India Construction Equipment Market 2029

2019 – 2029 INDIA CONSTRUCTION EQUIPMENT MARKET FORECAST & OPPORTUNITIES

MARKET

INTELLIGENCE

.

CONSULTING

www.techsciresearch.com

Table of Contents S. No. 1.

2.

3.

Contents

Page No.

Introduction 1.1.

Product Overview

1.2.

Key Highlights of the Report

1.3.

Market Coverage

1.4.

Market Segments Covered

1.5.

Research Tenure Considered

Research Methodology 2.1.

Methodology Landscape

2.2.

Objective of the Study

2.3.

Baseline Methodology

2.4.

Formulation of the Scope

2.5.

Assumptions and Limitations

2.6.

Sources of Research

2.7.

Approach for the Market Study

2.8.

Methodology Followed for Calculation of Market Size & Market Shares

2.9.

Forecasting Methodology

Executive Summary 3.1.

Market Overview

3.2.

Market Forecast

3.3.

Key Countries

3.4.

Key Segments © TechSci Research

2

Table of Contents S. No.

Contents

4.

Impact of COVID-19 on India Construction Equipment Market

5.

Voice of Customers Analysis

6.

5.1.

Brand Awareness

5.2.

Brand Satisfaction Level

5.3.

Factors Influencing Purchase Decision

Page No.

India Construction Equipment Market Outlook 6.1.

Market Size & Forecast 6.1.1.

6.2.

By Value & Volume

Market Share & Forecast 6.2.1.

By Type Market Share Analysis (Loader, Forklift, Excavator, Dozers, Others)

6.2.2.

By Power Output Market Share Analysis (<100hp, 101-200hp, 201-400hp, >400hp)

6.2.3.

By Application Market Share Analysis (Material Handling, Excavation & Demolition, Recycling & Waste Management, Tunnelling, Others)

6.2.4.

By End User Market Share Analysis (Oil & Gas, Construction, Infrastructure, Manufacturing, Others) © TechSci Research

3

Table of Contents S. No.

Contents 6.2.5.

6.2.6.

6.3.

Page No.

By Regional Market Share Analysis 6.2.5.1.

North Region Market Share Analysis

6.2.5.2.

South Region Market Share Analysis

6.2.5.3.

East Region Market Share Analysis

6.2.5.4.

West Region Market Share Analysis

By Company Market Share Analysis (Top 5 Companies, Others - By Value, 2023)

India Construction Equipment Market Mapping & Opportunity Assessment 6.3.1.

By Type Market Mapping & Opportunity Assessment

6.3.2.

By Power Output Market Mapping & Opportunity Assessment

6.3.3.

By Application Market Mapping & Opportunity Assessment

6.3.4.

By End User Market Mapping & Opportunity Assessment

6.3.5.

By Regional Market Mapping & Opportunity Assessment

6.2.4.

By End User Market Share Analysis © TechSci Research

4

Table of Contents S. No. 7.

Contents North India Construction Equipment Market Outlook 7.1.

Market Size & Forecast 7.1.1.

7.2.

8.

Page No.

By Value & Volume

Market Share & Forecast 7.2.1.

By Type Market Share Analysis

7.2.2.

By Power Output Market Share Analysis

7.2.3.

By Application Market Share Analysis

7.2.4.

By End User Market Share Analysis

South India Construction Equipment Market Outlook 8.1.

Market Size & Forecast 8.1.1.

8.2.

By Value & Volume

Market Share & Forecast 8.2.1.

By Type Market Share Analysis

8.2.2.

By Power Output Market Share Analysis

8.2.3.

By Application Market Share Analysis

8.2.4.

By End User Market Share Analysis © TechSci Research

5

Table of Contents S. No. 9.

Contents East India Construction Equipment Market Outlook 9.1.

Market Size & Forecast 9.1.1.

9.2.

10.

Page No.

By Value & Volume

Market Share & Forecast 9.2.1.

By Type Market Share Analysis

9.2.2.

