India set for big strides in construction equipment

India is likely to move up the list of top ten markets for construction equipment. It is expected to take the seventh place in the next five years by overtaking Spain, Italy and Canada, according to John Patterson, managing director and CEO of JC Bamford Excavators.

Presently, the global construction and road equipment industry is valued at $49 billion and is dominated by developed countries that constituting 70 per cent. If you were to map the growth from 2000, then very clearly the emerging markets are China and India, with overall strong growth in south Asia and south east Asian countries, Patterson said.

Hundred construction equipment per million population is the global average. Developed countries have achieved a ratio of 450 per million. While China equals the global average, India lags way behind at 10 per million.

The construction equipment business is a cyclical industry and it has seen three recessions in the last three decades.

JCB, after entering India in 1979, has invested over Rs 550 crore so far in its Indian operations and is committed to creating a strong industry for the future, he added.

"A platform like Excon presents an excellent opportunity for global players to come together and share their experience and skill sets in taking the Industry forward," Patterson said.