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CII EXCON 2017 provides global platform for component manufacturers to showcase their offerings
Bangalore , 15thDecember , 2017 : EXCON 2017 – South Asia ’ s largest construction equipment fair organised by the Confederation of Indian Industry ( CII ) witnessed the participation of large number of global and domestic players in the components , accessories and aftermarket segment .
The combined Indian Construction Equipment ( ICE ) market including construction equipment , spares , service and exports stood at USD 5.8 bn in 2016-17 is likely to touch USD 10.5 bn by 2021-22 according to CII-ICEMA Report on Indian Construction Equipment Industry released during CII EXCON 2017 .
The overall market for spares for earth moving equipment in FY 2016-17 was in the range of INR 4,000 - 4,300 Crores . The spares market is expected to go up to INR 5,800 crores by FY 2022 with the allied services business to be pegged at INR 800-850 crores giving a huge opportunity for growth of the components industry .
CII EXCON 2017 aim to leverage this gradual shift in the market dynamics by providing an international platform for local component manufacturers to showcase their offering to a global audience .
The South and West India are hubs for such component manufacturing with a good mix of domestic and MNC players . Tamil Nadu , a leading hub for automotive manufacturing and spares is also becoming the preferred destination for Construction Equipment component manufacturing . The road ahead for component manufacturers is to work more closely with OEMs and the initiatives like ‘ Make in India ’ and rolling out of GST would provide the much fillip for the robust
growth of the component manufacturing industry .
Mr . Pratik Kumar , CEO , Wipro Infrastructure Engineering , said , “ To a significant extent , the component industry mirrors growth that the OEMs experience . The growth of Indian construction equipment industry has positive impact on the component industry since it is very closely interconnected and interdependent with OEMs . The component industry is expected a CAGR of about 12 % as compared to last year ’ s growth at 5-8 %. Over the next few years , we ’ ll see a lot of component companies focusing on bringing in new technologies , new processes , building capacity and benchmarking with global best practices on quality in the most cost effective manner . This not only positions the demands of the Indian market but also to be strong contributor to the export market as well ”.
Mr . M . Seethapathy Rao , Chairman & Managing Director , Hycom Engineering India Pvt . Ltd ., said , “ I have been associated with EXCON since its 1stedition and this year has turned out to be the best edition ever . The premise is that component is where technology is built for the equipment . The component sector is the one which can explore products . Most construction equipment manufacturers are in India and the main emphasis is on it so that the ‘ Make in India ’ campaign can be fulfilled . The construction equipment industry is likely to grow around 15-20 % and so will the components industry grow accordingly ”.
The Government of Karnataka is the Host State for EXCON 2017 . The Indian Construction Equipment Manufacturers Association ( ICEMA ) is the Sector Partner and supported by the Builders Association of India ( BAI ).