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India Construction Equipment Market
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India Construction Equipment Market

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India Construction Equipment Market - By Solution (Product, Service); By Equipment (Heavy Construction Equipment, Compact Construction Equipment); By Propulsion Type (ICE, Electric, CNG/LNG); By Power Output (<100 HP, 101–200 HP, 201–400 HP, >401 HP); By End User (Oil & Gas, Construction & Infrastructure, Manufacturing, Mining, Others); By Region (North India, South India, East India, West India), Trend Analysis, Competitive Landscape & Forecast, 2019–2029

  • Published Date: June 2023
  • Report ID: BWC23506
  • Available Format: PDF
  • Page: 400

Report Overview

Increasing number of infrastructure development projects and rapid urbanization are expected to boost the growth of India Construction Equipment market during the forecast period between 2023 and 2029.

India Construction Equipment Market - Industry Trends & Forecast Report, 2029

India construction equipment market size was estimated at USD 7.18 billion in 2022. During the forecast period between 2023 and 2029, the India construction equipment market is projected to grow at a CAGR of 8.67% reaching a value of USD 12.78 billion by 2029. Major growth factors for the India construction equipment market include rapid urbanization and rising public-private investment toward infrastructure development in the country. The Indian Government is significantly focusing on boosting the manufacturing industry along with establishing smart cities, which is anticipated to propel the India construction equipment market growth during the forecast period.

India Construction Equipment Market

India Construction Equipment Market – Overview

Construction equipment is heavy-duty machinery and equipment designed specifically for doing construction tasks, most frequently groundwork operations. In addition to maintaining a close check on the applied quality standards, it optimizes the use of resources such as materials, labor, finances, and the limited supply of a qualified and efficient workforce. The various types of construction equipment include those used for hoisting, excavation, hauling, grading, paving, drilling, and pile driving. Excavators, sometimes known as "diggers," are the most popular type of construction machinery because of their adaptability. On a building site, they predominate together with mining, landscaping, demolition, and other activities.

India Construction Equipment Market

Growth Drivers

Rapid Urbanization and Infrastructure Development Projects

The Indian government as well as the private players are significantly investing in the infrastructure development in the country to boost economic growth and meet the demands of the rising population. In order to boost the growth of the infrastructure industry, the government has introduced the National Infrastructure Pipeline (NIP), along with other programs like "Make in India" and the production-linked incentives (PLI) program. The federal government has extended the 50-year interest-free loan period to state governments in order to facilitate infrastructure investments and encourage complementing policy actions in infrastructure development. This will improve coordination between the federal and state governments. Such initiatives are anticipated to proliferate the construction industry, which will consequently lead to the growth of the India construction equipment market.

Restraints

High Cost and Strong Aftermarkets of Equipment

The high price of construction equipment and the ensuing maintenance costs severely restrict the market's expansion in India. Excavators are the most often used piece of construction equipment, and their price ranges from INR 1 lakh to INR 1.69 crore (about USD 1,200 to USD 2 million). Contractors and other end users are prompted to go to aftermarkets where these products are offered at lower costs as a result. Hiring additional staff also adds to the cost because the company must spend money on both labor and equipment.

Impact of COVID-19 on the India Construction Equipment Market

The COVID-19 pandemic impeded the expansion of the India construction equipment market. Construction and infrastructure, manufacturing, mining, and other significant end-user industries of the construction equipment market were all directly affected by the lockdown that the Indian government imposed to stop the virus' spread. The supply chains and temporary shutdown of construction equipment production both had a detrimental impact on market expansion. However, the market is projected to gain its pace back over the post-COVID-19 period following the lockdown upliftment.

India Construction Equipment Market

Segmental Coverage

India Construction Equipment Market – By Solution

Based on the solution, the India construction equipment market is bifurcated into product and service segments. The product segment accounts for a higher share in the India construction equipment market by solution. The product segment is further classified into earth-moving machinery, material-handling machinery, concrete, and road construction machinery. Material handling machinery covers a significant market share as it is employed in the handling of finished items throughout storage, transport, and distribution. Their extensive usage in the manufacturing and logistics industries contributes to their significant demand in the India construction equipment market.

