India will overtake the USA and become the second largest construction equipment manufacturing market in the world by 2030.
Speaking at the inauguration press conference of the 11th edition of the South Asia’s’ Largest Construction Equipment Trade Fair, EXCON, held from May 17-21 in Bengaluru hosted by Confederation of Indian Industry (CII), India’s Premier Industry Association in Bengaluru, Karnataka, India, Arjun Ranga, Chairman, (CII) said that currently India is in the third place after USA and China.“This is because of the rapid development that is taking place in the construction and transport industries and also due to the fact that global manufactures have set up their manufacturing facilities in India.”
He also said that out of the 95% equipment sold in India 50% has local value addition.
He also said that huge infrastructure developments are taking place in highways and also in border areas which has given huge opportunities for the private sector equipment manufacturers as well as contractors. Chairman, CII EXCON Deepak Shetty said, “Excon is the largest Construction Equipment Exhibition in South Asia. It aims to provide a focused platform for the Construction Equipment and Component Industry, bring more awareness amongst all stakeholders on the latest developments and enable adoption of world-class technologies for speedy implementation of infrastructure projects in the country.
“Excon will reflect on the theme elements at the exhibition and also set the pace for Atmanirbhar Bharat in infrastructure development in the country. With the presence of large OEMs and a strong supply chain supported by a vibrant components sector, India is all set to become the manufacturing and export hub of the world for construction equipment manufacturing” added Shetty. “Excon will also be showcasing the growth and the penetration of digital technology in not only construction equipment, but also in the way the entire infrastructure ecosystem is developing in India.”
Dimitrov Krishnan, Co-Chairman of EXCON added, “Indian Construction Equipment industry can be the vital fulcrum, driving infrastructure growth and supporting allied industries in achieving their growth targets. Buoyed by a stable economic environment and a strong growth agenda pursued by the Government, the Indian CE industry is poised for exponential growth in the coming decade”.