Market Forecast By Types (Cranes (Mobile Cranes, Crawler Cranes, Tower Cranes), Earthmoving Equipment (Loaders, Excavators, Motor Grader)), Aerial Work Equipment (Articulated Boom Lifts, Telescopic Boom Lifts, Scissor Lifts), Material Handling Equipment (Telescopic Handlers, Forklifts), Road Construction Equipment (Pavers, Road Rollers), Dump Trucks, Construction Tractor And Bulldozer), By Applications (Construction, Oil & Gas, Mining), By Regions(Northern, Eastern, Western, Southern) And Competitive Landscape
According to 6Wresearch, India Construction Equipment Market size is projected to grow at CAGR of 23.3% during 2021-27. The growth can be attributed to rising investment in the growing public & private infrastructure, FDI reforms for construction sector, highway projects and growing economy has led to the overall surge of construction equipment market in India. In addition, government ambitious projects such as Smart city, Golden Corridor, Housing for all, restructuring and expansion of railways, etc. would bolster the growth of the construction equipment during the forecast period.
Construction equipment market is buoyed by rising infrastructure development in the country. Public and private infrastructure development is registering healthy growth supported by several measures being taken by the government for development of infrastructure in India. In Union Budget 2021, the government has given a massive push to the infrastructure sector by allocating Rs. 233,083 crores to enhance the transport infrastructure across the country. The government expanded the ‘National Infrastructure Pipeline (NIP)’ to 7,400 projects. ~217 projects worth Rs. 1.10 lakh crore were completed as of 2020. through the NIP, the government invested US$ 1.4 trillion in infrastructure development as of July 2021.
Market by Equipment Type Analysis
Earth moving equipment segment acquired a volume share of 85% in the overall construction equipment market in 2020, owing to increasing number of public private partnerships and government initiatives such as smart city development projects. The market is witnessing a growing trend of adopting multifunctional equipment to cater to a wide range of applications on construction and mining sites.
Key Highlights of the Report
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