Dublin, Sept. 15, 2023 (GLOBE NEWSWIRE) -- The "Thailand Construction Equipment Market - Strategic Assessment & Forecast 2023-2029" report has been added to ResearchAndMarkets.com's offering.
The Thailand construction equipment market is poised for remarkable growth, with a projected Compound Annual Growth Rate (CAGR) of 5.63% from 2022 to 2029, according to a recent industry report. Key highlights and insights from the report indicate significant opportunities and challenges within the market.
Earthmoving Equipment Dominates in 2022: Excavators at the Helm
In 2022, earthmoving equipment claimed the largest share in the Thailand construction equipment market, with excavators emerging as the standout segment. The surge in public infrastructure and transport investments is driving robust demand for excavators in Thailand, particularly in road construction, infrastructure development, housing projects, and the Eastern and Southern Corridors' development.
Increased Investments in Infrastructure and Renewable Energy Fuel Growth
The escalating demand for construction equipment can be attributed to heightened investments in infrastructure, transport, and renewable energy initiatives. The Thai government's commitment to boosting the share of renewable energy sources is poised to invigorate the construction equipment market, particularly in the power generation sector.
Technology Upgrades and IoT Integration
With the presence of numerous global players, the market is witnessing technology upgrades such as automatic haulage systems (AHS) and telematics. The integration of the Internet of Things (IoT) with construction equipment is gaining popularity, enabling the detection of unplanned maintenance and repairs.
Segmentation Analysis: A Comprehensive Overview
The market report offers detailed segmentation analysis, categorizing equipment into types such as earthmoving equipment, road construction equipment, material handling equipment, and more. These are further divided into subcategories based on specific equipment types.
Market Trends and Drivers
- Labor Shortage Spurs Demand for Mini Excavators: The scarcity of affordable labor and the need for inner-city construction projects have led to increased demand for mini excavators, thanks to their fuel efficiency, ease of transportation, and suitability for compact projects.
- Power Generation Through Waste Management: The Thai government's focus on generating power from waste products is driving the use of excavators and loaders. This initiative aligns with environmental safety concerns and aims to utilize waste for electricity generation.
- Government Infrastructure Investments: In 2023, Thailand has seen a surge in infrastructure development projects, with significant investments in key areas such as highways, water source development, and embankments along rivers.
Industry Restraints
- Housing Price Surge Impacting Construction Equipment Sales: Rising inflation, labor shortages, and increased fuel and material costs have led to higher housing prices, impacting potential homebuyers and constraining construction projects.
- Demand for Rental & Used Equipment: The demand for rental construction equipment, dominated by established companies, is hindering the sale of new equipment. Project funding requirements often drive the preference for rental and used equipment.
Prominent Vendors Lead the Market
Key players in the Thailand construction equipment market include:
- SANY
- Kobelco
- Komatsu
- Caterpillar
- Hitachi Construction Machinery
- JCB
- Xuzhou Construction Machinery Group Co. Ltd. (XCMG)
- Liebherr
- Volvo Construction Equipment
- Hyundai Construction Equipment
- Zoomlion Heavy Industry Science & Technology Co. Ltd
- Yanmar
- Liu Gong
- Takeuchi
- Toyota Material Handling
- Manitou
- Kubota
- Sumitomo Corporation Group
These companies offer diverse sets of equipment and have introduced automation and remote control technology for their machinery.
Distributor Companies in the Thailand Construction Equipment Market Include:
- Italthai Industrial Co., Ltd. (ITI)
- Leadway Heavy Machinery Co., Ltd.
- Ariya Equipment Co., Ltd.
- Paragon Machinery
- Metro CAT
- AVN Motor Work
- OEK Machinery Works
- Sahasin Equipment
Key Questions Answered:
1. How big is the Thailand construction equipment market?
2. What is the growth rate of the Thailand construction equipment market?
3. Who are the key players in the Thailand construction equipment market?
4. What are the trends in the Thailand construction equipment industry?
5. Which are the major distributor companies in the Thailand construction equipment market?
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 191 |
| Forecast Period | 2022 - 2029 |
| Estimated Market Value in 2022 | 13997 Thousand Units |
| Forecasted Market Value by 2029 | 20536 Thousand Units |
| Compound Annual Growth Rate | 5.6% |
| Regions Covered | Thailand |
For more information about this report visit https://www.researchandmarkets.com/r/hurnqm
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