Predicting equipment forecast, features and preference for the future

The year 2021 is expected to end with sales of 82,000 units of construction equipment, 11 per cent higher than the previous year, according to Off-Highway Research. This would boost sales past the pre-COVID level of 83,470 units.

Multiple factors favour the long-term growth of the market, but with the caveat that India would have overcome the pandemic by the beginning of 2022, explains Samir Bansal, General Manager, Off-Highway Research.

In 2022, Off-Highway Research expects construction equipment sales to grow 15 per cent to touch 94,100 units, still lower than the last decadal high of 98,386 units in 2018. That peak is forecast to be crossed in 2023, when 11 per cent growth will take the overall tally to 104,650 units. “Sales are predicted to fall 8 per cent to 96,650 units in 2024, an outcome of the general election, an event that usually tends to disrupt economic activity,” he adds. Sales should bounce back in 2025, when 11 per cent growth may push the volume to 107,450 units.

So, what types of equipment will witness growth?