India has globally become one of the key potential markets for construction equipment. Construction market contributed nearly 7% to the India’s GDP and further estimated to acquire 8% by the end of 2015. Further, by 2025, India’s construction market is expected to emerge as the third largest in the world, which would exhibit huge demand for construction equipment in the coming years.
According to 6Wresearch, India’s construction equipment market is projected to reach 131 thousand units by 2022. The market declined during 2012 to 2014 owing to factors such as delay in project clearance issues and land acquisition delays.
In overall construction market, government vertical is the leading revenue generating segment led by various public infrastructure projects. Although, during 2012-14, construction market in India registered sluggish growth owing to low confidence amongst investors resulting in delay in construction projects coupled with clearance issues and land acquisition delays, thus affecting overall demand for construction equipment. On the contrary, early 2015 period posted positive growth in construction market, which created the demand for these equipment.
The report thoroughly covers the construction equipment market by types, verticals and regions. The report provides detailed analysis of the on-going trends, market drivers and competitive landscape.