Page 23 - CV June-July 2023 Issue

CONSTRUCTION

EQUIPMENT

RENTAL MARKET

IN INDIA

POTENTIAL

IS GREAT

ndia is the world's fastest-growing economy, and it is predicted to reach US$ 215 billion by 2020. Few firms dominate the Indian Aside from the cost, there are other advantages to renting India government development projects
become the third-largest construction market by 2024. The construction equipment rental industry, including iQuippo, Volvo construction equipment. Rental firms provide the machinery as well The Indian government's Housing for All by 2022 initiative is another
Iinfrastructure sector is a major economic driver in India. The Construction Equipment, ACE Cranes, ABC Infra Equipment Pvt Ltd., as the requisite experienced machine operators and drivers. game changer for the industry. The expansion of commercial real
sector is vital to India's overall growth, and the government places a Sanghvi Movers Limited (SML), All India Crane Hiring Co., and estate has been predominantly driven by service sectors, particularly
high priority on implementing laws that will ensure the country's Jainex Group. According to the World Bank, India has a population of 1.39 Billion IT and ITeS. Two years ago, Prime Minister Narendra Modi
world-class infrastructure is built in a timely manner. We attempted to people, with 723.9 million men and 669.4 million women. 361.4 announced the commencement of the Smart Cities Mission, with the
present a picture of the construction equipment rental industry in According to the research report, “India Construction Equipment million People are under the age of 14, and 931.3 million are goal of establishing 100 sustainable and inclusive cities across India.
India here. Power, bridges, dams, highways, and urban infrastructure Rental Market Overview, 2028” published by Bonafide Research, the
between the ages of 15 and 64. There are 8.2 million urban residents The national government just added nine new cities to the list of 99
development are all part of the infrastructure industry. The World market is projected to add USD 0.14 Billion by 2028. The growing
and 2.3 million rural residents. India's GDP in 2021 was $3.17 trillion cities. With nearly INR 2 trillion invested in the project, the
Bank's Logistics Performance Index (LPI) 2018 placed India 44th out emphasis on infrastructure and the advancement of automation in
with per capita income of US$2,277.4 and inflation rate was 5.1% in government must look to cost-effective and innovative operational
of 167 nations in 2018. According to the Department of Industrial construction and manufacturing processes have had a significant
FY 2021. India now has roughly 1,263 construction projects in approaches in real estate building. The government has given the
Policy and Promotion, foreign direct investment (FDI) received in the impact on market growth. The road construction machinery industry
several industries, such as power, roads, railways, communications, infrastructure industry a significant boost by funding Rs. 10 lakh crore
Construction Development sector (townships, housing, built-up has grown significantly in recent years as a result of expanded road
and shipping. Furthermore, the increased demand for office space in ($130.57 billion) to improve infrastructure. The government provided
infrastructure, and construction development projects) totalled USD development plans conducted by the federal and state governments.
tier 1 and 2 cities is expected to drive demand for rental construction the National Highways Authority of India with Rs. 134,015 crore (US$
25.05 billion from April 2000 to March 2019. India's logistics business Renting construction equipment has become more popular as the
equipment in the country throughout the projection period. 17.24 billion) (NHAI).
is increasing at a CAGR of 10.5 percent per year and is estimated to cost of the equipment and the maintenance procedures have risen.

CONSTRUCTION VISION 20 JUNE-JULY 2023 CONSTRUCTION VISION 21 JUNE-JULY 2023