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2. Indian excavator market heading for new high

Sales of crawler excavators in India rebounded last year following the Covid pandemic. Although 2022 been dogged by the same supply chain issues  which have impacted markets around the world, as well as the negative effects of inflation, the excavator market should grow again and reach 25,000 units.

That would almost equal the previous high set in 2018. Further growth next year should see a record volume of excavators sold – Off-Highway Research’s forecast is for the market to reach 28,000 machines.

Commenting on the drivers for this, Off-Highway Research’s new report, The Hydraulic Excavator Industry in India said, “Crawler excavators are very widely used in mining and quarrying and a variety of infrastructure projects, so their sales follow the trends in these sectors.

“The market still has a huge potential, but its rate of growth depends on the government and private investment in these sectors, the speed of planning and execution of infrastructure projects.

“The general atmosphere for the infrastructural development in the country is conducive for growth in construction and mining activity, and the government is monitoring all projects at the highest level to swiftly remove any obstacles.”

It concluded, “However, the truth is that there is a massive amount of work yet to be done in the infrastructure sector, and the way the government is working, growth in demand will continue to take place. Off-Highway Research believes that sales of crawler excavators will jump to 25,000 units in 2022, an increase of 18 per cent over the previous year.

“The long-term future trend remains positive, and demand is expected to grow with a CAGR of 10 per cent during 2022-2026 and reach 30,000 units in 2026 except 2024 when general elections are expected in the country.”

Off-Highway Research’s 80 page report on the hydraulic excavator industry in India is now available to subscribers to Off-Highway Research’s Indian Service. It is also available to buy on our online store. Click here for 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.

Contact [email protected] for more details about our reports and subscription packages.