India Construction Equipment Market – By Equipment

Based on equipment, the India construction equipment market is split into heavy construction equipment and compact construction equipment segments. The compact construction equipment holds a larger share of India construction equipment market and is projected to register the highest growth rate during the forecast period as well. Compact construction equipment is lightweight and has a lower capacity, making it ideal for minor projects and work in confined locations. They are less expensive to acquire and maintain because of their modest size, which favors their market growth.

India Construction Equipment Market Size

India Construction Equipment Market – By Propulsion Type

Based on propulsion type, the India construction equipment market is segmented into ICE, electric, and CNG/LNG. The ICE, or internal combustion engine, accounts for the largest market share. Compared to external combustion engines, internal combustion engines have a number of benefits. The internal combustion engine's direct fuel-to-cylinder combustion results in lesser heat loss, improved thermal efficiency, and less fuel consumption. However, the electric propulsion type is projected to register the highest CAGR during the forecast period owing to its lower emissions.

India Construction Equipment Market – By Power Output

Based on power output, the India Construction Equipment market is segmented into <100 HP, 101–200 HP, 201–400 HP, and >401 HP. The <100 HP power output holds the highest share in the India construction equipment market. The most commonly used construction equipment under this power output is compact wheel loaders, mini excavators, and compact track loaders, which are prominently used in the construction industry.

India Construction Equipment Market – By End User

Based on end user, the India construction equipment market is segmented into oil & gas, construction & infrastructure, manufacturing, mining, and others. The construction and infrastructure sectors account for the largest market share. The Indian Government recently increased their infrastructure investment by 33% to INR 10 lakh crore (USD 122 billion) in their Union Budget 2023–2024 to improve their public infrastructure, including railways, roads, and urban infrastructure, according to the India Brand Equity Foundation. Furthermore, the “Smart Cities Mission” and “Housing for All” programs are also driving the demand for construction equipment.

India Construction Equipment Market – By Region

Based on region, India construction equipment market is divided into North India, South India, East India, and West India. South India dominates the India construction equipment market owing to the significant investments in infrastructural development in the region. Southern states, including Tamil Nadu, Kerala, Telangana, and others, are focusing on their road and highway infrastructure, railways, and logistics infrastructure to improve and boost their economic growth, which is anticipated to present lucrative growth opportunities for the India construction equipment market during the forecast period.

Competitive Landscape

Major players operating in the India construction equipment market include Caterpillar, CNH Industrial America LLC, Deere & Company, Doosan Corporation, Escorts Limited, Hitachi Construction Machinery Co., Ltd, Hyundai Construction Equipment Co., Ltd, J C Bamford Excavators Ltd, Komatsu Ltd, and Kubota Corporation.

To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.

Recent Developments

  • In February 2023 – Volvo Construction Equipment, a leading global machine industry company, launched its first electric equipment—an EC55 electric compact excavator—in India.

Scope of the Report

Attributes

Details

Years Considered

Historical Data – 2019–2022

Base Year – 2022

Estimated Year – 2023

Forecast Period – 2023–2029

Facts Covered

Revenue in USD Billion

Market Coverage

North India, South India, East India, West India

Product/ Service Segmentation

Solution, Equipment, Propulsion Type, Power Output, End User, Region

Key Players

Caterpillar, CNH Industrial America LLC, Deere & Company, Doosan Corporation, Escorts Limited, Hitachi Construction Machinery Co., Ltd, Hyundai Construction Equipment Co., Ltd, J C Bamford Excavators Ltd, Komatsu Ltd, KUBOTA Corporation

 

  

