The construction equipment industry could expand up to a fourth in 2021 on the back of the government’s infrastructure spends and could likely regain the past peak sales of 2018 next year, JCB India said.
The industry underwent a development of 65% throughout January-June of 2021 in comparison with the earlier 12 months regardless of the second wave of Covid-19 impacting gross sales for a few months, stated Deepak Shetty, managing director, JCB India.
“The second half of last year was very strong, but I would still estimate around 20-25% improvement (in sales) this year. The industry, and JCB, should also be seeing our peak (sales) again by 2022,” Shetty said.
About 63,500 models of building equipment have been bought in India in 2020 of which JCB accounted for about 35,300 models, stated JCB. There was some reluctance in the market from financiers in the direction of lending for the acquisition of latest building equipment, Shetty stated, affecting gross sales to an extent.