With a stable government in place, the equipment industry is hopeful of a speedy revival. The slowdown in infrastructure development, a major driver for the construction equipment industry, had resulted in reduced demand in recent years.
An overview of the fortunes of earthmoving equipment shows how much the industry is dependent on growth-oriented government policies. Policy paralysis has slowed demand for all sorts of earthmoving equipment. Sales were sluggish last year.
In view of the tremendous growth opportunities that remain to be tapped in the country, here's a snapshot of the views and vision of some of the leading construction equipment and allied players based in southern India.
Caterpillar Inc, a global leader in the construction equipment industry, has been active in India since 1930. With five manufacturing facilities, two R&D centres, one logistics and parts centre, and various divisional offices, Caterpillar has a wide footprint across India.
We believe that India is at the cusp of a take-off point now, with a slew of transparent and investment-friendly policy initiatives in several sectors, especially in mining, power, construction and other infrastructure sectors.
AMIT BANSAL, Director Sales & Marketing, India Region-Building Construction Products, Caterpillar India, shares Caterpillar confidence about growing demand for compact machines like its 216B3 Skid Steer Loader.
The current market for Skid steer loader (SSL) in India is estimated to be about 500 units per annum.'We expect the market growth to accelerate with growing awareness about the machine and more focus on infrastructure development, clean India campaign, etc,'