By Solution

  • Product

  • Service

By Equipment

  • Heavy Construction Equipment

  • Compact Construction Equipment

By Propulsion Type

  • ICE

  • Electric

  • CNG/LNG

By Power Output

  • <100 HP

  • 101–200 HP

  • 201–400 HP

  • >401 HP

By End User

  • Oil & Gas

  • Construction & Infrastructure

  • Manufacturing

  • Mining

  • Others

By Region

  • North India

  • South India

  • East India

  • West India

  1. Research Framework
    1. Research Objective
    2. Product Overview
    3. Market Segmentation
  2. Executive Summary
  3. India Construction Equipment Market Insights
    1. Industry Value Chain Analysis
    2. DROC Analysis
      1. Growth Drivers
        1. Growth in Infrastructure Development
        2. Increasing Urbanization
      2. Restraints
        1. High Initial Cost
      3.  Opportunities
        1. Advancement in Technology
      4. Challenges
        1. Lack Of Skilled Workforce
    3. Technological Advancements/Recent Developments
    4. Regulatory Framework
    5. Porter’s Five Forces Analysis
      1. Bargaining Power of Suppliers
      2. Bargaining Power of Buyers
      3. Threat of New Entrants
      4. Threat of Substitutes
      5. Intensity of Rivalry
  4. India Construction Equipment Market Overview
    1. Market Size & Forecast, 2019–2029
      1. By Value (USD Million)
    2. Market Share & Forecast
      1. By Solution
        1. Products
        2. Services
      2. By Equipment
        1. Heavy Construction Equipment
        2. Compact Construction Equipment
      3. By Propulsion Type
        1. ICE
        2. Electric
        3. CNG/LNG
      4. By Power Output
        1. <100 HP
        2. 101–200 HP
        3. 201–400 HP
        4. >401 HP
      5. By End User
        1. Oil & Gas
        2. Construction & Infrastructure
        3. Manufacturing
        4. Mining
        5. Others
      6. By Region
        1. North India
        2. South India
        3. East India
        4. West India
  5. North India Construction Equipment Market
    1. Market Size & Forecast, 2019–2029
      1. By Value (USD Million)
    2. Market Share & Forecast
      1. By Solution
      2. By Equipment
      3. By Propulsion Type
      4. By Power Output
      5. By End User
  6. South India Construction Equipment Market
    1. Market Size & Forecast, 2019–2029
      1. By Value (USD Million)
    2. Market Share & Forecast
      1. By Solution
      2. By Equipment
      3. By Propulsion Type
      4. By Power Output
      5. By End User
  7. East India Construction Equipment Market
    1. Market Size & Forecast, 2019–2029
      1. By Value (USD Million)
    2. Market Share & Forecast
      1. By Solution
      2. By Equipment
      3. By Propulsion Type
      4. By Power Output
      5. By End User
  8. West India Construction Equipment Market
    1. Market Size & Forecast, 2019–2029
      1. By Value (USD Million)
    2. Market Share & Forecast
      1. By Solution
      2. By Equipment
      3. By Propulsion Type
      4. By Power Output
      5. By End User
  9. Competitive Landscape
    1. List of Key Players and Their Offerings
    2. India Construction Equipment Market Company Market Share Analysis, 2022
    3. Competitive Benchmarking, By Operating Parameters
    4. Key Strategic Developments (Mergers, Acquisitions, Partnerships, etc.)
  10. Impact of Covid-19 on India Construction Equipment Market
  11. Company Profile (Company Overview, Financial Matrix, Competitive Landscape, Key Personnel, Key Competitors, Contact Address, Strategic Outlook, SWOT Analysis)
    1. Caterpillar
    2. CNH Industrial America LLC.
    3. Deere & Company
    4. Doosan Corporation
    5. Escorts Limited
    6. Hitachi Construction Machinery Co., Ltd.
    7. Hyundai Construction Equipment Co., Ltd.
    8. J C Bamford Excavators Ltd.
    9. Komatsu Ltd.
    10. KUBOTA Corporation
    11. Other Prominent Players
  12. Key Strategic Recommendations
  13. Research Methodology
    1.    Qualitative Research
      1.  Primary & Secondary Research
    2.    Quantitative Research
    3.    Market Breakdown & Data Triangulation
      1.  Secondary Research
      2.  Primary Research
    4.    Breakdown of Primary Research Respondents, By Region
    5.    Assumptions & Limitations

*Financial information of non-listed companies can be provided as per availability.

