An upward trend for construction equipment
Construction equipment demand grew 35 per cent to peak at 98,286 units in 2018 but fell 15 per cent to 83,470 units in 2019. Demand declined a further 12 per cent to 73,595 units in 2020, a much less severe fall than the industry’s expectation at the start of the pandemic. The market mitigated the impact of COVID-19 well and, despite a severe second wave of the pandemic, registered a 12 per cent growth with sales of 82,218 units in 2021.
Numerous factors, such as the National Infrastructure Pipeline (NIP), the GatiShakti National Master Plan for multimodal connectivity, National Monetisation Pipeline (NMP), other government infrastructure programmes, the macroeconomic situation, policies,reforms and challenges, impact the construction equipment market.
The industry could not keep pace with the estimated demand at the beginning of the year owing to the interplay of global and local factors. Off-Highway Research estimates that the construction equipment market has remained almost flat in 2022.
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