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2. Indian market outlook revised

Off-Highway Research has revised its 2022 forecast for India downwards. The previously anticipated 4 per cent rise in sales will not now materialise, with volumes remaining on a par with 2021 levels. Sales forecasts for most of the high volume product types have been revised downwards, with only the outlook for the enduringly popular backhoe loader remaining unchanged. In addition, projections for skid steer loaders and telescopic handlers – two niche products in India – have been revised slightly upwards.

Despite a third wave of the Covid pandemic at the start of 2022, demand remained reasonably robust, albeit lower than 2021 levels. Sales in the third quarter were also slightly down, although October was encouraging. The most damaging factor for the Indian market has been the inflationary environment this year. As one of the world’s largest net importers of oil, the spike in commodity prices, exacerbated by the Russia-Ukraine War, has had a noticeable effect on the market.

Off-Highway Research’s updated forecasts for the Indian market have been published in the Indian Database Service. Commentary on the changes is available in the December edition of the Indian Market Report, which is now available to subscribers.

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