**The segmentation and the companies are subject to modifications based on in-depth secondary research for the final deliverable

 

 

List of Figures

 

Figure 1       India Construction Equipment Segmentation

Figure 2       India Construction Equipment Market Value Chain Analysis        

Figure 3       Company Market Share Analysis, 2022

Figure 4       India Construction Equipment Market Size, By Value (USD Million), 2019–2029         

Figure 5       India Construction Equipment Market Share, By Solution, By Value, 2019–2029         

Figure 6       India Construction Equipment Market Share, By Equipment, By Value, 2019–2029         

Figure 7       India Construction Equipment Market Share, By Propulsion Type, By Value, 2019–2029 

Figure 8       India Construction Equipment Market Share, By Power Output, By Value, 2019–2029 

Figure 9       India Construction Equipment Market Share, By End User, By Value, 2019–2029         

Figure 10     India Construction Equipment Market Share, By Region, By Value, 2019–2029         

Figure 11     North India Construction Equipment Market Size, By Value (USD Million), 2019–2029 

Figure 12     North India Construction Equipment Market Share, By Solution, By Value, 2019–2029 

Figure 13     North India Construction Equipment Market Share, By Equipment, By Value, 2019–2029 

Figure 14     North India Construction Equipment Market Share, By Propulsion Type, By Value, 2019–2029 

Figure 15     North India Construction Equipment Market Share, By Power Output, By Value, 2019–2029 

Figure 16     North India Construction Equipment Market Share, By End User, By Value, 2019–2029 

Figure 17     South India Construction Equipment Market Size, By Value (USD Million), 2019–2029 

Figure 18     South India Construction Equipment Market Share, By Solution, By Value, 2019–2029 

Figure 19     South India Construction Equipment Market Share, By Equipment, By Value, 2019–2029 

Figure 20     South India Construction Equipment Market Share, By Propulsion Type, By Value, 2019–2029 

Figure 21     South India Construction Equipment Market Share, By Power Output, By Value, 2019–2029 

Figure 22     South India Construction Equipment Market Share, By End User, By Value, 2019–2029 

Figure 23     East India Construction Equipment Market Size, By Value (USD Million), 2019–2029         

Figure 24     East India Construction Equipment Market Share, By Solution, By Value, 2019–2029 

Figure 25     East India Construction Equipment Market Share, By Equipment, By Value, 2019–2029 

Figure 26     East India Construction Equipment Market Share, By Propulsion Type, By Value, 2019–2029 

Figure 27     East India Construction Equipment Market Share, By Power Output, By Value, 2019–2029 

Figure 28     East India Construction Equipment Market Share, By End User, By Value, 2019–2029 

Figure 29     West India Construction Equipment Market Size, By Value (USD Million), 2019–2029 

Figure 30     West India Construction Equipment Market Share, By Solution, By Value, 2019–2029 

Figure 31     West India Construction Equipment Market Share, By Equipment, By Value, 2019–2029 

Figure 32     West India Construction Equipment Market Share, By Propulsion Type, By Value, 2019–2029 

Figure 33     West India Construction Equipment Market Share, By Power Output, By Value, 2019–2029 

Figure 34     West India Construction Equipment Market Share, By End User, By Value, 2019–2029 

 

List of Tables

 

Table 1        India Construction Equipment Market Size, By Value (USD Million), 2019–2029

Table 2        India Construction Equipment Market Size, By Solution, By Value, 2019–2029

Table 3        India Construction Equipment Market Size, By Equipment, By Value, 2019–2029

Table 4        India Construction Equipment Market Size, By Propulsion Type, By Value, 2019–2029

Table 5        India Construction Equipment Market Size, By Power Output, By Value, 2019–2029

Table 6        India Construction Equipment Market Size, By End User, By Value, 2019–2029

Table 7        India Construction Equipment Market Size, By Region, By Value, 2019–2029

Table 8        North India Construction Equipment Market Size, By Value (USD Million), 2019–2029

