The India construction market has the potential to grow at an impressive CAGR during the forecast period and generate high revenues for the country’s GDP, according to TechSci’s report titled “India Construction Market, By Region, Competition Forecast & Opportunities, 2018 – 2028.” The growth of the construction industry is heavily reliant on the country’s growing population and their rising disposable income, which is increasing the demand for residential accommodations. While the below poverty line population still relies on the government to provide them with accommodations, the middle and high-class populations are actively spending on their residential accommodations, thereby supporting the growth of the India construction market over the next five years. Additionally, government-aided growth schemes and investments are also fueling market growth. The launch of plans such as the 100 smart cities project and Bharatmala Pariyojana, a new highways umbrella program aimed at improving the efficiency of freight and passenger movement across the country, are among the many inter-state construction growths in the country. The increasing construction in the industrial sector due to growing industrialization and urbanization is also responsible for the India construction market’s futuristic growth in the next five years.
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The India construction market is further segmented based on type, machinery, industry, regional distribution, and competitive landscape. Building construction, heavy and civil engineering construction, specialty trade contractors, and land planning & development are the categories under the type segment. Building construction is expected to dominate the segment in the upcoming five years and hold the largest revenue share of the market due to the increasing population of the country. Additionally, the growth in the construction of residential and industrial buildings further supports the growth of the India construction market in the next five years. The growing investments in building construction are also expected to aid the growth of the India construction market in the future.
Heavy and civil engineering construction is expected to hold significant growth in the market due to the increasing construction of highways and flyovers. Growing state government investment in the heavy and civil engineering construction is also driving market growth.
The market is further segmented by machinery into earthmoving, material handling, and concrete & road construction. Earthmoving is expected to hold the largest revenue share of the market and dominate the segment in the upcoming five years due to the increasing excavations for construction purposes. The growing demand for skyscrapers and industrial development further substantiates the growth of the India construction market in the future five years.
Based on industry, the market is bifurcated into industrial, commercial, infrastructure and residential.
A partial list of market players in the field includes:
- L&T
- Megha Engineering & Infrastructures Limited
- Shapoorji Pallonji Co. Pvt. Ltd.
- Tata Projects
- KEC International Limited
- Afcons Infrastructure Ltd.
- Dilip Buildcon Limited
- Hindustan Construction Co. Ltd.
- NCC Limited
- Lodha Group
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“Construction industry in India is anticipated to further grow in the future years owing to the growing investments in the sector. Government’s involvement through investments and favorable schemes is also anticipated to support the market growth. Higher prices of the construction equipment and supported with growing construction equipment rental market is expected to substantiate the growth of the India construction market. Rising population, coupled with their rising disposable income and demand for owing personal homes is fueling the India construction market. Although due to COVID-19 the market suffered losses since the further constructions were halted for two years. With the reinstatement of the construction projects, and government aided funds through state government involvement is substantiating the growth of the India construction market in the future five years. New market players may focus on the technological advancement, incorporating IT into the construction industry and various prospects would also aid the growth of the India construction market and support the new market players in establishing their brands in the industry,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“India Construction Market By Type (Building Construction, Heavy and Civil Engineering Construction, Specialty Trade Contractors, Land Planning and Development), By Machinery (Earth Moving, Material Handling, Concrete & Road Construction), By Industry (Industrial, Commercial, Infrastructure and Residential), By Region, Competition Forecast & Opportunities, 2028” has evaluated the future growth potential of India construction market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in India construction market.
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About TechSci Research:
TechSci Research is a research-based management consulting firm providing market research and advisory solutions to its customers worldwide, spanning a range of industries. TechSci Research’s core values are value, integrity and insight. Led by a team of dynamic industry experts, TechSci Research provides its customers with high value market research and advisory services that helps them identify new market opportunities, growth engines and innovative ways to capture the market share. As a result, TechSci’s client leads rather than follow market trends. Not bound by legacy, TechSci’s cutting-edge research model leverages its decades of research knowledge and an increased use of technology as engines of innovation to deliver unique research value. Provided as an alternative to traditional market research, TechSci Research reports do not just deliver data and knowledge rather highlights the insights in a more usable and interactive format for its clients.
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