Introduction
The Indian construction market is poised for an impressive growth trajectory, driven by a multitude of factors, including increasing urbanization, rising disposable incomes, and government initiatives to bolster infrastructure development. According to the TechSci report, “India Construction Market, By Region, Competition Forecast & Opportunities, 2018 – 2028,” the market is anticipated to expand with an impressive CAGR during the forecast period, contributing significantly to the country’s GDP.
Population Growth and Residential Demand
India’s burgeoning population and the concomitant rise in disposable incomes have fueled the demand for residential accommodations. The aspirations of the middle and upper-class segments for home ownership have been a driving force behind the growth of the construction market. Simultaneously, the government has undertaken initiatives to provide affordable housing for the population below the poverty line, further boosting the residential construction sector.
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Paragraph from the web: According to a report by the National Housing Bank, “India’s housing shortage is estimated to be around 10 million units, with the majority of the demand stemming from the economically weaker sections and low-income groups. The government’s Pradhan Mantri Awas Yojana (PMAY) aims to address this shortage by constructing affordable housing units across urban and rural areas.”
Industrial Growth and Urbanization
The rapid pace of industrialization and urbanization in India has amplified the demand for construction activities. The expansion of manufacturing facilities, commercial complexes, and infrastructural projects has fueled the growth of the construction market. Industrial growth necessitates the development of support infrastructure, such as roads, utilities, and residential housing for the workforce, thereby contributing to the overall construction market.
Government Initiatives and Investments
The Indian government has launched several ambitious projects and initiatives to stimulate growth in the construction sector. The 100 Smart Cities project, aimed at developing sustainable and technologically advanced urban centers, has opened up vast opportunities for construction companies. Additionally, the Bharatmala Pariyojana, a highways umbrella program, focuses on enhancing freight and passenger movement through the development of economic corridors, feeder routes, and international connectivity roads.
Paragraph from the web: According to a report by the Ministry of Road Transport and Highways, “The Bharatmala Pariyojana is an ambitious program that aims to construct 83,677 km of new highways and improve the efficiency of existing corridors. This program is expected to create employment opportunities, facilitate seamless movement of goods and services, and boost economic growth.”
Market Segmentation
The Indian construction market can be segmented based on various parameters, including type, machinery, industry, regional distribution, and competitive landscape.
Type
Machinery
Competitive Analysis
The Indian construction market is highly competitive, with the presence of numerous domestic and international players vying for market share. Major players in the market include firms such as Larsen & Toubro, Shapoorji Pallonji, Tata Projects, and Gammon India.
Paragraph from the web: According to a report by IBEF, “The Indian construction market is highly fragmented, with the top five players accounting for approximately 25% of the market share. These players are actively pursuing strategies such as mergers and acquisitions, joint ventures, and strategic partnerships to strengthen their market position and expand their geographical reach.”
Benefits of the Research Report
The TechSci report on the India Construction Market offers a comprehensive analysis and valuable insights for stakeholders, including:
The Indian construction market presents a plethora of opportunities for growth and expansion, fueled by favorable demographics, government initiatives, and the growing demand for residential, commercial, and infrastructure projects. As the country continues its rapid urbanization and industrialization, the construction sector will play a pivotal role in shaping the nation’s economic landscape. By leveraging the insights provided in the TechSci report, stakeholders can navigate the market’s complexities, capitalize on emerging trends, and position themselves for long-term success in this dynamic and promising industry.
Based on industry, the market is bifurcated into industrial, commercial, infrastructure and residential.
A partial list of market players in the field includes:
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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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