BUILD AND THEY WILL COME

Roads and highways construction in India is a perennial growth

- Molly R

The building and road construction equipment market has witnessed rapid growth, expanding from $181.99 billion in 2023 to an estimated $202.35 billion in 2024, reflecting a CAGR of 11.2%. The market is poised for continued rapid growth, projected to reach $300.38 billion by 2028, with a forecasted CAGR of 10.4%. Infrastructure development, both in emerging and developed countries, has been a significant driver for the building and road construction equipment market.

Governments and the private sector alike are investing in infrastructure to bolster GDP, address population growth, urbanization demands, and enhance connectivity through the development of highways and expressways. Notable examples include India's substantial investment in road construction and a global increase in private sector infrastructure commitments, as reported by the World Bank. A notable increase in construction activities is anticipated to propel the building and road construction equipment market's growth. Construction activities, encompassing the assembly of structures based on detailed designs and plans, benefit from advanced equipment, ensuring timely project completion, cost reduction, safety, and technological advancements.

VG Sakthikumar, MD, Schwing Stetter India, said, "Demand for our construction and concreting equipment machinery has been increasing at a stellar rate since Covid19; the record volumes over the years were possible because of the stimulus measures put in place by the government of India to boost infrastructure development in the country. We are bullish about the short and long-term growth prospects for 2024 - and have therefore launched 31 new products for mining, shipping, and road & highway infrastructure industries, including port container handling, mining support, and road patching equipment. As we add more product categories due to robust demand, we will soon become a one-stop shop for customers in the construction industry."