Latest 2023 Development of the India Machinery Market

India Machinery Market is growing steadily and is expected to continue its upward trend in the years to come. The market has been through several latest development in the past few years. For instance, the manufacturing sector in India has been growing steadily and the government's initiative has been instrumental in boosting manufacturing in the country. Moreover, the government has been investing heavily in infrastructure development, which has created a significant demand for construction and earthmoving equipment. The adoption of automation and digitalization in the manufacturing sector is increasing and, in turn, driving demand for advanced machinery.

The rapid pace of industrialization in India has led to an increase in demand for machinery across the agriculture, manufacturing, and healthcare sectors. With a growing population, the demand for food and healthcare products is increasing in India. India has a large export potential for machinery, particularly in the neighbouring countries of Southeast Asia and Africa. As a result, the growth of India Machinery Market size has increased and is expected to continue to do so in future years. 

India Machinery Market Synopsis

The India Machinery Market is projected to grow more in the near future. The market is primarily driven by the growing construction industry, followed by the manufacturing and mining sectors.

Construction machinery includes equipment such as excavators, loaders, dozers, graders, and compactors. The growth of this market is attributable to the government's initiatives such as Make in India, Smart Cities Mission, and Housing for All by 2022. These initiatives are expected to boost the demand for machinery in India.

Manufacturing machinery includes equipment such as machine tools, material handling equipment, packaging machinery, and textile machinery. Mining machinery includes equipment such as crushers, screeners, drills, and conveyors.

According to 6Wresearch, the India Machinery Market size is expected to grow during 2022-2028. The India Machinery Industry is the country's largest and most important manufacturing sector. It comprises a wide range of sub-sectors that include agricultural machinery, construction machinery, mining machinery, and textile machinery. The machinery industry in India has been growing at a rapid pace in recent years with the country's economy expanding and industrialization picking up pace. Construction equipment accounts for the largest share of the India Machinery Market, followed by agricultural equipment and mining equipment.

COVID-19 impact on India Machinery Market

The imposed lockdown due to the sudden outbreak of the COVID-19 pandemic declined the evolution of the India Machinery Market. Sectors that are the biggest consumers of machinery in India were completely shut down. The shutdown of consumer industries impacted negatively the development of the Machinery Market in India. Industries such as construction and automobile were completely shut down, therefore, it impacted the growth of this market negatively. The market is now recovering from the negative impacts of the pandemic since consumer industries started working and progressing effectively. 

Market Analysis by Type

On the basis of type, the market is segmented into Agriculture, Construction, Mining Machinery, Industrial Machinery, Commercial and Service Industry Machinery, Ventilation, Heating, Air-Conditioning, and Commercial Refrigeration Equipment. Among these, the construction segment is dominating the market. 

Market Analysis by Distribution Channel

On the basis of distribution channels, the market is segmented into Supermarkets/Hypermarkets, Convenience Stores, E-Commerce, and Others. These segments have been performing well in the market. 

Market Analysis by Nature

On the basis of nature, the market is segmented into Organic and Conventional. The organic segment is expected to grow more in the years to come. 

Competitive Landscape

The Machinery Market in India is highly competitive. There are a large number of manufacturers competing for market share. The competition is intense in terms of price, quality, and product offerings.

The leading manufacturers in the India Machinery Market are JCB India, Caterpillar India, BEML India, John Deere India, and Komatsu India. These companies have a strong brand presence in the market and offer a wide range of products.

JCB India is the market leader in the excavator segment. Caterpillar India is the second-largest player in the market. BEML India is the third-largest player. John Deere India and Komatsu India are the fourth- and fifth-largest players in the India Machinery Industry.

Growth Factors and Market Trends

India Machinery Market which is a vital part of the Asia-Pacific Machinery Market is growing effectively. The country's construction sector is expected to remain the key driver of demand for construction equipment, due to the continued implementation of large-scale infrastructure projects.

The mining sector is also anticipated to provide significant growth opportunities for construction and mining equipment manufacturers in India, due to the ongoing reforms in the sector and the government's focus on boosting the production of minerals. In addition, growing demand from the food & beverage processing industry is expected to drive sales of packaging machinery in India over the forecast period.

India Machinery Market Forecast

The major factors driving the growth of the India machinery market include the growing demand from the construction and automotive industries, increased foreign investment, and government initiatives.

The construction industry is one of the major consumers of machinery in India. The sector is expected to grow at a rapid pace during the forecast period. This growth is attributed to the increasing urbanization and infrastructure development activities in the country. The automotive industry is also a major consumer of machinery in India. 

