India Equipment-as-a-Service Market

India Equipment-as-a-Service Market Overview:

The India equipment-as-a-service market size reached USD 2.8 Billion in 2024. Looking forward, IMARC Group expects the market to reach USD 6.2 Billion by 2033, exhibiting a growth rate (CAGR) of 9.10% during 2025-2033. The growing adoption of IoT-enabled equipment, rising demand for cost-effective asset utilization, increasing focus on predictive maintenance, expanding industrial automation, and implementation of favorable government initiatives supporting digitalization are some of the major factors augmenting India equipment-as-a-service market share.

India Equipment-as-a-Service Market Trends:

Rise of Electrification and Sustainable EaaS Models

The shift toward electric vehicles (EVs) is accelerating EaaS adoption as businesses seek flexible financing and operational models to manage high upfront costs. This trend is particularly strong in high-growth EV markets. According to industry reports, electric vehicle sales in India surged by 20.88% to 1.39 million units in May 2024, reflecting increased adoption driven by policy support, improved charging infrastructure, and rising fuel costs. As more businesses transition to electric fleets, the demand for scalable and cost-effective EaaS solutions is rising, which is positively impacting the India equipment-as-a-service market outlook. Many EaaS providers now offer electric fleet solutions with integrated charging infrastructure, battery analytics, and energy management services. Companies are bundling vehicle leasing with charging-as-a-service, ensuring that fleet operators can transition to electric mobility without large capital expenditures. Battery-as-a-Service (BaaS) is emerging as a key trend within automotive EaaS, where customers subscribe to battery usage rather than owning it outright. This approach also enables better battery lifecycle management and second-life applications for grid storage. Governments are supporting this shift by offering incentives for EaaS adoption, particularly for EV fleets in urban logistics and last-mile delivery. By integrating telematics with energy consumption analytics, EaaS providers help businesses optimize EV performance, improve charging schedules, and reduce the total cost of ownership.

Growth of Subscription-Based and Pay-Per-Use Models

The shift from ownership to usage-based models is driving the India equipment-as-a-service market growth as businesses seek cost-effective solutions that eliminate large upfront capital expenditures. Subscription-based and pay-per-use models are becoming increasingly popular, allowing companies to access industrial machinery through flexible leasing arrangements based on actual usage, performance, or output. This approach is particularly beneficial for small and medium enterprises (SMEs) that require high-cost equipment but lack the financial resources for outright purchases. The trend is especially evident in the construction sector, where rental and usage-based pricing is rising as infrastructure development accelerates. With India’s construction equipment market reaching USD 14.3 billion in 2024 and projected to grow at a 7.6% CAGR by 2033, there is an increasing reliance on rental and leasing models, which is fueling EaaS adoption. Companies are leveraging the growth of the construction equipment market by offering scalable, on-demand access to heavy machinery, thereby reducing financial strain on businesses. With the increasing need for financial flexibility, EaaS providers are partnering with fintech firms to integrate digital payments, automated billing, and customized financing options. Additionally, cloud-based platforms are streamlining subscription management, improving transparency, and enhancing customer experience in the evolving industrial landscape.

India Equipment-as-a-Service Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the country level for 2025-2033. Our report has categorized the market based on business function, equipment type, deployment model, pricing structure, and vertical.

Business Function Insights:

• IT Operations
• Manufacturing
• Warehouse Management
• Supply Chain Management
• Healthcare
• Retail

The report has provided a detailed breakup and analysis of the market based on the business function. This includes IT operations, manufacturing, warehouse management, supply chain management, healthcare, and retail.

Equipment Type Insights:

• Hardware
• Software
• Services
• Data and Analytics
• Infrastructure

A detailed breakup and analysis of the market based on the equipment type have also been provided in the report. This includes hardware, software, service, data and analytics, and infrastructure.

Deployment Model Insights:

• On-Premises
• Cloud
• Private Cloud
• Public Cloud
• Hybrid Cloud

The report has provided a detailed breakup and analysis of the market based on the deployment model. This includes on-premises, cloud, private cloud, public cloud, and hybrid cloud.

Pricing Structure Insights:

• Subscription-Based
• Usage-Based
• Fixed Fee
• Per-Asset
• Tiered Pricing

A detailed breakup and analysis of the market based on the pricing structure have also been provided in the report. This includes subscription-based, usage-based, fixed fee, per-asset, and tiered pricing.

Vertical Insights:

• Manufacturing
• Healthcare
• Logistics and Transportation
• Financial Services
• Government
• Energy and Utilities

The report has provided a detailed breakup and analysis of the market based on the vertical. This includes manufacturing, healthcare, logistics and transportation, financial services, government, and energy and utilities.

Regional Insights:

• North India
• South India
• East India
• West India

The report has also provided a comprehensive analysis of all the major regional markets, which include North India, South India, East India, and West India.

Competitive Landscape:

The market research report has also provided a comprehensive analysis of the competitive landscape. Competitive analysis such as market structure, key player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided.

India Equipment-as-a-Service Market Report Coverage:

Key Questions Answered in This Report:

• How has the India equipment-as-a-service market performed so far and how will it perform in the coming years?
• What is the breakup of the India equipment-as-a-service market on the basis of business function?
• What is the breakup of the India equipment-as-a-service market on the basis of equipment type?
• What is the breakup of the India equipment-as-a-service market on the basis of deployment model?
• What is the breakup of the India equipment-as-a-service market on the basis of pricing structure?
• What is the breakup of the India equipment-as-a-service market on the basis of vertical?
• What is the breakup of the India equipment-as-a-service market on the basis of region?
• What are the various stages in the value chain of the India equipment-as-a-service market? 
• What are the key driving factors and challenges in the India equipment-as-a-service?
• What is the structure of the India equipment-as-a-service market and who are the key players?
• What is the degree of competition in the India equipment-as-a-service market? 

Key Benefits for Stakeholders:

• IMARC’s industry report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the India equipment-as-a-service market from 2019-2033.
• The research report provides the latest information on the market drivers, challenges, and opportunities in the India equipment-as-a-service market.
• Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the India equipment-as-a-service industry and its attractiveness.
• Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.