within the forecast period, the MMR report is structured to support that volatility with a regional analysis of the market.

Regional market analysis helps to understand the regional potential of the industry with detailed data that shows the traditional way of business, regional opportunities, trading chains, challenges and others.

This report is the ultimate guide for a new player in the industry to know the regional market competition, challenges, and advantages, to build their strategies and plans accordingly.

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Key Questions answered in the India Construction Equipment Market Report are:

What is India Construction Equipment Market?
What is the forecast period of the India Construction Equipment Market?
What is the competitive scenario of the India Construction Equipment Market?
Which region held the largest market share in the India Construction Equipment Market?
What are the opportunities for the India Construction Equipment Market?
What factors are affecting the India Construction Equipment Market growth?
Who are the key players of the India Construction Equipment Market?
Which company held the largest share in the India Construction Equipment Market?
What will be the CAGR of the India Construction Equipment Market during the forecast period?
What key trends are likely to emerge in the India Construction Equipment Market in the coming years?
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