(MENAFN- America News Hour) Market insights:
Construction equipment includes all kinds of machines, derricks, hoists, material handling equipment, platforms, runways, safeguards, protective devices, cranes, and equipment used for other constructions. Owing to a surge in investments in the infrastructure sector, and growth of the real estate sector, the construction equipment market in India is expected to expand at a compound annual growth rate (CAGR) of ~7% till 2023, up from its 2017 value of INR 210 Bn.
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Insights on segments based on equipment category:
Based on the category of equipment, the market is segmented into earth moving equipment, concrete equipment, material handling equipment, road construction equipment, and material processing equipment. Clearance of mining and construction (road building and real estate) projects in recent years have led the earth moving segment to occupy a major share of the construction equipment market, followed by concrete equipment, and material handling equipment.
Insights on segments based on equipment type:
Backhoe loaders, crawler excavators, mobile compressors, mobile cranes, compaction equipment, wheeled loaders, and crawler dozers are the most common construction equipment used in India. Among these, backhoe loaders had the highest market share in 2018, mainly due to its versatile applications.
Market trends:
The Ministry of Road Transport and Highways has implemented its 'Value Engineering Program', which directs constructors to use innovative technologies, materials, and equipment that can reduce the overall project cost and adverse effect on the environment.
Market drivers:
The Indian government has recently invested in the infrastructure sector. Substantial investment in the development of infrastructure in India is supposed to increase the demand for different kinds of construction equipment.
The real estate market in India is expected to expand at a CAGR of ~11.54%, to reach a value of
~INR 12,0104.2 Bn by 2020, from ~INR 7004.34 Bn in 2015. The demand for construction equipment is increasing considerably in India due to the growth of the real estate market.
Market challenges:
Stringent regulations, along with increasing environmental concerns delay approvals for real estate projects in India. This, in turn, increases the overall budget of projects while slowing down the processes. Heavy equipment is rented and lie unused for months. As a result, in India, the revenue of the construction equipment market is limited. The secondary market for used construction equipment is yet to develop. This prevents the resale of equipment, which in turn reduces the overall revenue of the secondary construction equipment market.
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Companies covered:
1. Action Construction Equipment Ltd.
2. Bharat Earth Movers Ltd.
3. Escorts Ltd.
4. Gujarat Apollo Industries Ltd.
5. Hercules Hoists Ltd.
6. JCB India Pvt. Ltd.
7. L & T Construction & Mining Machinery
8. Triton Valves Ltd.
9. Universal Construction Machinery and Equipment
10. Volvo Construction Equipment India
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