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Speaking on the market size for compactors in India, Vivek Hajela, Vice President and Head 鈥� Construction Equipment Business, Larsen & Toubro, said, 鈥淭he market size of compactors is estimated at 4,200 to 4,300 machines in the current financial year. This is still significantly lower than the market size during the pre-pandemic levels when the demand touched a high of 5,800 numbers. From April 2021 onwards, the compactors have undergone an emission norm upgrade to achieve CEV-IV compliance. There has been a substantial increase in the cost structure following this change in the emission norms and with the steep increase in steel prices, manufacturers had no option but to pass on the price increase to end customers. This has certainly dampened the demand. Further, the pace of road construction has also slowed down this year compared to a similar corresponding period last FY. We were hoping that Q4 will be better, but the Covid-wave 3 has further impacted sales adversely.鈥�

He added, 鈥淗owever, in the medium term, the demand for compactors will continue to remain robust in view of the large spend envisaged in the road sector pan-India encompassing national highways, arterial, strategic, border, and rural roads.鈥