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Netscribes’ latest market research report titled Construction Equipment Market in India 2014 captures the largest segment of the overall domestic construction equipment market. Construction comprises the second largest sector within the Indian economy. The domestic construction equipment market is expected to witness dynamic growth in the near future owing to government investments in infrastructure, coupled with the rapid expansion of the real estate sector. The market is expected to display immense growth prospects due to the increased number of housing projects in recent years. The growth in the Indian mining industry has also translated into an exponential demand for construction equipments in India. However, scarcity of land for infrastructural development hinders the growth of the market. The market is also facing the impact of inflation in terms of hike in prices of raw materials. High costs of crude oil push up the price of fuel which cuts into the profits of end users and leads to a reduction in the demand for equipments.
Players in the market are focusing on application of latest technologies in the manufacture of construction equipments to generate higher sales. The players are also focused on expansion and are forging technical alliances with a view to acquiring a greater share of the market. Several government and industry bodies are working towards the development of the market. The Government has also taken several initiatives to ban the import of second – hand construction equipment. Huge investments are being made in all sectors in the infrastructural space to ensure rapid market growth over the next few years.
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