Dublin, Feb. 04, 2021 (GLOBE NEWSWIRE) -- The "Competitive Intensity Transforming Thailand's Off-Highway Vehicle Market, 2020" report has been added to ResearchAndMarkets.com's offering.
This study analyzes the off-highway vehicle market in Thailand, focusing on the construction and mining equipment (earthmoving equipment) and agriculture equipment segments. It presents the current scenario in the off-highway vehicle market in Thailand and provides analysis and forecast to 2025.
In 2019, Thailand's off-highway vehicle equipment market reached a total sales volume of 57,800 units. Of this figure, the sales included 4,000 mini excavators, 3,200 hydraulic excavators, 46,000 tractors, and 3,800 combine harvesters.
The Thai government's significant investment in infrastructure is forecast to boost national demand for off-highway vehicles. The EEC, a project with investments worth $49.9 billion by 2025, is part of Thailand's 4.0 program to transform the country into a high value-added economic and logistics hub. The EEC covers 3 provinces - Chachoengsao, Chonburi, and Rayong - in southeastern Thailand and seeks to develop this region into a vital economic hub and attract foreign investments, driving demand for construction machinery.
Increasing population and rising urbanization in multiple cities will increase housing and agricultural products demand. The steady population growth is the driving force of the urbanization process. Almost half of the population (46%) are young people (25-54 years old), who will need housing, increasing the demand for construction equipment (hydraulic excavators and mini-excavators in urban areas).
The high cost of living in the Bangkok metropolitan area makes cities outside Bangkok attractive, such as Chiang Mai, Khon Kaen, and Songkhla. These provincial capitals offer high-quality universities, innovation-focused science parks, low-cost manufacturing bases, and increasing connectivity to nearby international markets, such as China, Cambodia, Laos, Myanmar, and Vietnam.
As the world's second-largest rice exporter and one of the leading exporters of rubber and cassava, Thai agricultural exports also have a positive outlook in the long term. Demand from China and the ASEAN region will lead the agricultural export market. These factors signal an opportunity for the agricultural equipment market.
However, the economic downturn as a result of COVID-19 is placing pressure on investment and expenditure. In 2020, demand for construction machinery is expected to drop by approximately 20%-30%, and in some regions, by 50%. The pandemic has led to a liquidity crunch, collapse of global trade, and supply chain disruption.
Factory manufacturing machinery (including earthmoving equipment) is also affected by labor movement restrictions, impacting factory production output. Contractors and construction equipment providers that relied on timely cash flow from the government budget have been affected by the delayed release of funds as the government prioritized outflows.
Refurbished off-highway vehicles have a higher usage rate than new off-highway vehicles. Used off-highway vehicles, imported from Europe and other Asian countries, present commendable demand in Thailand. As emissions standards are still being developed, used vehicles continue to attract healthy demand and are a key restraint for new off-highway vehicle sales.
Key Features
- To provide an overview of the off-highway vehicle market in Thailand, including market drivers and restraints.
- To assess the total industry volume for Thailand's off-highway vehicle market from 2019-2020.
- To identify key off-highway vehicle OEMs and their market shares in Thailand, covering mini excavators, hydraulic excavators, and agriculture equipment segments.
- To evaluate an actionable set of growth opportunities for stakeholders to grow in the off-highway vehicle market in Thailand.
Key Topics Covered:
1. Strategic Imperatives
- Why Is It Increasingly Difficult to Grow?
- The Strategic Imperative
- The Impact of the Top Three Strategic Imperatives on the Off-Highway Vehicle Market
- Growth Opportunities Fuel the Growth Pipeline Engine
2. Growth Environment, Global COVID-19 Impact
- COVID-19 Impact on World GDP Growth
- COVID-19 Impact on Key Regions
3. Growth Opportunity Analysis, Off-Highway Vehicle Market
- Off-Highway Vehicle Market Scope of Analysis
- Off-Highway Vehicle Market Segmentation
- Definitions, Off-Highway Vehicle Market
- Key Competitors for the Off-Highway Vehicle Market
- Value Chain, Off-Highway Vehicle Market
- Growth Drivers for Earthmoving Equipment, Off-Highway Vehicle Market
- Growth Restraints for Earthmoving Equipment, Off-Highway Vehicle Market
- Growth Drivers for Agricultural Equipment, Off-Highway Vehicle Market
- Growth Restraints for Agricultural Equipment, Off-Highway Vehicle Market
4. Market Overview, Off-Highway Vehicle Market
- Off-Highway Vehicle Market Snapshot
- Economic Snapshot, Off-Highway Vehicle Market
- Population and Urbanization Rate, Off-Highway Vehicle Market
- Impact of the Eastern Economic Corridor (EEC), Off-Highway Vehicle Market
- Key EEC Infrastructure Projects in 2020, Off-Highway Vehicle Market
- Key Market Trends, Off-Highway Vehicle Market
5. Growth Opportunity Analysis, Construction and Mining (Earthmoving Equipment) Segment
- Key Growth Metrics for Construction and Mining (Earthmoving Equipment) Segment
- Key Findings - Construction and Mining (Earthmoving Equipment) Segment
- Unit Shipment Scenario Forecast, Construction and Mining (Earthmoving Equipment) Segment
- Sales Forecast by Equipment Type, Construction and Mining (Earthmoving Equipment) Segment
- Sales Forecast Analysis, Construction and Mining (Earthmoving Equipment) Segment
- Market Share Analysis by Equipment Type, Construction and Mining (Earthmoving Equipment) Segment
6. Growth Opportunity Analysis, Agricultural Equipment Segment
- Key Growth Metrics for Agricultural Equipment Segment
- Key Findings - Agricultural Equipment Segment
- Unit Shipment Scenario Forecast, Agricultural Equipment Segment
- Sales Forecast by Equipment Type, Agricultural Equipment Segment
- Sales Forecast Analysis, Agricultural Equipment Segment
- Market Share Analysis, Agricultural Equipment Segment
7. Key OEM Profiles, Off-Highway Vehicle Market
- Kobelco
- Komatsu
- Caterpillar
- Sany
- Hitachi
- Sumitomo
- JCB
- Kubota
- Yanmar
8. Growth Opportunity Universe, Off-Highway Vehicle Market
- Growth Opportunity 1: Market Development for Earthmoving Equipment Sales
- Growth Opportunity 2: Market Development for Agriculture Equipment Sales
For more information about this report visit https://www.researchandmarkets.com/r/mh6foy
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