( PR4US.com | Press Release | 2017-08-28 20:27:35 )
Mumbai, India – August 28, 2017 – Global market intelligence firm, Netscribes, Inc. released its latest report on the ‘Construction Equipment Market in India 2017’ (https://www.researchonindia.com/construction-equipment-market-in-india-2047.html
). The construction equipment market is driven by increased usage of earth moving equipment, increased number of mining activities, increased spending on infrastructure, and increased spending on residential and non-residential projects.
Netscribes’ latest market research report titled Construction Equipment Market in India 2017 states that the market is expected to grow at a CAGR of 13% over the period FY 2015 to FY 2020. Construction equipment can be categorized under five heads such as earth moving equipment, concrete equipment, material handling equipment, road construction equipment and material processing equipment. A major share of the construction equipment market is occupied by the earth moving construction equipment. Backhoe loaders, compaction equipment, crawler excavators, mobile cranes and wheeled loaders are the six major machine types that dominate the construction equipment market in India. The market is expected to grow volume - wise at a CAGR of 13.5% over the period FY 2015 to FY 2020.
The market is expected to display immense growth prospects due to the increased number of housing projects in recent years. Increasing government spending on infrastructure development, including roads, metro rails, flyovers and commercial complexes will further help to surge the construction equipment market growth over the next few years. However, regulatory issues, environmental concerns and delays in project approval hamper construction projects, and limits sales of construction equipment in India. Major construction equipment companies operating in India include Caterpillar India Pvt. Ltd., Escorts Ltd., Brady & Morris Engineering Company Ltd., BEML Ltd., and JCB India Pvt. Ltd. Huge investments are being made in all sectors in the infrastructural space which will ensure rapid growth in the construction equipment market over the next few years.
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