Market Trends of India Construction Equipment Rental Industry
This section covers the major market trends shaping the India Construction Equipment Rental Market according to our research experts:
Growing Investment in The Construction Industry
Growing investments in the infrastructure sector and other strategic initiatives of the government are expected to boost the construction sector in the country.
- The construction sector in India has been growing rapidly with an increase in investments by the government.
- The Indian government's ‘Housing for All by 2022’ is also a major game changer for the industry.
- The growth of commercial real estate has been driven largely by service sectors, especially IT-ITeS.
Prime Minister Narendra Modi announced the launch of Smart Cities Mission, two years ago, with an aim of developing 100 sustainable and inclusive cities across India.
- 99 cities were identified, and the central government recently added nine more to the list.
- With an investment of over INR 2 trillion being dedicated to the project, the government needs to tap into cost-effective and innovative operational models in real estate construction.
The increasing investments in the residential and commercial sectors, along with strategic initiatives by the Indian government, are expected to boost the construction sector in the country.
Cranes Are Likely to Dominate The Construction Equipment Rental Market
The cranes are expected to lead the construction equipment rental market as Rental cranes are available in different types and are majorly classified as, crawler cranes, all terrain cranes, rough terrain cranes, tower cranes, and truck-mounted cranes. Among them, crawler cranes, all terrain cranes, tower cranes, and truck-mounted cranes have been majorly adopted in the construction sector, while rough terrain cranes have covered a limited demand in construction and major demand in mining sector.
With the stark rise in affordable housing and smart city projects by the Indian government (Pradhanmantri Awaas Yojna and Mukhyamantri Awaas Yojna), the demand for tower cranes has been continually increasing.
- Owing to the high cost of these cranes, the demand for rental cranes has been increasing.
Big corporates, like L&T, Shapoorji, and Tata Projects, have begun to take cranes on rentals instead of procurement of new equipment.
