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2. Long-term prospects remain strong for excavators in India

Crawler excavator sales in India reached a record high of more than 25,000 units in 2018. However, last year saw the market decline due to disruption which always occurs around general elections in India and this year demand has been hit again by the Covid-19 pandemic and lockdown, according to Off-Highway Research’s new Equipment Analysis on the hydraulic excavator industry in India.

As a result, excavator sales this year are expected to come in at some 14,500 units, a more than 40 per cent decline from the peak two years ago. But the popularity of these machines and the on-going infrastructure investment in India means a strong rebound is expected in 2021 and beyond. This should see sales hit new record levels in 2023 before the inevitable slowdown the following year due to the next scheduled election.

As well as the fundamental driver of infrastructure investment, there are many other reforms in India which are seen as beneficial to the segment. For example, “The shortage of manual labour due to government sponsored rural employment programmes is another significant factor which will contribute to the growth of excavators in the long term,” said the report.

Off-Highway Research’s new equipment analysis on the excavator industry in India is now available to download for subscribers to the Indian Service, who can login here. It can also be bought by non-subscribers – click here or more details.

It is believed to be the most detailed and in-depth report ever published on the subject, with analysis covering market size, market shares, production, foreign trade, market structure, distribution networks, equipment population, machines available and a five-year forecast.

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