What are the emerging trends in the construction equipment market?
As we have evolved and grown from the effects of the pandemic, one of the trends that will continue to stay in demand is improved safety equipment. Better use and safety of equipment are highly emerging. The utilization of advanced technology will be beneficial in the long run.
A significant rise in the construction and infrastructure plans can boost the demand of construction equipment. There are numerous supportive government initiatives and large-scale investments that are major growth drivers for the construction equipment market in India. The idea of expanding roads and highways under government initiatives like the Pradhan Mantri Gram Sadak Yojana (PMGSY), the Atal Mission for Urban Rejuvenation and Transformation (AMRUT), and the Jawaharlal Nehru National Urban Renewal Mission may flourish the sector.
Further, virtual and augmented reality is making a significant impact on the industry. As the projects keep increasing and become complicated, new technologies will help the construction industry to plan efficiently with improved technique and precision. Advanced methods like AR and VR are useful in the industry for improved quality, safety, maintenance, efficiency, and productivity.
Adapting to the Industry 4.0 approach will change the way of doing business which will drive the industry’s performance. This approach builds a strong base of the industry to enhance the quality of work and increase the scope of introducing innovative concepts.
What are some of the new solutions CASE is planning to introduce in the market?
We have recently launched a new range of BS-IV (CEV) Loader Backhoes called the FX Series. The FX series is packed with 66 new features, a 55kW (74hp) range with 770FX and 770FX Plus variants; and a 72 kW (97hp) range with 851FX and 851FX Plus variants. Featuring the world-renowned FPT Engine with the new variable displacement pump (on Plus variants), the new range of Loader Backhoes is designed to deliver more power, performance, and fuel efficiency. An additional noteworthy change is the inclusion of an all-new ‘world-class’ cabin that ensures superior operator comfort and safety.
In addition, we have launched our new Compactor-VC 1107 FX Plus which offers higher efficiency, reliability and productivity due to its smart mobility features. It is equipped with the FPT Electronic BS4 engine, which accurately controls the fuel injection to optimize the power delivery compared to mechanically controlled BS-III engines. Its shock-absorbing AVM increases durability and comfort. It also features an optimized engine layout that facilitates access to hydraulic components, reduced downtime, and lower operating costs for easy long-term maintenance.
We are also slated for more new launches in the loader backhoes, compactor and grader segments in the coming months which you will hear about in due course.
How are the equipment requirements expected to evolve in the coming years?
The construction equipment industry is developing and is expected to experience a shift in many ways. All credits to the advancement of technology and adapting to the Industry 4.0 approach. As the consumers require upgraded technology, the manufacturers are bound to fulfil the rising demand. While digitalization in manufacturing equipment will bring ease of doing business, automation and the latest technology will improve quality and safety of production equipment. Potential consumers are considering safety as their top priority while purchasing products. Since the construction equipment vehicles are used for carrying out infrastructure projects, the government has issued strict norms focusing on safety requirements. As a result, adhering to the requirements and feedback of the consumers, the products are being designed with features that assure better safety and security.
In the coming years, with the help of advanced technology the construction equipment will become smart, intuitive, and vigilant that will provide extensive information to the user. There is a lot of potential in the Indian market and as we are on the road to recovery in terms of economic stability and growth, newer developments and innovations will drive the industry to great opportunities.
What are the biggest opportunities your company is looking to tap in light of the expansive infrastructure development plans of the government?
From funding of 20,000 crores to establish the National Asset Monetization Pipeline by the Development Finance Institution to the announcement of 7400 new projects for the expansion of roads & highways, these moves positive moves will help in bringing stability to the infrastructure sector. One of the major themes of this year’s Budget was the revival of the infrastructure sector.
Minister of Road Transport and Highways Nitin Gadkari recently set a target to expand about 60,000 km of National Highways (NHs) by 2024, followed by several announcements on highway projects in Tamil Nadu, Kerala, West Bengal, and Assam which are expected to provide the industry a much-needed boost. The government’s plan to invest Rs 1.97 trillion in the manufacturing sector over the next five years will also concurrently benefit the industry.
Another opportunity that is expected to generate employment opportunities across the sector is the upcoming eight-lane Delhi-Mumbai expressway worth Rs. 98,000 crore. Such projects will not only contribute to the major development plans of the economy but also boost business opportunities for different sectors like resorts, food courts, restaurants, fuel stations, logistics parks, facilities for truckers, parking areas, etc.
We’re eagerly looking forward to utilizing the upcoming projects as a source of recovery and hope for good growth of the business and the economy keeping in mind the safety and security of the employees, workers, and maintenance of the equipment.