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Here’s Why Road Building Equipment Demand Will Stay For Longer
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The various government initiatives towards the growth of roads and highways infrastructure in the country are taking transport infrastructure to the new high. The acceleration of roads and highways work over the period of the last two years has helped the Indian construction equipment industry to revive after the gap of nearly four years.
A leading global market research firm TechSci Research report on the growth of roads and highways sector in the country is giving new hope to Indian construction equipment industry, especially road building equipment segment. The TechSci Research report called ‘India Roads & Highways Market By Type, Competition Forecast & Opportunities, 2011-2025’ forecast Indian roads and highways market to grow at a rate of compound annual growth rate (CAGR) of 36.16% during 2016-2025 on account of growing government of India initiatives to improve transport infrastructure in the country.
Indian government planned to build 18,637 kilometers of expressways by 2022.
“Economic development and increasing disposable income in India has led to increase in ownership of private vehicles among both urban and rural population of the country. Moreover, rising freight transport is fuelling demand for better roads infrastructure in the country. Growing requirement for better roads and highways infrastructure, coupled with rising government initiatives to drive India roads and highways market during the forecast period,” said Mr. Karan Chechi, Research Director- TechSci Research.
According to the report, over the last few years, highways accounted for lion’s share in Indian roads and highways market owing to major investment in this segment. However, expressways are expected to dominate the roads and highways market in India during the forecast period (2016-2025).
The report expects that north-India would dominate roads and highways market through 2025, as it dominated in 2015. This indicates, north Indian states like, Uttar Pradesh, Punjab, Uttarakhand, Himachal Pradesh, UTs Delhi and Chandigarh would require a large number of road building equipment in coming years.
In September, Minister of Road Transport and Highways Mr. Nitin Gadkari said, the government will undertake Rs 2 lakh crore road projects in the next 2 years in Uttar Pradesh and projects worth Rs 60,000 crore are already in progress. Recently NHAI has awarded various highway projects in many north-Indian states.
Ministry of Road Transport and Highways (MoRTH) has set the target to award works worth Rs 7 lakh crore in the next five years to develop National Highways of around 50,000 km.
Recently, a report of rating agency Crisil said, pace of road construction have improved 40% in FY2015-16 in the country and it is set to be double by FY18.
The growth of roads and highways in the country indicates that demand for road building equipment like Motor Grader, Compactor, Paver , Pavement Planer, Milling machines and others and Earthmoving equipment such as Excavator, Backhoe loaders, Motor Graders and Bulldozers will further rise in the country.
The growth could benefit construction equipment manufacturers such as Caterpillar, Tata Hitachi, JCB, Volvo, Mahindra, Terex, John Deere, Komatsu, SANY and others.
Source: Information has been obtained from TechSci Research report, Crisil & MoRTH
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