India is quickly gaining attention as a key player in the global economic landscape. As the country continues to develop and grow, there is a heightening demand for space – leading to increased construction activity. All of this activity requires greater investment in supporting products such as heavy equipment. A quick look at the projections of some research bodies shows a number of trends which will revolutionize construction and equipment in the coming years.
- Disposable income has played an important role in the growing demand for high-class bungalows, penthouses, and clubhouses. In order to accommodate families eager to upgrade their current housing situations, residential construction projects are being undertaken. The “Housing for all by 2022” initiative by the government is another game changer that is expected to revamp the landscape. Over the next 5 to 7 years, residential endeavors will account for more than 30% of the total value of the construction industry.