India Construction Equipment Market Overview, 2029

The rapidly growing economy of India holds a crucial position for the country's construction equipment market, which is a dynamic and important industry that supports both economic expansion and infrastructure growth. India's construction business exhibits a fusion of traditional skills, modern technologies, and a rich infrastructure ecosystem because to its wide geographic extent and variety of construction projects. The construction equipment market in India, which is distinguished by its immense size and complexity, serves a broad range of industries, including those involved in residential and commercial building, infrastructure development, transportation projects, and urban renewal initiatives. The Indian construction industry meets the diversified needs of a growing population and the requirements of a fast urbanising environment by building tall skyscrapers, extensive road networks, and cutting-edge airports. The market for construction equipment in India benefits from a broad network of producers, distributors, and rental businesses. Domestic manufacturers with a substantial presence and a wide selection of equipment, such as excavators, loaders, cranes, and compactors, include Tata Hitachi Construction Machinery, Mahindra Construction Equipment, and ACE Construction Equipment. According to the report, “India Construction Equipment Market Overview, 2029,” published by Bonafide Research, the market is anticipated to witness prominent market growth during the upcoming timeframe. The government's emphasis on infrastructure development is one of the main factors driving the Indian construction equipment industry. The government's ambitious programmes, such the Bharatmala Project, the Smart Cities Mission, and the Pradhan Mantri Awas Yojana (PMAY), have made it possible to make significant investments in urban development, affordable housing, and transportation projects all over the nation. Because of these activities, there is now a healthy pipeline of construction projects, which is boosting demand for construction equipment and driving the market's expansion. Additionally, to meet the changing demands of the sector, major international equipment producers like Caterpillar, Komatsu, and Volvo Construction Equipment have solidified a footing in the Indian market. Additionally, authorised associations and certificates that guarantee conformity to industry norms and laws promote the Indian construction equipment market. An important trade organisation that represents the interests of producers, sellers, and service providers is the Indian Construction Equipment Manufacturers' Association (ICEMA). Construction equipment's quality, safety, and performance are guaranteed in the Indian market by certifications like those issued by the Bureau of Indian Standards (BIS) and adherence to safety regulations set by the Directorate General of Mines Safety (DGMS).

According to the report, the market is segmented into three types of applications, including earth moving machinery, material handling machinery, and concrete and road construction machinery. Among these types, earth moving machinery is anticipated to acquire higher market growth during the forecast period. Excavators, loaders, dozers, and motor graders are considered part of the earth-moving machinery segment. Among them, excavators and loaders are leading the market in 2023. Further, dumpers, cranes, telescopic handlers, and forklifts are considered part of material handling machinery. Among these types, dumpers and cranes are projected to dominate the overall market. On the other hand, cement/transit mixers, compactors & road rollers, and pavers/asphalt finishers are considered under the concrete & road construction machinery segment. Among them, cement/transit mixer is leading the market in 2023. COVID-19 Impacts: The India construction equipment market was hit hardest in the first three quarters of 2020 due to the significant spread of COVID-19. Governments across the country accepted strict safety measures, including lockdown, to contain the virus. This lockdown resulted in the temporary suspension of construction activities, the shutdown of construction equipment manufacturing facilities, and disturbances in imports and exports. However, changes in consumer preference and increasing industrialization across the country are anticipated to propel higher market growth during the forecast period. Considered In the Report • Geography: India • Base year: 2023 • Historical year: 2018 • Estimated year: 2024 • Forecasted year: 2029

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Manmayi Raval

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Aspects Covered In the Report • Market Size by Value for the historic time period (2018-2023) • Market Size by Value for the forecast time period (2023-2029) • Market Share by Application (2018, 2023 & 2029F) • Market Share by Equipment (2018, 2023 & 2029F) Segments covered in the Report By Application • Earth Moving Machinery • Material Handling Machinery • Concrete and road construction Machinery • Other Machinery By Earth Moving Machinery • Excavators • Loaders • Dozers • Motor Graders

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By Material Handling Machinery • Dumper /Dump Truck/ Tippers • Cranes (Tower Crane, Mobile Crane) • Telescopic Handlers • Forklift By Concrete and Road Construction Machinery • Cement/Transit mixers • Compactors & Road Rollers • Pavers/Asphalt Finishers • Others The approach of the report: We keep an eye on evolving markets and try to evaluate the potential of the products and services. If we find the market interesting, we start working on it and create the desired table of content, considering all aspects of the business. We start by creating separate questionnaires for C-level executives, national/regional sales personnel, company owners, dealers, distributors, and end-users. Once the questionnaires have been finalized, we start collecting the primary data (mostly through phone calls) and try to understand the market dynamics regionally or tier-wise. This process gives us in-depth details of the market, including all present companies, the top-performing products with reasons why they dominate; we get the details of new players and their innovative approaches; market trends; dynamics; and all the small details of the market. After the collection of primary inputs, we then cross-check the same with secondary sources that include associations, trade journals, annual reports, paid databases, newspapers, magazines, press releases, government sources, etc. From this, we get a rough estimate of the market and start checking existing product price variants, trade, production, raw material scenarios, policies and regulatory landscape, etc. Then, to finalize the market, we start collecting financials of each player present in the market, including limited, private limited, and LLPs. Moreover, we perform cross-industry and cross-region analysis of the product, and based on collected primary inputs and using statistical modelling, we start forecasting the market. We follow our forecasting algorithm, which is unique for each product but gives more weight age to primary inputs. At the same time, the content team starts preparing company profiles, market dynamics, market trends, five forces, PEST analysis, etc. Once the data is verified by the data expert, the team (primary team, content team, and data team) together crosscheck the segmentations; validate the market, and then the designing team starts plotting the graphs. Once the file is ready, the content team completes the report and makes sure that all the discussed points have been covered and provides their valuable inputs in the form of strategic recommendations for new as well as existing players. The QC team then checks the overall report that includes spell check, data verification, and makes the same dispatch ready and error-free. Intended Audience This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to the construction machinery and excavator industry, government bodies, and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.