Dublin, March 29, 2024 (GLOBE NEWSWIRE) -- The "Thailand Construction Equipment Rental Market - Strategic Assessment & Forecast 2024-2029" report has been added to ResearchAndMarkets.com's offering.
The latest market research publication focusing on the Thailand construction equipment rental sector forecasts a significant growth trajectory for the industry, with an expected compound annual growth rate (CAGR) of 6.35% from 2023 to 2029.
This robust expansion aligns with the resurgence of infrastructure development and concerted government efforts to boost the construction segment in the country. The report provides a comprehensive overview of market trends, drivers, constraints, and detailed assessments of sub-segments shaping the industry's landscape.
The research presents a multi-dimensional analysis, reflecting on pivotal facets such as the surge in infrastructure projects, including the Million Homes project and the Eastern Economic Corridor’s high-speed rail initiative. Notably, the report also highlights substantial allocation towards transportation infrastructure, with the Ministry of Transport earmarking USD 10.8 billion for ground-breaking projects in 2024 alone.
Market Dynamics Shaping Thailand's Construction Equipment Rental Industry
- Key trends underline the predominant role of rental earthmoving equipment, recording the largest market share in 2023, and the strategic positioning of new warehouses by K LINE to serve the swelling demand for distribution.
- The report details the segmentation analysis covering various equipment types such as Earthmoving Equipment, Road Construction Equipment, Material Handling Equipment, and others, alongside a thorough look at the end users.
- Powered by investments in the Eastern Economic Corridor initiative and an increased focus on green energy resources, the rental market for construction equipment continues to climb, bolstered by power projects and transit-oriented developments.
- Challenges like rising property costs and socio-economic uncertainties also surface in the study, reiterating their potential to temper market growth.
A discerning focus on lithium mining and renewable energy projects illuminates the industry's drive to innovate and align with global sustainability efforts. For instance, partnerships to bring forth solar energy solutions, and waste-to-energy power plants are poised to impact the rental market positively.
Vendor Landscape and Economic Impact
The landscape remains competitive with prominent vendors such as Caterpillar and Komatsu leading the charge. The vendor analysis takes into account both global giants and local niche players, offering insights into their market presence and product diversification.
In the background of these developments, the report sheds light on critical factors like skilled labor shortages and the aging population in Thailand. The nation's reliance on foreign workers for non-skilled labor is also discussed, framing a comprehensive view of the market restraints that could influence the sector moving forward.
As Thailand navigates through a period of economic revival and industrial expansion, this newly added report provides a valuable resource for stakeholders aiming to understand and capitalize on the market's evolving dynamics through 2029.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 217 |
| Forecast Period | 2023 - 2029 |
| Estimated Market Value (USD) in 2023 | $296.3 Million |
| Forecasted Market Value (USD) by 2029 | $428.7 Million |
| Compound Annual Growth Rate | 6.3% |
| Regions Covered | Thailand |
A selection of companies mentioned in this report includes
- Caterpillar
- Komatsu
- JCB
- Volvo Construction Equipment
- Hitachi Construction Machinery
- Kubota
- SANY
- Xuzhou Construction Machinery Group Co. Ltd. (XCMG)
- Liebherr
- Kobelco
- Zoomlion Heavy Industry Science & Technology Co., Ltd.
- SUMITOMO CONSTRUCTION MACHINERY CO., LTD.
- Hyundai Construction Equipment
- Hidromek
- LiuGong
- Yanmar
- Tadano
- Takeuchi Manufacturing Co., Ltd.
- Manitou
- KATO WORKS CO., LTD.
- GEHL
- MERLO S.p.A.
- Bobcat
- Terex Corporation
- CNH Industrial
- AIRMAN
- Euromach
- Shandong Lingong Construction Machinery
- Ammann
- Haulotte
- Toyota Material Handling
- SAKAI HEAVY INDUSTRIES, LTD.
- Xiamen XGMA Machinery Company Limited
- Aktio Corporation
- SIAM KANAMOTO CO., LTD.
- Rent (Thailand) Co. Ltd.
- Nishio Rent All (Thailand) Co., Ltd.
- Nikken Corporation
- Promech Heavy Equipment
- Saha Crane Corporation PCL
- MTS Machinery Company Limited
- Sahasin Equipment Co., Ltd.
- LH Machinery Sales & Rental Thailand Co., Ltd.
- Mark Engineering & Development Co., Ltd.
- Than Khun Makro (Thankun Backhoe)
- Chulee Engineering-Civil Company Limited
- Setcon (2524) Company Limited
- KGK Crane and Service Company Limited
- Rangsit Crane Company Limited
- Work Crane
- Siam Sun Auto Sales Company Limited
- Ek Crane
- Rayong Rattana Service & Hydraulic Co., Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/ms2b79
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