By Power Output Market Share Analysis

9.2.3.

By Application Market Share Analysis

9.2.4.

By End User Market Share Analysis

West India Construction Equipment Market Outlook 10.1.

Market Size & Forecast 10.1.1.

10.2.

By Value & Volume

Market Share & Forecast 10.2.1.

By Type Market Share Analysis

10.2.2.

By Power Output Market Share Analysis

10.2.3.

By Application Market Share Analysis

10.2.4.

By End User Market Share Analysis © TechSci Research

6

Table of Contents S. No. 11.

12.

Contents

Page No.

SWOT Analysis 11.1.

Strength

11.2.

Weakness

11.3.

Opportunities

11.4.

Threats

Market Dynamics 12.1.

Market Drivers

12.2.

Market Challenges

13.

Market Trends & Developments

14.

Policy & Regulatory Landscape

15.

India Economic Profile

16.

Competitive Landscape 16.1.

Company Profiles (Up to Top 10 Major Companies) 16.1.1.

Company Details

16.1.2.

Key Product Offered

16.1.3.

Recent Developments

16.1.4.

Key Management Personnel © TechSci Research

7

Table of Contents S. No. 17.

Contents Strategic Recommendations 17.1.

18.

Page No.

Key Focus Areas 17.1.1.

Target Region

17.1.2.

Target Type

17.1.3.

Target Application

About Us & Disclaimer

© TechSci Research

8

Market Overview

Scope of Report

Product of Interest (POI): Construction Equipment

Construction equipment refers to a broad range of machinery, vehicles, and tools used in the construction industry for various tasks, such as excavation, demolition, material handling, and transportation The selection of construction equipment depends on several factors, including the project scope, site conditions, budget, and timeline.

Market Segmentation Year Range END USER •

Oil & Gas

REGION

TYPE •

Loader

•

North South

•

Construction

•

Forklift

•

•

Infrastructure

•

Excavator

•

East

•

Manufacturing

•

Dozers

•

West

•

Others

•

Others

Review Period

2019 – 2022 Base Year

2023 POWER OUTPUT

Estimated Year

•

<100hp

•

101-200hp

•

201-400hp

•

Material Handling

•

>400hp

•

Excavation & Demolition

•

Recycling & Waste

APPLICATION

2024 Forecast Period

2025 – 2029

Management •

Tunnelling

•

Others © TechSci Research

10

Research Methodology

Research Methodology Methodology Landscape Market Profiling In-depth secondary research was conducted to determine top companies in India construction equipment market, overall market size and segmental market size.

Data Collection

Formulating Questionnaire

In order to conduct industry experts’ interviews, TechSci formulated a detailed Survey Questionnaires.

Data Filter Research & & Analysis Intelligence

Primary Research  

LinkedIn TechSci Internal Database

Actionable Insights

Developing list of Respondents

List of top companies and industry specialists was developed.

Business Solution

Secondary Research       

Company Websites Company Annual Reports White Paper Study Financial Reports Investor Presentations Regulatory Body Associations, etc.

Data Collection

Data Validation

TechSci conducted interviews with industry experts and leadings companies for data collection and verification.

Data obtained as a result of primary and secondary research was validated through rigorous triangulation.

Primary Research

Desk Research

 Identifying Key Opinion Leaders  Questionnaire Design  In-depth Interviews

 Recent Developments  Market Changing Aspects/Dynamics  Government Policies  Final Conclusion

Factiva Hoovers EMIS Volza Bloomberg

The data was scrutinized using MS-Excel, statistical tools and internal proprietary database to obtain qualitative and quantitative insights about India construction equipment market.

Company Analysis  Market Participants  Key Strengths

Key Industry Partners

Paid Sources     

Data Analysis

      

Board members Financial Advisors Business Heads Investors Product Heads Paid Databases Research Heads

© TechSci Research

12

Research Methodology Objective of The Study To analyze the historical growth in the market size of the India construction equipment market from 2019 to 2023.

