Sales of construction equipment likely to grow in double digits
Equipment

Sales of construction equipment likely to grow in double digits

Sales of construction equipment are expected to increase in healthy double digits in the ongoing financial year on the back of improved government spending on infrastructure projects, mainly in rural areas.

The industry estimates construction equipment sales to increase 15%-20% in the financial year (FY) 2023, against an 8% decline in the last fiscal year. Even though exports increased 60.5% to 7,802 units in FY22, local sales declined 11.4% to 77,583 units.

Managing director at market leader JCB India, Deepak Shetty, told the media that in the last FY, the industry output dropped by around 8% due to a decline in demand for road construction and earth-moving equipment. While adding that the government’s emphasis on infrastructure investment to boost economic activity would, in turn, also help increase demand for them. But a steep incline in input costs and limitations in the supply chain are concerned, he said.

The government has budgeted a 36% upsurge in its capital spending to a record Rs 7.5 lakh crore this FY, with a special focus on infrastructure development to stimulate growth. It has expanded the scope of the National Infrastructure Pipeline to include 9,335 projects, with total envisaged Rs 108 lakh crore investments during FY20-FY25.

Among others, the scheme to provide piped drinking water to rural homes, the commencement of new metro rail development projects, the building of smart cities, and the construction of new airports at Navi Mumbai and Jewar will initiate growth in the construction equipment industry.

The PM Gati Shakti national master plan is a path-breaking move that will bring a holistic focus on infrastructure development.

He envisioned India to become the second-largest market for construction equipment by the decade's end. India is presently the third-largest industry, after the US and China.

Given the regulatory motivation worldwide toward clamping down on carbon emissions, manufacturers are mainly focusing on assessing and developing products powered by green fuels such as biofuels, CNG, and hydrogen.

Image Source

Also read: Construction equipment industry to grow in H2 of 2022: JCB India

Sales of construction equipment are expected to increase in healthy double digits in the ongoing financial year on the back of improved government spending on infrastructure projects, mainly in rural areas. The industry estimates construction equipment sales to increase 15%-20% in the financial year (FY) 2023, against an 8% decline in the last fiscal year. Even though exports increased 60.5% to 7,802 units in FY22, local sales declined 11.4% to 77,583 units. Managing director at market leader JCB India, Deepak Shetty, told the media that in the last FY, the industry output dropped by around 8% due to a decline in demand for road construction and earth-moving equipment. While adding that the government’s emphasis on infrastructure investment to boost economic activity would, in turn, also help increase demand for them. But a steep incline in input costs and limitations in the supply chain are concerned, he said. The government has budgeted a 36% upsurge in its capital spending to a record Rs 7.5 lakh crore this FY, with a special focus on infrastructure development to stimulate growth. It has expanded the scope of the National Infrastructure Pipeline to include 9,335 projects, with total envisaged Rs 108 lakh crore investments during FY20-FY25. Among others, the scheme to provide piped drinking water to rural homes, the commencement of new metro rail development projects, the building of smart cities, and the construction of new airports at Navi Mumbai and Jewar will initiate growth in the construction equipment industry. The PM Gati Shakti national master plan is a path-breaking move that will bring a holistic focus on infrastructure development. He envisioned India to become the second-largest market for construction equipment by the decade's end. India is presently the third-largest industry, after the US and China. Given the regulatory motivation worldwide toward clamping down on carbon emissions, manufacturers are mainly focusing on assessing and developing products powered by green fuels such as biofuels, CNG, and hydrogen. Image Source Also read: Construction equipment industry to grow in H2 of 2022: JCB India

Next Story
Infrastructure Urban

DRI Introduces Advanced Fresh Air Solutions for Large Buildings

DRI has unveiled its latest solutions for indoor air quality (IAQ) and energy-efficient ventilation in large enclosed buildings: the Treated Fresh Air Handling Units (TFA) and Dedicated Outdoor Air Systems (DOAS). The TFA units integrate EcoFresh Molecular Sieve Coated Heat Wheels to deliver optimal IAQ while promoting energy savings. The modular design allows additional functions such as cooling, heating, humidification, high-efficiency filtration, mixing, and sound attenuation. Maintenance is minimal, with standard filters and fan assemblies designed for reliability and ease of service. TFA..

Next Story
Infrastructure Urban

Dia Mirza-backed Without® Launches FOAK Recycling Plant in Pune

Without®, an impact-first deep-tech material science enterprise, has inaugurated its first-of-a-kind (FOAK) recycling demonstration plant in Pune. The 1,030 sq. m facility can process up to 5 tons per month of “unrecyclable” plastic waste, offering end-to-end operations from material intake and separation to chemical transformation, purification, product manufacturing, and quality testing. The demonstration plant serves as a precursor to a commercial facility planned for next year. The launch follows the successful closure of a $1.9 million (approx. Rs 16.8 crore) seed funding round led ..

Next Story
Infrastructure Transport

Tata, Airbus to Build India’s First Private Helicopter Line

In a landmark development for India’s aerospace sector, Tata Advanced Systems Limited (TASL) and Airbus will establish the country’s first private-sector helicopter assembly line in Vemagal, Karnataka. The facility will manufacture the Airbus H125 and H125M, marking a significant milestone in India’s push for self-reliance in aviation and defence manufacturing. The new Final Assembly Line (FAL) will produce the H125, the world’s best-selling single-engine helicopter, known for its versatility and performance in extreme environments. The first ‘Made in India’ H125 is expected to ro..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?