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India’s Construction Equipment Market Outlook by 2030

India’s construction equipment market is poised for significant growth by 2030, according to recent analysis. Forecasted to expand at a compound annual growth rate, factors such as urbanization, increased infrastructure spending, and government initiatives are expected to propel the demand for construction machinery in the country. The construction industry in India is a significant driver of economic development, attracting investments and driving demand for construction equipment.

The country’s construction equipment market is diverse, with various segments witnessing growth opportunities. Strong demand for equipment such as mobile cranes, concrete equipment, and earthmoving machinery is expected to continue due to ongoing infrastructure projects across the nation. Additionally, the introduction of advanced technologies and innovations in construction machinery is further propelling market growth.

Government support through initiatives like “Make in India” and infrastructure development programs is boosting domestic manufacturing of construction equipment, contributing to the market’s expansion. The adoption of rental and leasing services for construction machinery is also increasing, providing cost-effective solutions to construction companies and contractors. Furthermore, the rise of mechanized construction techniques is driving the demand for technologically advanced equipment in the sector.

The construction equipment market in India is not without challenges, including issues related to environmental regulations, land acquisition, and market fragmentation. However, with strategic collaborations, technological advancements, and a focus on sustainability, the industry is set to overcome these hurdles and maintain robust growth in the coming years.

Read the full story by: India Briefing