To estimate and forecast the market size of the India construction equipment market from 2024 to 2029 and the growth rate until 2029.

To classify and forecast the India construction equipment market based on type, power output, application, end user, regional sales, and company.

To analyze and forecast the market size in terms of type, which are Loaders, Forklifts, Excavators, Dozers, Others.

To analyze and forecast the market size in terms of region: North, South, West and East.

To identify drivers, challenges, and trends for the India construction equipment market.

To examine competitive developments in the India construction equipment market, such as expansions, new product launches, mergers & acquisitions, etc.

To identify and analyze the profile of leading companies in the India construction equipment and the top 5 companies market share.

Baseline Methodology Our research team has relied on primary and secondary research to gather market size and market data. The team has monitored and analyzed various aspects of the India construction equipment market. The team has studied the outlook of multiple segments such as on type, power output, application, end user, regional sales, and companies of this market. The study includes historical data for 2019, 2020, 2021, and 2022, base data for 2023, and forecast data for 2024, 2025, 2026, 2027, 2028, and 2029, which will enable our clients to make better decisions while planning their strategy to achieve sustainability in the India construction equipment market.

© TechSci Research

13

Research Methodology Formulation of the Scope The base year is a reference point used as a starting point, for comparison in various analyses and forecasts. It serves as the foundation against which changes, growth, or trends are measured.

The review period refers to the time span during which historical data is examined, analyzed, and reviewed. It is the period of time leading up to the base year and is used to establish the baseline for comparison and understand trends The forecast period is a future-oriented timeframe during which predictions or projections are made based on current/ historical data and analysis. It extends beyond the base year and allows for estimations of potential future outcomes.

The market could be defined by a specific industry and product. The market then is further divided into meaningful segments based on demographics, psychographics, behavior, geography, or product categories. This helps in analyzing the market more effectively, along with estimating the size of each segment.

Assumptions and Limitations: The base currency considered is USD. Based on the average exchange rate for the base period, INR currency have been converted to USD. The projection period's exchange rate conversion was calculated using the conversion rates from the base year. The base year considered for this study is 2023. The historic period considered for this study is from 2019 to 2022. The forecast CAGR considered is for the period of 2024E-2029F.

Note: 2023 being the base year, 2019-2022 is the review period and 2024-2029 is the forecast period for analyzing the market in between 2019-2029 © TechSci Research

14

Research Methodology Sources of Research TechSci has used a combination of secondary and primary research sources (free telephonic and face-to-face interviews and incentivized telephonic and face-to-face interviews with the respondents) to capture the data. We have an extensive network of respondents of participants in the value chain, industry experts, and customers to obtain relevant insights and navigate data challenges.

Secondary Research It comprises desk research, in which our research team conducted a preliminary assessment of the information available through secondary sources. Below is the categorization given for each reference from which the data was sourced, and further, that data was used for the data triangulation and estimation of the market sizes and market shares.

Industry Associations

News Portals/Secondary Sources

•

•

• •

Indian Construction Equipment Manufacturers Association (ICEMA) Construction Equipment Rental Association of India (CERAI) Others

• • • • •

TechSci Research Proprietary Database & Knowledge Repository Company Annual Reports Industry Magazines Industry Reports News Dailies Credible Paid Databases

© TechSci Research

15

Research Methodology Primary Research : Our research team maintains survey questionnaires with a set of questions and topics and responses from the primary respondents. The survey questionnaires are administered through telephonic or face-to-face interviews and surveys online or by email with the value chain participants. Surveys (online or by email) or field surveys are done to gather end users' opinions. Interviews with industry experts are done through telephone or face-to-face interviews only. Below is a set of exercises done with the help of primary interviews through our network of respondents, such as value chain participants, industry experts, and customers, to obtain relevant insights and gather the required information.

