Last two years have been challenging for construction sector owing to the uncertainty around the world, economic crisis, and numerous challenges faced by the construction sector. Despite this most challenging and turbulent phase, the construction industry in India is booming and has geared up to beat upcoming hurdles in any. This has been attributable to the huge potential of the Indian Construction Sector and a strong support by the government in the form of stimulus and launch of various infrastructure projects.
Despite the impact of COVID-19, the Indian pharmaceutical industry generated significant demand from infrastructure sector in second half of the fiscal year. The construction industry has been categorized into earthmoving equipment material handling, material processing, road construction, and concrete equipment segments.
The demand for construction equipment was declined to a large extent in the year 2020. The industry faced -13% overall decline in sales volume attributable to the lockdown imposed slow growth of construction activities. According to the data by AGC, 40% of the construction firms had to lay off their workers due to the COVID-19 outbreak. This has negatively impacted the industry growth.
The construction projects declared by the government suggest the strong future growth of the market.
Indian construction Equipment Manufacturing Association (ICEMA) prepared robust vision plan 2030 to capture the increasing demand for this equipment. Minister highlighted that the Government of India’s ambitious INR 111 Lakh Crore National Infrastructure Pipeline would augur well in enabling the Indian Construction Equipment industry. The vision 2030 targets milestones as below;
As per the CEO of JCB, a global leader in construction equipment sector, India is the promising and biggest market for the company. Its world’s third largest earthmoving equipment provider having strong foothold in Indian market in the form of JCB India Pvt. Ltd. To meet the increasing demand from India, the company has established a manufacturing plant at Ballabgarh. About 63,500 construction equipment were sold in India, among them JCB accounted for nearly 60% of the market share. Other prominent players include Escorts, Manitou, ACE, Bull, Komatsu, among others.
Despite high growth potential, there has been high growth challenges to the industry in the form of manpower crunch, manufacturing, marketing, and policy matters. To deal with the crunch of manpower, the players are focusing on opening operator training centers. Overall, the industry leverages significant growth opportunities for expansion for the players willing to establish their foothold in the market.
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