Trends 2016: Construction Equipment Industry in India
India is on the fast lane to becoming a global manufacturing hub with the PM’s Make in India initiative. Infrastructure being an integral part of the initiative directly provides a boost to the CE manufacturing industry. While the industry is all set to grow like never before, what is required is forward thinking by the manufacturers to crack this dynamic field and the market that is geared up to move up after a rather long flat slump. Here are what we believe will be the trends in construction equipment industry in India.
1. Key to service: Service has always been an integral part of the CE industry. However in the time to come, it will become difficult for manufacturers to distinguish themselves only on the basis of their machines. This is where the dealers come into play and their role becomes pivotal. Construction industry needs machines to be repaired proactively and mostly on the same day barring which all work comes to a halt. Same day service will become an increasing demand and an important variable when considering which machine to buy. Preventive maintenance will become an increasingly important factor given the boom in the number of projects.
2. Education: New technologies are being integrated in the construction equipment industry in India on a regular basis. It will no longer be sufficient to just sell the machine. The buyers and operators will need to be educated about the newer technologies that the machine comes equipped with and how to make the most of it. Even field service providers will need to be trained to deal with the fresh technology. While field service is becoming increasingly important, it is also becoming increasingly difficult due to use of complicated technology.
3. Rise of the mobile: The mobile has played a crucial role in changing how the consumers interact with both the machine and the company. People now go to their mobiles to diagnose what the problem with the machine is instead of opening the glove compartment to check the handbook. Now the customer wants to have every minute information about what is going on with their machine. Mobile apps and telematics will play an important role in preventive maintenance, diagnostics and field maintenance to reduce down time of the machine.
4. Learning from other industries: Forward thinking manufacturers will adapt the latest technologies from other industries and apply it to their own to stay ahead in the game. This will lead to better machines being created at possibly lower prices. It is becoming an extremely competitive and forward thinking is becoming key to staying ahead of competitors.
5. Consumer evolution: The consumer is fast evolving and in becoming more demanding in terms of quality and services. Sales no longer end at selling a machine, after sales service is becoming key. Thanks to the internet, the consumer is demanding more in terms of everything.
These trends are likely to shape the CE industry in the years to come and the ones keeping up with the trends and changes will most likely be the ones making their moolah.