Thailand Construction Equipment Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 1.91 Billion |
| Market Size (2029) | USD 2.59 Billion |
| CAGR (2024 - 2029) | > 5.00 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Thailand Construction Equipment Market Analysis
The Thailand Construction Equipment Market size is estimated at USD 1.91 billion in 2024, and is expected to reach USD 2.59 billion by 2029, growing at a CAGR of greater than 5% during the forecast period (2024-2029).
Over the long term, Factors such as rapid urbanization and industrialization, followed by rising government investments in the development of infrastructure and expansion and growth activities of the real estate and construction companies across the country, are expected to enhance demand in the market.
Government initiatives encouraging infrastructure activities and the rising adoption of technologically advanced machinery, both electrified and autonomous, tend to offer new opportunities for players operating in the market. The construction industry is getting smarter, which in turn is likely to witness major growth for the market during the forecast period.
Thailand's construction expenditure has evolved along with the country's economy. Following the acceleration of massive infrastructure spending over the past three years, public investment has helped Thailand's construction industry expand.
With the rise in road construction activities, the demand for construction machinery has been increasing, which is supported by importing these machines, which in turn is anticipated to enhance the demand for construction equipment across the country in the coming years.
Thailand Construction Equipment Market Trends
Growing Infrastructure Activities To Drive Demand In The Market
- Thailand is witnessing an infrastructure boom, with major projects approved by the government likely to witness major growth. In several cases, these have been facilitated through loans and other assistance provided by Other major economies like India, Japan, and China. Several rail and road projects further add to the demand for construction equipment in the country over the forecasted period.
- For instance, in March 2021, the Thai Government announced that it is set to sign three contracts in connection with the Thai-Sino high-speed train project between Bangkok and Nakhon Ratchasima. Additional three contracts, including civil works for the Ban Pho-Phra Kaew section, civil engineering works along the Bang Sue-Don Muang section, and works between Don Muang and Nava Nakhon, will also be signed after the preparation of the documents.
- Thailand has been one of the attractive countries for investment in the construction sector. The government of Thailand, under the infrastructure investment plan 2015-2022, planned to develop an intercity rail network, highway enhancement, public transportation in Bangkok metropolitans, and capacity expansion of maritime and air transport to link the key areas across the country and neighboring countries.
- The rise of industrial construction in Thailand is expected to be around the corner soon. Construction in the industrial sector will be the backbone of Thailand's future economic dominance in the region.
- The substantial infrastructural investment made by the Thai government is expected to increase the demand for off-road vehicles across the country. The EEC is a USD49.9 billion project that will be a part of Thailand's 4.0 initiative, which aims to make the nation a high-value-added economic and logistics powerhouse.
- The EEC, which encompasses the three provinces of Chachoengsao, Chonburi, and Rayong in southeast Thailand, aims to transform this area into a significant economic hub and draw international investment, which will increase demand for construction equipment.
- The above-mentioned development across the country is likely to witness major growth for the market during the forecast period.
Growing Demand for Construction Equipment Across the Country
- A road map (Remap 2036) has been developed by the government to encourage the expansion of renewable energy. Under Remap, solar power is anticipated to reach 17GW in 2036, thanks to reduced solar panel prices in Thailand. Thailand's government investment in the renewable energy sector supports demand in the country's construction equipment market.
- Given the increasing government spending on the construction of roads, motorways, metros, and airports, the need for crawler excavators in Thailand is anticipated to rise. Since it is generally safer to operate machinery from a distance, remote operation of construction equipment is predicted to increase demand for construction equipment used in mining. All-terrain cranes and excavators will likely become more popular as a result of the government's increased investment in renewable energy plans. This is because they are necessary for the development of solar, wind, and hydroelectric power facilities.
- Mini excavators are becoming more and more popular in Thailand. The dearth of inexpensive labor and the requirement for inner-city development projects have increased the demand for small excavators in the construction equipment sector.
- Keeping in mind the rising demand for earthmoving machinery, manufacturers are planning to launch an affordable range of excavators in the country. For instance, in April 2021, Komatsu announced that it will introduce more economical excavators in Southeast Asia. Thailand will sell the 20-ton medium-sized excavator designed for building roads and residential land developments.
- The above-mentioned instances across the country are likely to enhance the demand for construction equipment during the forecast period.
Thailand Construction Equipment Industry Overview
The construction equipment market in Thailand is currently characterized by the dominance of key players, including Komatsu Ltd., Sany Group, XCMG, Hitachi Construction Machinery Ltd., and Hyundai Construction Equipment Ltd. These industry leaders are actively involved in strategic maneuvers such as mergers and acquisitions, alongside launching innovative products to fortify their market positions and maintain a competitive edge.
For instance, in April 2022, Liebherr underwent a substantial redevelopment and comprehensive revision of its mid-sized wheel loader range. The revamped design includes a lift arm that maximizes breakout, holding, and lowering forces. Additionally, the introduction of optimized z-bar kinematics and improvements in working hydraulics further enhance the performance and efficiency of these wheel loaders, meeting the evolving demands of the Thai construction equipment market.