Table 9        North India Construction Equipment Market Size, By Solution, By Value, 2019–2029

Table 10      North India Construction Equipment Market Size, By Equipment, By Value, 2019–2029

Table 11      North India Construction Equipment Market Size, By Propulsion Type, By Value, 2019–2029

Table 12      North India Construction Equipment Market Size, By Power Output, By Value, 2019–2029

Table 13      North India Construction Equipment Market Size, By End User, By Value, 2019–2029

Table 14      South India Construction Equipment Market Size, By Value (USD Million), 2019–2029

Table 15      South India Construction Equipment Market Size, By Solution, By Value, 2019–2029

Table 16      South India Construction Equipment Market Size, By Equipment, By Value, 2019–2029

Table 17      South India Construction Equipment Market Size, By Propulsion Type, By Value, 2019–2029

Table 18      South India Construction Equipment Market Size, By Power Output, By Value, 2019–2029

Table 19      South India Construction Equipment Market Size, By End User, By Value, 2019–2029

Table 20      East India Construction Equipment Market Size, By Value (USD Million), 2019–2029

Table 21      East India Construction Equipment Market Size, By Solution, By Value, 2019–2029

Table 22      East India Construction Equipment Market Size, By Equipment, By Value, 2019–2029

Table 23      East India Construction Equipment Market Size, By Propulsion Type, By Value, 2019–2029

Table 24      East India Construction Equipment Market Size, By Power Output, By Value, 2019–2029

Table 25      East India Construction Equipment Market Size, By End User, By Value, 2019–2029

Table 26      West India Construction Equipment Market Size, By Value (USD Million), 2019–2029

Table 27      West India Construction Equipment Market Size, By Solution, By Value, 2019–2029

Table 28      West India Construction Equipment Market Size, By Equipment, By Value, 2019–2029

Table 29      West India Construction Equipment Market Size, By Propulsion Type, By Value, 2019–2029

Table 30      West India Construction Equipment Market Size, By Power Output, By Value, 2019–2029

Table 31      West India Construction Equipment Market Size, By End User, By Value, 2019–2029

Table 32      Caterpillar Company Overview

Table 33      Caterpillar Financial Overview

Table 34      CNH Industrial America LLC. Company Overview

Table 35      CNH Industrial America LLC. Financial Overview

Table 36      Deere & Company: Company Overview

Table 37      Deere & Company Financial Overview

Table 38      Doosan Corporation Company Overview

Table 39      Doosan Corporation Financial Overview

Table 40      Escorts Limited Company Overview

Table 41      Escorts Limited Financial Overview

Table 42      Hitachi Construction Machinery Co., Ltd. Company Overview

Table 43      Hitachi Construction Machinery Co., Ltd. Financial Overview

Table 44      Hyundai Construction Equipment Co., Ltd. Company Overview

Table 45      Hyundai Construction Equipment Co., Ltd. Financial Overview

Table 46      J C Bamford Excavators Ltd. Company Overview

Table 47      J C Bamford Excavators Ltd. Financial Overview

Table 48      Komatsu Ltd. Company Overview

Table 49      Komatsu Ltd. Financial Overview

Table 50      KUBOTA Corporation Company Overview

Table 51      KUBOTA Corporation Financial Overview

 

Market Segmentation

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No data available

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Frequently Asked Questions (FAQs):

Ans: India Construction Equipment Market size was estimated at USD 7.18 billion in 2022.
Ans: Major factors driving the growth of India Construction Equipment Market include growth in infrastructure development and increasing urbanization.
Ans: Key players in India Construction Equipment Market include Caterpillar, CNH Industrial America LLC, Deere & Company, Doosan Corporation, Escorts Limited, Hitachi Construction Machinery Co., Ltd, Hyundai Construction Equipment Co., Ltd, J C Bamford Excavators Ltd, Komatsu Ltd, KUBOTA Corporation.
Ans: The ICE segment held the highest market share in the India Construction Equipment Market by propulsion type.
Ans: South India is expected to grow at the fastest rate in India Construction Equipment Market during the forecast period between 2023 and 2029.