India Construction Equipment Market Size, Share & Trends Analysis Report By Engine Capacity (Up To 250 HP, 250-500 HP, More Than 500 HP), By Propulsion Type (ICE, Electric), By Product, And Segment Forecasts, 2023 - 2030

India Construction Equipment Market Growth & Trends

The India construction equipment market size is expected to reach 13.21 billion by 2030, according to a new report by Grand View Research. The market is expected to expand at a CAGR of 9.0% from 2023 to 2030, Construction equipment plays an important role in the construction industry as it makes the completion of work faster while improving the quality of the work done. Construction equipment is also operated in any tough situation, such as rain, cold, heavy loads, and vibration. However, the rise of construction activity in the region is anticipated to drive the demand for the market.

The rising infrastructural development in the country increases the demand for the market. The growing population in India requires improved transport infrastructure, including aviation, railways, and road funding. However, the Indian government allocated significant funds for infrastructure development, such as roads, airports, and bridges. Moreover, government initiatives such as Smart City Mission, Pradhan Mantri Awas Yojana, Gati Shakti Master Plan, and Bharstmala project drive the market’s growth. For instance, In June 2022, the Minister of Road Transport and Highways announced to open of 15 new national highway projects worth USD 1.7 billion in Patna Hajipur and Bihar.

The increasing demand for rental construction equipment decreases the demand for the construction equipment market. Small and medium-sized enterprises (SMEs) cannot afford to invest in expensive equipment, limiting their ability to compete with large manufacturers. Decreased construction activity due to COVID-19 containment measures may result in a significant drop in demand for materials, which can significantly impact material pricing. However, growing technological advancements in the construction industry may increase the demand for India construction equipment market. Collaborative cloud-based technological advances such as Artificial Intelligence (AI) and Machine Learning (ML) in equipment are anticipated to increase over the forecast period.

India Construction Equipment Market Report Highlights

• On the basis of engine capacity, up to 250 HP held the highest market share of more than 60.0% in 2022. This equipment comes with improved emission control systems that help reduce pollution and improve air quality
• On the basis of propulsion type, ICE has led the largest market share of over 90.0% in 2022. Moreover, electric is anticipated to register the highest CAGR of nearly 13.2% over the forecast period. They require less maintenance, and electricity is usually less expensive than diesel or gasoline
• On the basis of the product, earthmoving machinery leads the market share by over 70.0% and is also expected to have the highest CAGR over the forecast period 2023-2030. The rise in mechanized farming practices, especially in developing nations, has aided market growth
• Since the coronavirus outbreak, key players operating in the market have been focused on introducing products that can improve product quality. For instance, in January 2021, Honda Motor Co., Ltd. and Komatsu Ltd. signed a joint development agreement. The deal was centered on building a battery-sharing system using Honda's Mobile Power Pack (MPP) batteries for usage by various construction equipment and other civil engineering and construction equipment industries, as well as electrifying Komatsu's PCO1 mini excavators

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