Value Chain Participants (Construction Equipment Companies)

End Users/Customers

Industry Experts

Sample Size = 25-30

Sample Size = 100

Sample Size = 3

• Survey Questionnaires  Telephonic Interviews  Face-to-Face Interviews

• Surveys  Online  email

• Survey Questionnaires  Telephonic Interviews  Face-to-Face Interviews

• Surveys  Online  email

• Field surveys  Face-to-Face Interviews

• Partial List of Companies Interviewed  JCB India Limited  Action Construction Equipment Limited  BEML Limited  L&T Construction Equipment Limited  Greaves Cotton Limited  Mahindra Construction Co. Ltd.  McNally Sayaji Engineering Company Limited  Kobelco Construction Equipment India Pvt. Ltd  Apollo Infratech Pvt. Ltd  Putzmeister Concrete Machines Pvt. Ltd  Others

•

Voice of Customer Analysis  Brand Awareness  Brand Satisfaction Level  Factors Influencing Purchase Decision

© TechSci Research

16

Research Methodology Approach for the Market Study TechSci follows two types of approaches for the assessment of the market: The Bottom-Up approach to market analysis starts with a granular analysis of specific countries, segments, companies and then builds up to form a broader understanding of the overall market. This method focuses on gathering detailed data and insights at the micro level and then aggregating them to draw conclusions about the larger market.

The Top-Down Approach to market analysis involves starting with a broad view of the overall market and then narrowing down to specific segments or niches. It typically begins with analyzing macroeconomic factors and industry trends and then drilling down to understand the specific market segments, target customers, and potential opportunities.

Bottom-Up Approach 80%

Top-Down Approach 20%

Methodology Followed for Calculation of Market Size & Market Shares: Market Size By Value & Volume: Market size, in terms of value & volume, for the year 2023 was calculated based on information collected through exhaustive secondary research and primary surveys with various key opinion leaders i.e., value chain participants, such as India construction equipment companies, market influencers, industry experts.

The team interviewed 25-30 critical value chain participants, majorly from India construction equipment companies. The respondents have been working at responsible positions in India construction equipment companies. The team interviewed 100 end users/customers for the Voice of Customer section and 3 industry experts associated with the India construction equipment industry from the last decades were also interviewed. This exercise obtained the overall market size during 2019-2023, validated by multiple round of interviews. Considering standard deviation, the market size was averaged out to arrive at the market size data during 2019-2023. © TechSci Research

17

Research Methodology Market shares by on type, power output, application, end user, regional sales, and company and current and future market growth rates were calculated based on the responses received through primary surveys with the value chain participants, in which the respondents were asked about the market shares or revenue generated from various types of market segments in India construction equipment industry. The final percentage shares were calculated by taking the geometric mean of growth estimates, and company wise revenue shares generated across various segments were considered to arrive at the final market percentage shares after eliminating the outliers.

Forecasting Methodology: TechSci Research performed periodical checks on data collected through the surveys with logic checks and analyzed the survey results using statistical tools.

Data Triangulation & Validation: Data triangulation techniques were applied to fill the gaps and to present a more meaningful picture of the market. To forecast India construction equipment market, TechSci Research used various forecast techniques such as: Moving Average Method For Time Series Analysis: The average of the data set of the market's historical data was considered for data forecasting. This technique is beneficial for forecasting short-term trends and is a widely used method for time series forecasting. Yearly moving average of historical data was used for estimating the trend values for time series forecasting.

After estimating the trend values based on yearly moving average methods, seasonal variations were calculated from the actual data. After getting these two as a basis, market sizes were predicted for the forecasting years.

© TechSci Research

18

Research Methodology Regression Analysis: In this technique, multiple linear regression analysis was practiced, which involves using a regression model to estimate the value of the dependent variable on the numerous independent and directly related variables. The values of the independent variable were typically those assumed to determine the values of the dependent variable. Based on the historical trend of market data of two or more independent variables, the data of the India construction equipment market was forecasted with the help of statistical tools.

Econometric and Judgmental Analysis: Relationships with the economic variables, majorly macro-economic variables, were considered to forecast the data, combined with incorporating intuitive judgment and opinions. This technique is majorly used when there is no historical data, and the market is totally niche, new, and unique.

