Earth Moving Equipment’s Will Continue to Dominate Construction Equipment’s $5.3 Bn Market by 2023 in India
Growing government expenditure on infrastructure
sector coupled with rising pace of construction activities to drive India
construction equipment market through FY2024
According to TechSci Research report, “India
Construction Equipment Market By Segment, By
Product Type, Competition Forecast & Opportunities, FY2012 – FY2024”, construction equipment market in India is projected to
surpass $ 5.3 billion by the end of FY2024. Growth in the market is anticipated
to be driven by increasing investments in residential, infrastructure and
energy projects coupled with rapid urbanization and rising number of government
initiatives to aid the country’s infrastructure sector. Moreover, increasing demand for customized equipment
and rising number of public private partnerships are few of the other major
factors expected to boost demand for construction equipment in India in the
coming years.
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Pages and an in-depth TOC on "India Construction Equipment Market"
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According to a consumer survey conducted by TechSci
Research, JCB India grabs the highest consumer satisfaction level among all construction
equipment companies operating in India in terms of product quality, price and
performance. The company also holds the largest market share, owing to its collaboration
with construction companies and strong sales network across the country. In
2017, backhoe loader dominated India construction equipment market and the
segment is expected to lead the market during the forecast period as well,
owing to its use across residential/commercial setups, especially, for high
rise building construction projects. In 2017, East region dominated the
country’s construction equipment market, as several large-scale projects are
being undertaken in the region. However, growth in the country’s West region is
expected to outpace all other regions, with the West region emerging as the
largest regional market by FY2024.
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“Various upcoming
infrastructure projects coupled with rising government expenditure on public
infrastructure and construction sector in the country is anticipated to push
the country’s construction equipment market during the forecast period.
Moreover, favorable government policies and surging foreign investments in construction
equipment market are expected to positively influence the construction
equipment market in India over the next five years.”, said Mr. Karan Chechi,
Research Director with TechSci Research, a research based global management
consulting firm.
“India Construction Equipment Market By
Segment, By Product Type, Competition Forecast & Opportunities, FY2012 – FY2024” has analyzed the potential of construction equipment market across the country,
and provides statistics and information on market size, shares and trends. The
report will suffice in providing the intending clients with cutting-edge market
intelligence and help them in taking sound investment decisions. Besides, the
report also identifies and analyzes emerging trends along with essential
drivers and key challenges faced by the industry.
About TechSci Research
TechSci
Research is a leading global market research firm publishing premium market
research reports. Serving 700 global clients with more than 600 premium market
research studies, TechSci Research is serving clients across 11 different
industrial verticals. TechSci Research specializes in research based consulting
assignments in high growth and emerging markets, leading technologies and niche
applications. Our workforce of more than 100 fulltime Analysts and Consultants
employing innovative research solutions and tracking global and country
specific high growth markets helps TechSci clients to lead rather than follow
market trends.
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