The record for the Indian hydraulic excavator industry was in 2018 when more than 25,000 machines were sold. Demand dipped in 2019 due to the disruption of the general election and then again in 2020 due to the pandemic. However, the fundamentals of demand remain strong and Off-Highway Research expects a strong bounce-back this year, with a new sales record being set by 2023.
Off-Highway Research’s new equipment analysis report, The hydraulic excavator industry in India said, “There is an increased focus by the current government on infrastructure development and it is monitoring all projects at the highest level to swiftly remove obstacles to growth. It is taking continuous initiatives to hasten the pace of project execution such as policy, procedural, administrative, and legal reforms, faster environment, and forest clearances, and resolving land acquisition issues.”
The report also notes the disruption caused and supply side issues caused by the pandemic are easing, but that there are issues affecting the market this year on the demand side which are discussed in detail in the report.
While these are causing problems in the short term, they are expected to be temporary issues. “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. After lifting the lockdown from June 2020, the economy recovered sharply but the second wave of Covid in April-May 2021 has again impacted the recovery in economy. The real assessment of the business impact will be available only after the July-September quarter indicated by the growth in demand despite the threat of third wave of Covid,” said the report.
Off-Highway Research’s 76 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.
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