Note: (a) Sum of some shares may not be 100% due to round off till two decimal places.

© TechSci Research

19

Market Overview • India has embarked on an ambitious infrastructure development journey, with a focus on building and upgrading highways, bridges, airports, ports, and urban infrastructure. Initiatives like the "Bharatmala Pariyojana" and "Smart Cities Mission" are driving significant investments in construction projects. The demand for construction equipment such as excavators, cranes, loaders, and concrete equipment has surged to meet the requirements of these large-scale infrastructure projects. India is witnessing rapid urbanization and population growth, leading to increased demand for residential, commercial, and industrial spaces. The need for construction equipment to facilitate the construction of housing complexes, office buildings, and other urban infrastructure is a major factor driving the market. As more people move to urban areas, the construction industry is striving to meet the demand for modern and sustainable infrastructure.

• The Indian government has implemented various policies and initiatives to promote the construction and infrastructure sectors.

Policies like the "Make in India" campaign and initiatives to ease regulatory processes have attracted both domestic and foreign investments. These measures contribute to the growth of the construction equipment market as companies invest in modern machinery to enhance efficiency and meet project timelines. The government's focus on affordable housing is driving construction activities across the country. Various schemes, such as "Pradhan Mantri Awas Yojana," aim to provide housing for all and boost the real estate sector. The construction of affordable housing projects requires a range of construction equipment, stimulating demand in the market.

• The adoption of advanced technologies in construction equipment is contributing to market growth. Manufacturers are introducing equipment with improved fuel efficiency, reduced emissions, and enhanced automation features. This not only meets the demand for modern and eco-friendly machinery but also improves overall productivity on construction sites. India has become an attractive destination for foreign investors in the construction sector. The influx of foreign capital has led to the establishment of joint ventures and collaborations between domestic and international construction equipment manufacturers. This has not only infused capital into the market but has also brought in advanced technology and expertise.

• India has a rich reserve of minerals, and the mining and quarrying sectors are vital contributors to the economy. The extraction of minerals requires specialized construction equipment such as excavators, loaders, and drilling machinery. The growth of these sectors is fueling the demand for construction equipment. India's overall economic growth has a direct impact on the construction equipment market. A growing economy leads to increased investments in infrastructure and real estate, driving the demand for construction machinery and equipment.

© TechSci Research

20

Recent Developments

•

Tata Motors: Invested ₹2,000 crore to expand its Dharwad and Kharagpur manufacturing plants for construction equipment, aiming

to increase production by 50% within two years.

• JCB India Ltd.: Invested ₹250 crore to expand its Jaipur plant, increasing its capacity for backhoe loaders and other construction

equipment by 25%.

• Larsen & Toubro (L&T): Invested ₹1,000 crore to upgrade its hydraulic excavator manufacturing facility in Coimbatore, Tamil Nadu.

• Volvo Construction Equipment India: Invested ₹150 crore to set up a new spare parts distribution center in Bengaluru, Karnataka, to

cater to the growing demand for spare parts in South India.

• Doosan Bobcat India: Invested ₹100 crore to expand its production facility in Pune, Maharashtra, for mini excavators and skid steer

loaders.

© TechSci Research

21

Sample Data- Snapshot India Construction Equipment Market Size, By Value (USD Million) & By Volume (Thousand Units), 2019–2029F

5.00 10.00 2019

6.00 20.00

8.00

7.00 30.00

40.00

10.00

9.00 50.00

2023

CAGR By Value & Volume

60.00

11.00 70.00

12.00 80.00

90.00

14.00 100.00

2024E

By Value (USD Million)

15.00 110.00

2029F CAGR By Value & Volume

By Volume (Thousand Units)