In January 2022, Liebherr made a significant contribution to the market by unveiling three new wheel loader models: the L550, L566, and L580. These new wheel loaders are equipped with the well-proven hydrostatic Liebherr travel drive, renowned for its exceptional efficiency. This innovation reinforces Liebherr's commitment to providing high-quality equipment that meets the rigorous requirements of the construction industry in Thailand.
Thailand Construction Equipment Market Leaders
Caterpillar Inc.
SANY Group
Hyundai Construction Equipment Co Ltd
Komatsu Ltd.
Hitachi Construction Machinery Co., Ltd.
*Disclaimer: Major Players sorted in no particular order
Thailand Construction Equipment Market News
- June 2023: Volo Construction Equipment made a groundbreaking entry into the Southeast Asian market by unveiling the region's inaugural fully electric construction machines. This significant development underscores the company's commitment to advancing sustainable practices in the construction industry. Volo Construction Equipment has set an ambitious goal to have 35% of the machines it sells powered by electricity by the year 2030.
- January 2023: Tadano Ltd. introduced the TM-ZX1205HRS loader crane to the Thai market. This cutting-edge loader crane boasts an impressive maximum lifting capacity of 12 tons. Tadano's introduction of this high-capacity crane reflects their dedication to meeting the demanding lifting needs of the construction sector in Thailand.
Thailand Construction Equipment Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Drivers
4.1.1 Growing Infrastructure Activities Across the Country
4.2 Market Restraints
4.2.1 Rapid Expansion of Construction Equipment Industry
4.3 Porter's Five Forces Analysis
4.3.1 Threat of New Entrants
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Bargaining Power of Suppliers
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION (Market Size in Value - USD)
5.1 By Machinery Type
5.1.1 Cranes
5.1.2 Telescopic Handlers
5.1.3 Excavators
5.1.4 Loaders and Backhoe
5.1.5 Motor Graders
5.1.6 Other Machinery Types
5.2 By Propulsion
5.2.1 Internal Combustion Engine
5.2.2 Electric and Hybrid
6. COMPETITIVE LANDSCAPE
6.1 Vendor Market Share
6.2 Company Profiles*
6.2.1 Caterpillar Inc.
6.2.2 SANY Group
6.2.3 Komatsu Ltd
6.2.4 Hitachi Construction Equipment Co. Ltd
6.2.5 Hyundai Construction Equipment Co.Ltd
6.2.6 Kobelco Construction Machinery
6.2.7 XCMG Group
6.2.8 Zoomlion Heavy Industry Science And Technology Co., Ltd
6.2.9 Liebherr Group
6.2.10 CNH Industrial N.V.
6.2.11 JC Bamford Excavators Ltd (JCB)
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Thailand Construction Equipment Industry Segmentation
Construction equipment is defined as any type of equipment used for the execution, completion, erection, operation, or maintenance of any construction project or work. Construction equipment is also used in earthmoving works during the construction of roads, bridges, and dams. Some types of construction equipment, like excavators and wheel loaders, are also used in mining.
Thailand's construction equipment market is segmented by machinery type and drive type. By machinery type, the market is segmented into cranes, telescopic handlers, excavators, loaders and backhoes, motor graders, and other machinery types. By drive type, the market is segmented into internal combustion engines and electric and hybrid.
For each segment, the market sizing and forecast have been done based on the value (USD).
| By Machinery Type | |
| Cranes | |
| Telescopic Handlers | |
| Excavators | |
| Loaders and Backhoe | |
| Motor Graders | |
| Other Machinery Types |
| By Propulsion | |
| Internal Combustion Engine | |
| Electric and Hybrid |
Thailand Construction Equipment Market Research Faqs
How big is the Thailand Construction Equipment Market?
The Thailand Construction Equipment Market size is expected to reach USD 1.91 billion in 2024 and grow at a CAGR of greater than 5% to reach USD 2.59 billion by 2029.
What is the current Thailand Construction Equipment Market size?
In 2024, the Thailand Construction Equipment Market size is expected to reach USD 1.91 billion.
Who are the key players in Thailand Construction Equipment Market?
Caterpillar Inc., SANY Group, Hyundai Construction Equipment Co Ltd, Komatsu Ltd. and Hitachi Construction Machinery Co., Ltd. are the major companies operating in the Thailand Construction Equipment Market.
What years does this Thailand Construction Equipment Market cover, and what was the market size in 2023?
In 2023, the Thailand Construction Equipment Market size was estimated at USD 1.81 billion. The report covers the Thailand Construction Equipment Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Thailand Construction Equipment Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Thailand Construction Equipment Industry Report
Statistics for the 2024 Thailand Construction Equipment market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Thailand Construction Equipment analysis includes a market forecast outlook to for 2024 to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
