India Construction Equipment (CE) Market Poised for Robust Growth, forecasted to Expand at 25% CAGR from 2023-28
MarkNtel Advisors has released its latest report highlighting strong growth in The India Construction Equipment (CE) Market is projected to grow at a CAGR of around 25% during the forecast period, i.e., 2023-28.
Report Coverage
This report offers a comprehensive analysis of the India Construction Equipment (CE) Market, providing valuable insights across historical trends, current dynamics, and future forecasts.
- Base Year: 2022
- Forecast Years: 2023-28
- Historical Years: 2018-21
India Construction Equipment (CE) Market Overview
Currently, India is the third-largest construction equipment market after China and USA and is expected to achieve the second place by 2030. Such anticipation is backed by the government’s ambitious infrastructure development plans like National Monetisation Pipeline, Gatishakti, and the establishment of the National Bank for Financing Infrastructure and Development, announced in the recent past. With already exporting to 110 countries, the Indian Construction Industry is likely to thrive through these initiatives.
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India Construction Equipment (CE) Market Segmentation Outlook
The India Construction Equipment (CE) is categorized into notable segments, which help in understanding the structure, dynamics, and opportunities within the market. These segments are typically based on:
By Type of Equipment
- Earthmoving
- Backhoe Loader
- Excavator
- Wheel & other loaders
- Motor Grader
- Material Handling
- Pick & Carry Cranes
- Crusher & Screener
- Compactors
- Road & Highways
- Compactors
- Pavers
By Region
- East
- West
- North
- South
India Construction Equipment (CE) Trend
Advent of Advanced Technologies in the Construction Sector- The rapid inclusion of advanced technologies in the CE space has put forth a suitable stage for the market players to showcase their potential in terms of innovative equipment. As such, the deployment of electronics and telematics has enhanced efficiency, while ongoing developments in hydraulics have reduced power losses, facilitating much higher value for the users. All this can be attributed to the escalating environmental concerns that have called for eco-friendly engine developments in order to lower emissions. Further, since the construction equipment industry worldwide is already embracing electro-mobility and autonomous solutions with the inclusion of technologies like IoT, virtual reality, and self-learning machines, India shall also witness such technological changes in the forthcoming years.
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Top India Construction Equipment (CE) Market Brands & Their Strategic Market Positioning
MarkNtel Advisors Research identifies Action Construction Equipment Ltd., CASE New Holland Construction Equipment India Pvt Ltd, Caterpillar, Escorts Ltd., Hyundai Construction Equipment India Pvt. Ltd, JCB India Limited, L&T Construction, Tata Hitachi Construction Machinery Company Pvt Ltd, Others as key players shaping the market landscape.
India Construction Equipment (CE) Market News
- In October 2022, JCB India unveiled three new excavators for infrastructure & mining, and quarrying applications at Udaipur. These machines will be built at JCB India’s cutting-edge factory in Pune and will then enter the global market. The new series comprises JCBNXT 225LC M, JCB315LC HD, and the JCB385LC and is suitable for arduous and challenging operating conditions in India.
Key Questions Answered in the Report
- What is the market size (value & volume) along with the current & future trends, growth factors & challenges, etc.?
- How the industry has been evolving, and which segments would dominate the market during the forecast period?
- What are the key opportunity areas that companies foresee in the coming years 2028?
- Who are the key players in the market, and what are their competitive strengths?
- What are the key growth drivers & challenges associated with the market, and how would they impact the market through the forecast period?
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