Construction Equipment Market
Research on Global Markets
What Encourages the Construction Equipment Market in India?
Construction equipment or heavy equipment are tools and machinery, specially designed to perform construction operations. These equipment are used for various construction-related activities such as drilling, hauling, excavating, paving and grading. With an increase in population and industrialization, the demand for infrastructure development, housing, and office space in India have led to the expansion of this market. Some of the major factors expected to boost market growth are rapid urbanization, growing foreign investments and the surge in demand for customized equipment.
Government initiatives to help market expansion
The construction equipment market collaborates with diverse industries including manufacturing, oil & gas, forestry, military, and public works. According to market studies, the construction equipment market in India has garnered massive support from the government. In fact, the present Indian government is already investing heavily in road infrastructure. Many of the state governments are also committed to building new railway tracks and connecting river canals that give the construction market more opportunities for expansion. The fast-growing number of public-private partnerships and government initiatives such as smart city development projects are further enhancing the market. The dependency on heavy construction equipment in the country has grown with the size and complexity of construction projects.
There are many types and categories of construction equipment in the market and the earthmoving equipment segment is the fastest selling equipment. This particular product is employed for excavation and land-shifting purposes. Its increasing use can be attributed to the major infrastructure and real estate projects in India. Equipment such as asphalt pavers, rollers, and transit mixers are required in road development and transportation of concrete material.
Better strategies adopted by investors
Based on construction equipment market trends, various business strategies are being adopted by the market players to capture a larger market share and increase their customer base. At present, the product launch strategy drives the market. Moreover, due to technological advancements, construction equipment has become more fuel-efficient. Adequate research and development have enhanced the productivity of this equipment and reduced operating costs.
Therefore, with advanced industrial, residential, and commercial construction activities combined with global economic growth, and rising public-private partnerships, the construction equipment market can be expected to flourish. However, government regulations concerning carbon emission and fluctuations in oil prices, restrain market growth. To ensure sustained growth of this industry, other interdependent sectors such as irrigation, ports, and water conservation must also gain momentum.