Chicago, Feb. 16, 2022 (GLOBE NEWSWIRE) -- The Thailand construction equipment market is expected to grow at a CAGR of over 6.34% during the period 2021−2028.
KEY HIGHLIGHTS OFFERED IN THE REPORT:
- The Thailand construction equipment market is likely to reach $2.7 billion by 2028, growing at a CAGR of 6.22%.
- The COVID-19 pandemic had a prolonged impact on the Thailand market, causing delays and reprioritizing several infrastructure projects that caused slowdown in economic recovery in 2021. However, the construction equipment market is expected to have robust growth in 2022 and 2023 as the overall infrastructure outlook remains positive primarily due to the government’s investment.
- The government’s ambitious Eastern Economic corridors development project including the high-speed rail, linking three airports in Thailand that are Don Mueang International Airport, Suvarnabhumi Airport, and U- Tapao International Airport.
- Investments in infrastructure, especially large-scale government projects will drive the construction equipment market in the country. The development of several rail network projects was under progress in 2021, including the building of Denchai-Chiang Khong Dual Carriageway, and Ban Phai- Nakhon Phanom Lines. Similar, development projects are planned in the Southern and Central region of the country, which includes construction of bridges, railway lines, and roads.
- The government’s aim to increase its renewable energy share to 37% by 2036, supported by plans of installing solar panels on roof tops is expected to have positive impact on the demand for construction equipment such as cranes and aerial work platforms.
- The shortage of labors had triggered the demand for automated and advance technology in construction equipment. There is surge in demand for mini excavators in the country due to the shortage of labors in the agriculture industry and rise in inner city small development projects.
- Caterpillar Thailand, Kobelco Thailand, Komatsu Thailand, Siam Kubota XCMG Zoomlion and SANY holds the major market share in construction equipment of Thailand.
KEY OFFERINGS:
- Market Size & Forecast by Volume | 2021−2028
- Market Size & Forecast by Revenue | 2021−2028
- Market Dynamics – Leading trends, growth drivers, restraints, and investment opportunities
- Market Segmentation – A detailed analysis by type and application
- Competitive Landscape – 14 key vendors and 6 distributor profile
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THAILAND CONSTRUCTION EQUIPMENT MARKET – SEGMENTATION
- Earthmoving equipment captured a major share in the Thailand construction equipment market due to their extensive use in construction and renewable energy projects. The Thailand earthmoving equipment market is projected to witness robust growth till 2028 owing to the growth in construction, transportation renewable energy sectors with increased government investments in highway, metro, and airports construction projects.
- The Thailand government plans several road maintenance projects in many provinces across the country. Therefore, the demand for motor graders expects to grow during the forecast period. Bang-Pa-In-Nakhom Ratchasima Intercity motorway project and Bang Yai- Kanchanaburi Intercity are some major road maintenance and development projects that are under progress in Thailand.
- Thailand is one of leading vehicle exporters in Asia. In 2020, manufacturing accounted for 19.8% of the country’s GDP. The growth of industry expects to drive the demand for construction equipment such as jib cranes and forklifts used in the manufacturing industry.
Market Segmentation by Moving Equipment
- Earth Moving Equipment
- Excavator
- Backhoe Loader
- Motor Grader
- Other Earth Moving Equipment
- Road Construction Equipment
- Asphalt Paver
- Road Roller
- Material Handling Equipment
- Crane
- Forklift and Telescopic Handler
- Arial Platforms (articulated boom lifts, telescopic boom lifts, scissor lifts, etc)
Market Segmentation by Application
- Construction
- Manufacturing
- Mining
- Others
THAILAND CONSTRUCTION EQUIPMENT MARKET – DYNAMICS
Upsurge in infrastructure development projects driving construction equipment in Thailand. In 2021, there was rise in infrastructure development projects in Thailand, which had a positive impact on the demand for construction equipment in the market. Estimates indicate that the Thailand construction equipment market grew by 17.5% in 2021. Investments in infrastructure, especially large-scale government projects will drive the construction equipment market in the country. The development of several rail network projects was under progress in 2021, including the building of Denchai-Chiang Khong Dual Carriageway and Ban Phai- Nakhon Phanom Lines. The Eastern Economic Corridors (EEC) is one of the major regions for infrastructure development projects, including the high-speed rail, linking three airports during Suvarnabhumi-U-Tapao, the Port Development Project, Map Ta Phut and Laem Chabang Phase 3, and U-Tapao Airport Development Project. The Thailand government aims to develop the EEC area into a high-tech industrial hub. Other development include the Thailand-China high-speed railway project, which will also help to drive the construction equipment market in Thailand.
KEY DRIVERS AND TRENDS FUELING MARKET GROWTH:
- Government Investments in Renewable Energy Industry supporting Construction Equipment Demand
- Rise in Waste Management Projects expect to have a positive impact on Construction Equipment Demand
- Labor Shortage triggering Demand for Mini Excavators in Thailand Market
- OEMs in Thailand investing in Digital Transformation to tackle Competition from Chinese Manufacturers
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WHY SHOULD YOU BUY RESEARCH?
This report is among the few in the market that offers outlook and opportunity analysis forecast in terms of:
- Volume (Unit sales)
- Type
- Application
- Value (USD)
- Type
- Application
- Gain competitive intelligence about the economic scenario, advantages in Thailand, significant projects and investments, dynamics, and market share.
- Examples of the latest technologies.
- Get presentation-ready format and easy-to-interpret data.
- Enable decision-makers to make informed and profitable choices.
- Gain expert quantitative and qualitative analysis on value/volume growth projections of the Thailand construction equipment market share.
- Complete supply chain analysis
- Get COVID-19 impact analysis of the market
Major Vendors
- Caterpillar
- Komatsu
- Volvo Construction Equipment
- JCB
- Xuzhou Construction Machinery Group Co. Ltd. (XCMG)
- SANY
- Hyundai Construction Equipment
- Kobelco
- Zoomlion Heavy Industry Science & Technology Co. Ltd
- Hitachi Construction machinery
- LiuGong
- Sumitomo Corporation Group
- Kubota
- Liebherr
Distributors Profile
- Italthai Industrial Company Ltd
- Leadway Heavy Machinery Company Ltd
- Ariya Equipment Company Ltd
- Paragon Machinery
- Metro Machinery Company Limited
- AVN Motor Work
Explore our industrial machinery profile to know more about the industry.
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