The long-term prospect of India’s construction equipment market seems to be very significant. Let’s consider the factors which will make an improvement…
If the figures are any truth, then the Earthmoving and Construction Equipment marketplace in India is expected to grow by 20 to 25 percent over the next few years to attain 330,000 to 450,000 systems sold in 2020, from current degrees of about 76,000 units. This would mean $16 billion to $21 billion market, upwards from today’s $3 billion. Further, the sector is expected to become dominated by backhoe loaders, but broad-based progress is expected across goods, with each segment likely to see double-digit growth. Hence, the construction equipment organizations in India have all of the reason to say Cheers!
Variables in the favour of progress of this equipment segment
Here is a set of six factors that will propel the industry forward in future:
ï¿½ Demand from end-user industries: Desire from customers will continue to rise due to increased usage of this equipment in classic end-user industries, including design and mining.
ï¿½ Higher adoption in traditional applications: Increased use of this equipment in traditional software such as digging and soil loading in order to raise the speed will propel the development of the segment.
ï¿½ Demand from innovative applicatioï¿½ï¿½ï¿½ï¿½ns: Demand because of this applications is also expected to grow in new segments such as agriculture which typically faced issued like insufficient access.
ï¿½ Growing urbanisation: Urbanisation may also drive the demand for structure activities and in turn this equipment segment so as to meet residential, industrial and infrastructure development needs.
ï¿½ Increased affordability. New individuals entering the market can make competition stiffer, thereby, making this machine less expensive. This trend is meant to deepen the market segments to cover users with the device needs and previously low access.
ï¿½ Better availability of financing. More financing of the equipment will create wider use by encouraging customers to opt for these machines.
Future challenges along the way
ï¿½ Availability of skilled manpower: Because the construction equipment field will grow, the need for trained operators and mechanics will increase proportionately and this may very well be a challenge for construction equipment companies in India.
ï¿½ Stiff opposition: The emergence of new engineering equipment players in the approaching years can make the competition stiff.
ï¿½ Need for innovative solutions: With growing awareness, end-users will demand world-class technologies for better fuel efficiency, higher productivity and profitability, therefore, this equipment manufacturers will need to come up with innovative solutions to meet customer expectations.
ï¿½ Resale of used equipment will undoubtedly be difficult: Since, the secondary marketplace for used this equipment is not fully developed in India, the resale of utilized equipment will be a challenge for the construction apparatus manufacturers in the country.
Despite these few challenges, the long-term prospect of India’s this equipment market is apparently very significant because of various factors propelling the growth of the segment. Foreseeing large construction activities underway, the structure equipment industry is set to see a boom in coming days. Building of highways, railways, bridges, ports, residential and commercial building seems to be on the cards of the government and private players and therefore, the construction equipment business is likely to remain bullish about the
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