The construction sector is huge, but famously stubborn in its adoption of new technology. That is changing as advances in construction automation continue apace… including the development of construction robotics solutions.
The Indian backhoe loader market had been growing year-on-year for four straight years till 2018-19. It grew with a CAGR of more than 20 per cent per year, peaking in 2018-19. In 2019-20 the market shrunk by 20 per cent due to factors such as elections and constrained liquidity post the ILFS crisis.
The excavator market peaked in FY2018-19 following three years of sustained growth led by increased government focus and investment in the infrastructure sector.