Indian market rebound

By Chris Sleight |  8 March 2022

Construction equipment sales in India increased 12 per cent last year, to return the market to the pre-pandemic level seen in 2019. Further growth is expected this year and in 2023, which could see a new record set for Indian construction equipment sales.

Among the higher volume equipment types in the Indian market, the biggest increases in sales were for crawler excavators, mobile cranes and wheeled loaders. Much against the overall market trend, backhoe loader sales fell 2 per cent last year, but with more than 37,000 machines sold, this segment was still the largest in the industry, accounting for 45 per cent of sales in unit terms.

Off-Highway Research’s forecast is for a further 11 per cent growth this year, followed by an 8 per cent rise in 2023. A general election is scheduled for 2024, and history shows the disruption of around this always leads to a fall in sales. However, the longer-term outlook for the Indian market is for continued growth, with sales expected to break through the 100,000 unit mark for the first time in 2025.

Full details of last year’s rebound, split across 16 construction equipment types, are available in the newly updated Indian Database Service. This includes details of sales and production of each equipment type by OEM and by year. Commentary on the data will be available through the Indian Annual Review, which will be published in April, and which will be available to subscribers to both the Indian Service and Indian Database Service.

Subscribers to the Indian Database Service can login here. Non-subscribers can contact mail@offhighwayresearch.com for more details about our reports and subscription packages.

The Indian market will also be discussed in the forthcoming Off-Highway Global Briefing webinar on 29th March. Click here for more details and to book your place.


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