India’s Mining & Construction Equipment Market Expected to Touch $45 Billion by 2030

India’s mining and construction equipment (MCE) sector is poised for a remarkable transformation, with its market size projected to surge from $16 billion to $45 billion by 2030, according to a newly released Vision 2030 report by the Confederation of Indian Industry (CII) and global consultancy Kearney.

The report, titled Making India a Global Manufacturing Hub in the Mining and Construction Equipment Sector, outlines a targeted growth strategy to position India as a global leader in MCE manufacturing. It forecasts a robust compound annual growth rate (CAGR) of 19%, supported by rising domestic demand and conducive policy measures.

India has now emerged as the fastest-growing MCE market among the world’s top six economies, outpacing the United States, Germany, and Japan. Over the past five years, the sector has maintained a healthy CAGR of 12%, reflecting India’s strengthening role on the global MCE stage.

Globally, the mining and construction sector commands a massive $18 trillion market and contributes around 16% to the global GDP. Within India, this sector plays a critical role in national development, accounting for 22% of the GDP and supporting over 70 million jobs—second only to China.

The report projects that the expansion of the MCE sector could contribute more than $100 billion to the Indian economy by FY30 and generate 20 million direct and indirect jobs. This growth is expected to boost allied industries, expand employment, and enhance tax revenues.

To realise this ambitious vision, the report recommends strategic interventions including the establishment of a single nodal agency for sector governance, a customised Production Linked Incentive (PLI) scheme, and expansion of exports through Free Trade Agreements (FTAs). Further, it calls for mutual recognition of Indian certification standards, greater adoption of automation and advanced technologies, and rationalisation of taxes and import duties.

The Vision 2030 initiative presents a clear roadmap for leveraging India’s strengths to drive the MCE sector’s global competitiveness and economic contribution in the coming decade.

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