XX%

13.00

YY%

India Construction Equipment Market Share, By Type, By Volume, 2019–2029F

Loader 20 29F 20 28F 20 27F 20 26F 20 25F 20 24E 202 3 202 2 202 1 202 0 201 9

Forklift

Excavator

Dozers

Others

20%

20%

20%

20%

20%

20%

20%

20%

20%

20%

20%

20%

20%

20%

20%

20%

20%

20%

20%

20%

20%

20%

20%

20%

20%

20%

20%

20%

20%

20%

20%

20%

20%

20%

20%

20%

20%

20%

20%

20%

20%

20%

20%

20%

20%

20%

20%

20%

20%

20%

20%

20%

20%

20%

20% © TechSci Research

22

Report Ordering

Report Name: India Construction Equipment Market FORECAST AND OPPORTUNITIES 2019 – 2029F

License Type

Price

Single User License

$3500

Multi-User License

$4500

Custom Research License

$7500

To View Sample OR Purchase Report

© TechSci Research

23

TechSci Research- Awards & Recognition

Business-to-Business Research Award at National Feathers Awards

Award for Best Place to Work in Research at World Marketing Congress

Best Application of Research Award at World Marketing Congress

Recognition from Silicon India Magazine

Business-to-Business Organic India Excellence Awards by ASSOCHAM Research Award at Brand Excellence Awards India

Recognition & Appreciation from WQIA

Best Market Research & Management Consulting Service by Wafisilpa Entertainments

Quality Management System by ISO

Leadership Award from World Marketing Congress

Best Application of Research Award at World Marketing Congress

Leadership Award from World Marketing Congress

© TechSci Research

24

Our Prestigious Clients Who Bought Reports in Automotive Industry

© TechSci Research

25

About Us & Disclaimer

TechSci Research is a global market research and consulting company with offices in the US, UK and India. TechSci Research provides market research reports in number of areas to organizations. The company uses innovative business models that focus on improving By Productivity, while ensuring creation of high-quality reports. The proprietary forecasting models use various analyses of both industry-specific and macroeconomic variables on a state-by-state basis to produce a unique ‘bottom-up’ model of a country, regional and global industry prospects. Combined with the detailed analysis of company activity and industry trends, the result is a uniquely rich evaluation of the opportunities available in the market.

Related Reports •

United States Ultra High Performance Tires Market By Demand Category (OEM, Replacement) By Tire Type (Summer, Winter and All Season) By Type (Passenger car, Two-Wheeler) By Company, By Region, Forecast & Opportunities, 2029.

•

Global Automotive Fabric Market By Type (Passenger Car, Light Construction Equipment, Medium and Heavy Truck, Bus and Coaches) By Application (Floor Covering, Upholstery, Pre-assembled Interior Components, Tires, Safety-Belts, Airbags) By Fabric Type (Polyester, Vinyl, Leather, Nylon and Others) By Company, By Region, Forecast & Opportunities, 2029.

TechSci Research – India 3040 Post Oak, 18th Floor, Houston, Texas 77506 United States Tel:+1 3322586602 Email: sales@techsciresearch.com www.techsciresearch.com

TechSci Research – Asia-Pacific B – 44, Sector – 57, Noida, National Capital Region, U.P. - India Tel: +91-120-4523900 Email: sales@techsciresearch.com www.techsciresearch.com

TechSci Research – Asia-Pacific

501-A, Pinnacle Corporate Park Bandra Kurla Complex, Bandra-East, Mumbai 400052, India Tel: +91-120-4523900 Email: sales@techsciresearch.com www.techsciresearch.com

Disclaimer The contents of this report are based on information generally available to the public from sources believed to be reliable. No representation is made that it is timely, accurate or complete. TechSci Research has taken due care and caution in compilation of data as this has been obtained from various sources including which it considers reliable and first hand. However, TechSci Research does not guarantee the accuracy, adequacy or completeness of any information and it is not responsible for any errors or omissions or for the results obtained from the use of such information and especially states that it has no financial liability whatsoever to the subscribers / users of this report. The information herein, together with all estimates and forecasts, can change without notice. All the figures provided in this document are indicative of relative market size and are strictly for client’s internal consumption. Usage of the same for purpose other than internal will require prior approval of TechSci Research.