Record high expected for Indian equipment market
By KHL Staff08 August 2017
Construction equipment sales in India will grow +10% this year, continuing the momentum of the +36% surge seen in 2016, according to specialist consultant Off-Highway Research. This will see the market surpass the previous record high of 72,492 machine sales seen in 2011.
Off-Highway Research expects sales to exceed 73,000 units this year as the Government continues to place an emphasis on more intensive infrastructure development. The market in the first half of the year was particularly strong ahead of the implementation of the new national Goods and Services Tax (GST) on July 1.
Looking ahead, Off-Highway Research expects continued buoyancyin the market, although this will inevitably moderate in 2019 due to the general election. However, growth is expected to resume thereafter, with sales likely to exceed 90,000 units in 2021.
“Almost all types of equipment will witness growth, though the market will continue to be dominated by the six most popular products: backhoe loaders, crawler excavators, mobile cranes, mobile compressors, compaction equipment and wheeled loaders. Together these will account for 93 per cent of the market in 2021,” said Off-Highway Research’s Market Report.
Off-Highway Research’s report is published as part of the company’s Indian Service. Click here for more details.