Excavator Market in India 2015-2019
Excavators are used to unearth, transport, and unload materials with the help of a bucket fitted to a boom. They move on crawlers or wheels. Excavators are versatile heavy construction machines used for below- and above-ground operations, including land leveling, digging trenches, and sinking wells.
Technavio's analysts forecast the excavator market in India to grow at a CAGR of 7.86% over the period 2014-2019.
Covered in this report
This report covers the present scenario and the growth prospects of the excavators market in India for 2015-2019. The market size has been calculated based on total revenue generated from the sale of excavators in India. It does not consider the sale of used equipment, or the revenue generated through contracts or maintenance.
The report also presents a detailed analysis of the four key vendors in the market. In addition, it discusses the major drivers that influence the growth of the market. It also outlines the challenges faced by vendors and the market at large, as well as the key trends emerging in the market.
Technavio Announces the Publication of its Research Report – Excavator Market in India 2015-2019
Technavio recognizes the following companies as the key players in the Excavator Market in India: Bharat Earth Movers, Caterpillar, JCB, and Komatsu.
Other Prominent Vendors in the market are: Tata Hitachi, Volvo, L&T Construction Equipment.
Commenting on the report, an analyst from Technavio’s team said: “One of the major trends is Make in India initiative. 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. Apart from this, it will foster investment in R&D activities.”
According to the report, the major driver in the market is that the government is taking initiatives to improve the country's infrastructure and boost investment opportunities in the construction industry. In February 2015, it announced plans to invest $11.32 billion in infrastructure development for the fiscal year 2015-2016. Of the total investment, $6.57 billion will go to railway and road infrastructure. Apart from this, the government proposes to revive the tax-free bond, which was introduced four years ago, and will enable companies to raise funds without incurring any tax.
Further, the report states that the challenge is, for the effective performance of construction equipment and improved productivity, continual maintenance is essential. Currently, not all vendors are able to provide this support to customers, discouraging organizations from adopting excavators. Therefore, customers need to select the right vendor to obtain continual maintenance support and maintain operational excellence.
Bharat Earth Movers, Caterpillar, JCB, Komatsu, Tata Hitachi, Volvo, L&T Construction Equipment