India's construction equipment industry, considered the world’s third largest is expected to overtake the US by 2030 on the back of current demand push, say the industry's top honchos. Currently, only China and the US are ahead of the country in terms of volumes and size of the market.
Addressing the media on the eve of Excon, South Asia's largest construction equipment industry event that begins May 17, Deepak Shetty, managing director, JCB (India) said, " We will become the second largest market," said Shetty who is also the chairman of Excon. He added that the event will provide a focused platform for the construction equipment and component Industry, bringing more awareness amongst all stakeholders on the latest developments, enabling adoption of world-class technologies for speedy implementation of infrastructure projects in the country.
The Excon event is spread over 3,00,000 square meters of display area with a participation of over 800 exhibitors from India and abroad including Belgium, Czech Republic, France, Germany, Italy, South Korea, Spain, Sri Lanka, UAE, UK & USA. The 5-day exhibition is expected to attract over 40,000 business visitors from all over the world, the organisers said in a statement. Basavaraj Bommai, Chief Minister of Karnataka and General (retired) V K Singh, Union Minister of State for Road Transport & Highways & Civil Aviation, will inaugurate the event being held at the Bangalore International Exhibition Centre, Bengaluru.
“Excon will reflect on the theme elements at the exhibition and also set the pace for Atmanirbhar Bharat in infrastructure development in the country. With the presence of large OEMs and a strong supply chain supported by a vibrant components sector, India is all set to become the manufacturing and export hub of the world for construction equipment manufacturing,” Shetty noted.
Dimitrov Krishnan, Co-Chairman of CII EXCON added, “The Indian Construction Equipment industry can be the vital fulcrum, driving infrastructure growth and supporting allied industries in achieving their growth targets. Buoyed by a stable economic environment and a strong growth agenda pursued by the Government, the Indian CE industry is poised for exponential growth in the coming decade”.
Concurrent to EXCON, CII will be organising a series of sessions which includes a conference on infrastructure requirements for armed forces. Also, there will be special focus on artificial intelligence, internet of things and automation in construction engineering sector in addition to green buildings and environment, amongst others.
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