London, 3 August 2015: Technavio, the independent tech-focused global research firm, has published a report on the excavator market in India 2015-2019, which is expected to grow at a CAGR of 8.67% during the forecast period of 2014-2019.
The development of smart cities in India is expected to boost the prospects for growth in this market. Smart cities will involve the construction of efficient urban mobility due to their improved transport infrastructure, better healthcare facilities, and improved water and sewage infrastructure. This initiative is expected to drive the demand for excavators during the forecast period. Also, increasing investments in the infrastructure segment as a result of the tax-free bond will allow companies to raise funds without incurring any tax. This will spur investments in the infrastructure segment, which will result in the growth of the excavators market in India.
“Launched in 2014 by Prime Minister Narendra Modi, the “Make in India” initiative is aimed at encouraging companies to manufacture products in India. The government expects this program to improve the manufacturing sector, foster innovation, and create more job opportunities,” says Faisal Ghaus, Vice President of Technavio.
“The program will also enable foreign companies to set up manufacturing facilities in the country in the next 2-4 years, thereby increasing the scope of foreign investment in India. This is particularly notable in the construction equipment sector.”
Key Market Drivers:
- Government initiatives
- Development of smart cities
- Promotion of VGF
Key Market Trends:
- Make in India initiative
- Advanced technology in construction equipment
- Growth in equipment financing and rental business
Key Market Vendors:
- Bharat Earth Movers
- Caterpillar
- JCB
- Komatsu.
To define the market circumstances in the next 3-4 years, Technavio analysts have conducted in-depth analysis of the impact of market drivers, challenges, and trends featuring data on product segmentations, vendor shares, growth rate by revenue, and an evaluation of the different buying criteria in the order of importance.
https://www.technavio.com/%3Cp%3EIf%20you%20are%20interested%20in%20more%…
