India Construction Equipment Market to Reach $ 4.7 Billion by 2025
Growing expenditure on infrastructure
development and favorable government policies to drive India construction
equipment market
According
to TechSci Research report, “India Construction Equipment Market By Segment, By Product
Type, By Region, Competition, Forecast & Opportunities, 2025”, the country’s construction equipment market is
projected to reach $ 4.7 billion by 2025, owing to high demand for construction
equipment, especially in the earth moving segment. Over the next five years, construction
equipment sales are expected to grow on account of rising demand from commercial
projects and mining, housing and agriculture sectors. The competition in India construction
equipment market is expected to intensify in the near future owing to continuing collaborations among
construction and technology companies coupled with strong and expanding sales
network of leading players across the country.
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In addition, government is also
supporting the construction equipment market by liberalizing taxation policies
for construction industry such as GST and custom duty. In 2018, the government
of India reduced the GST on construction equipment from 28% to 18%, which will
help the construction equipment manufacturers to reduce the overall cost of
equipment and other operational losses. Some of the largest ongoing projects in
India that are boosting the country’s construction equipment market include
Smart City Mission, AMRUT (Atal Mission for Rejuvenation of Urban
Transformation), Metro Rail in urban areas, Bharatmala, and Sagarmala, among
others. However, the global economic slowdown and spread of COVID-19 pandemic
pose a huge imminent challenge for India construction equipment market.
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Among all the product types, backhoe
loaders and crawler excavators accounted for the largest individual shares in India
construction equipment market in 2019, and the trend is expected to prevail
during the forecast period. North is the dominating region in the country’s construction
equipment market where a huge number of large-scale projects are being
undertaken, followed by South, West and East regions. “Various upcoming infrastructure
projects coupled with rising government expenditure towards construction sector
in the country is expected to boost construction equipment market during the
forecast period. Moreover, favorable government policies and surging foreign
investments in construction equipment market are anticipated to fuel the market
in the coming years.”, said Mr. Karan Chechi, Research Director with
TechSci Research, a research based global management consulting firm.
“India Construction
Equipment Market By Segment, By Product Type, By Region, Competition, Forecast
& Opportunities, 2025” has analyzed the potential of construction equipment market across the country,
and provides statistics and information on market sizes, shares and trends. The
report will suffice in providing the intending clients with cutting-edge market
intelligence and help them in taking sound investment decisions. Besides, the
report also identifies and analyzes emerging trends along with essential
drivers and key challenges faced by the industry.
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and emerging markets, leading technologies and niche applications. Our
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