India’s construction equipment market is expected to reach $14.34 billion by 2030, driven by rapid urbanization, infrastructure development, and increased investments in construction.
Here are some key trends and forecasts in the industry:
Market Growth Drivers
– Government Initiatives: Government investments in infrastructure development and policies like the “Make in India” initiative are fueling growth.
– Urbanization: Rising urbanization trends lead to new construction projects, increasing demand for equipment.
– Technological Advancements: Adoption of technologies like IoT, telematics, and autonomous construction machinery is on the rise.
Market Size and Forecast
– Current Market Size: The Indian construction equipment market was valued at $7.89 billion in 2023.
– Growth Rate: The market is expected to grow at a CAGR of 8.9% from 2024 to 2030.
– Projected Market Size: Some forecasts predict the market will reach $14.34 billion by 2030, while others estimate it will reach $13.21 billion or $11.78 billion.
Key Players
– Caterpillar Inc.: A leading player in the Indian construction equipment market.
– Komatsu Ltd.: Another major player in the market.
– Volvo Construction Equipment: A prominent manufacturer of construction equipment in India.
– JCB: A well-known brand in the Indian construction equipment market.
– Tata Hitachi Construction Machinery Company Pvt Ltd: A key player in the market and JV of Japanese machinery giant hitachi and Tata group of india.