The government initiatives such as 'Make in India' and 'Skill India' are expected to create a positive environment for foreign investors and promote domestic manufacturing. These initiatives are likely to result in an increased demand for machinery from various sectors such as construction, automotive, food & beverage, pharmaceuticals, etc.

Key attractiveness of the report

• COVID-19 Impact on the Market.
• 10 Years Market Numbers.
• Historical Data Starting from 2018 to 2021.
• Base Year: 2021.
• Forecast Data until 2028.
• Key Performance Indicators Impacting the Market.
• Major Upcoming Developments and Projects.

Key Highlights of the Report

• India Machinery Market Outlook
• Market Size of India Machinery Market, 2021
• Forecast of India Machinery Market, 2028
• Historical Data and Forecast of India Machinery Revenues & Volume for the Period 2018 - 2028
• India Machinery Market Trend Evolution
• India Machinery Market Drivers and Challenges
• India Machinery Price Trends
• India Machinery Porter's Five Forces
• India Machinery Industry Life Cycle
• Historical Data and Forecast of India Machinery Market Revenues & Volume By Type for the Period 2018 - 2028
• Historical Data and Forecast of India Machinery Market Revenues & Volume By Agriculture, Construction, And Mining Machinery for the Period 2018 - 2028
• Historical Data and Forecast of India Machinery Market Revenues & Volume By Industrial Machinery for the Period 2018 - 2028
• Historical Data and Forecast of India Machinery Market Revenues & Volume By Commercial And Service Industry Machinery for the Period 2018 - 2028
• Historical Data and Forecast of India Machinery Market Revenues & Volume By Ventilation for the Period 2018 - 2028
• Historical Data and Forecast of India Machinery Market Revenues & Volume By Heating for the Period 2018 - 2028
• Historical Data and Forecast of India Machinery Market Revenues & Volume By Air-Conditioning for the Period 2018 - 2028
• Historical Data and Forecast of India Machinery Market Revenues & Volume By Commercial Refrigeration Equipment for the Period 2018 - 2028
• Historical Data and Forecast of India Machinery Market Revenues & Volume By Distribution Channel for the Period 2018 - 2028
• Historical Data and Forecast of India Machinery Market Revenues & Volume By Supermarkets/Hypermarkets for the Period 2018 - 2028
• Historical Data and Forecast of India Machinery Market Revenues & Volume By Convenience Stores for the Period 2018 - 2028
• Historical Data and Forecast of India Machinery Market Revenues & Volume By E-Commerce for the Period 2018 - 2028
• Historical Data and Forecast of India Machinery Market Revenues & Volume By Others for the Period 2018 - 2028
• Historical Data and Forecast of India Machinery Market Revenues & Volume By Others for the Period 2018 - 2028
• Historical Data and Forecast of India Machinery Market Revenues & Volume By Nature for the Period 2018 - 2028
• Historical Data and Forecast of India Machinery Market Revenues & Volume By Organic for the Period 2018 - 2028
• Historical Data and Forecast of India Machinery Market Revenues & Volume By Conventional for the Period 2018 - 2028
• India Machinery Import Export Trade Statistics
• Market Opportunity Assessment By Type
• Market Opportunity Assessment By Distribution Channel
• Market Opportunity Assessment By Nature
• India Machinery Top Companies Market Share
• India Machinery Competitive Benchmarking By Technical and Operational Parameters
• India Machinery Company Profiles
• India Machinery Key Strategic Recommendations

Market Covered

The report offers a comprehensive study of the subsequent market segments:

By Type

• Agriculture
• Construction
• Mining Machinery
• Industrial Machinery
• Commercial and Service Industry Machinery
• Ventilation
• Heating
• Air-Conditioning
• Commercial Refrigeration Equipment

By Distribution Channel

• Supermarkets/Hypermarkets
• Convenience Stores
• E-Commerce
• Others

By Nature

• Organic
• Conventional

Frequently Asked Questions About the Market Study: FAQs

1. What are the major growth factors for the market?

The major factors driving the growth of the machinery market include the growing demand from the construction and automotive industries, increased foreign investment, and government initiatives.

2. Who are the key players in India Machinery Industry?

The leading manufacturers in the India Machinery Market are JCB India, Caterpillar India, BEML India, John Deere India, and Komatsu India.

3. Will the Machinery Market in India grow more?

Yes, the market is expected to grow more in the near future.

4. Does the report cover COVID-19 impact?

Yes, the report covers the impacts of the pandemic on the market.