Thailand Construction Equipment Market Poised to Achieve 20.5 Thousand Unit Sales by 2029; XCMG, Zoomlion, Volvo Construction Equipment, and Liu Gong are Emerging in the Thailand Construction Equipment Market - Arizton

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Jul 06, 2023, 11:50 ET

CHICAGO, July 6, 2023 /PRNewswire/ -- According to Arizton's latest research report, the Thailand construction equipment market will grow at a CAGR of 5.63% during 2022-2029.

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Thailand Construction Equipment Market Report by Arizton

The government of Thailand is investing in power generation projects through renewable energy resources such as solar, wind, and hydroelectric. The government is also investing in waste management projects to reduce waste generated from various industries such as construction & mining. Moreover, the Thailand government is investing in infrastructure development projects, including expanding airports, railway lines, roadways, and highways. Investment is also directed toward real estate & road safety measures nationwide. Therefore, the Thailand construction equipment industry investment is growing robustly in 2023.

Thailand Construction Equipment Market Report Scope

Report Attributes	Details
Market Size (2029)	20.5 Thousand Units
Market Size (2022)	13.9 Thousand Units
CAGR (2022-2029)	5.63 %
Historic Year	2020-2021
Base Year	2022
Forecast Year	2023-2029
Market Dynamics	Surge in Approval by the Thailand Board of Investment Investment in Transit Projects, Including High-Speed Railways Increasing Government Focus on Renewable Energy Projects

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Investments in Renewable Energy Industry Supporting Demand for Construction Equipment

The Thailand government has introduced several plans, such as the Energy Efficiency Plan (EEP), the Alternative Energy Development Plan (AEDP), and the Power Development Plan (PDP), to increase renewable energy share. According to the IRENA report, Thailand's share of renewable energy is expected to reach 37% by 2036 from 12% in 2019. The Thailand government has established a roadmap (Remap 2036) for enhancing the growth of renewable energy. Under the Remap, Solar power is expected to reach 17GW in 2036 due to the decrease in the solar panel cost in the Thailand market. The government also plans to set up 100 MW of household solar rooftops under the Alternative Energy Development Plan. In 2022, the government estimated solar power generation of 15,574MW, biomass generation of 5,786MW, Wind turbine generation of 2,989MW, hydroelectric power generation of 3,000MW, and waste-to-energy generation of 900 MW which accounted for ~37% of the total energy requirement of the country by 2036.

For Remap 2036, the Thailand government will invest $2.6 billion per year by 2036 to achieve power generation goals through different renewable energy sources. The increasing government focus on renewable energy plans expects to increase the demand for construction equipment such as all-terrain cranes and excavators. This equipment helps to set up solar, wind, and hydroelectric power-generating plants.

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The Trend of Power Generation Through Waste Management Triggers Use of Excavators & Loaders

Government focuses on eliminating the use of fossil fuels for power generation & waste management. This prompt uses power generation through waste products. With rising environmental safety concerns, the Thailand government focuses on electric generation through waste. The country generates approximately 71,700 tons of solid waste per day. The government has planned two new waste-to-energy power plants in Bangkok. The plant expects to generate 35 megawatts of electricity using 1,000 tons of waste as fuel each day. Absolute Clean Energy Power Co. Ltd. has started ALPC6 waste to power the project in the Krabi province in southern Thailand, which will consume 144,000 tons of solid waste per year and generates 6MW of electricity. These waste to electric generation projects is expected to drive the demand for excavators and backhoe loaders in the waste management industry to handle waste in energy plants.

Vendor Insights

SANY, Kobelco, Komatsu, Caterpillar, and Hitachi Construction Machinery are leaders in the Thailand construction equipment market. These companies have a strong industry share and offer diverse sets of equipment.
Caterpillar and Komatsu have already introduced automation remote control technology in 2019 for their mining and construction equipment.
Manitou, Kubota, Toyota Material Handling, and Liebherr are niche players in the Thailand construction equipment market. These companies offer low product diversification and have a strong presence in Thailand's local market.
Takeuchi & Yanmar have low product diversification; these companies are lagging in adopting new technologies used in construction equipment.
XCMG, Zoomlion, Volvo Construction Equipment, and Liu Gong are emerging in the Thailand construction equipment market. These companies are introducing new technologically advanced products to challenge the market share of market leaders in Thailand. In 2021, Volvo Construction Equipment launched a range of electric compact excavators in Thailand to cater to increasing construction projects.

Market Vendors

Prominent Vendors

Caterpillar
Komatsu
Xuzhou Construction Machinery Group Co. Ltd. (XCMG)
Liebherr
Volvo Construction Equipment
Hitachi Construction Machinery
JCB
SANY
Kobelco
Hyundai Construction Equipment
Zoomlion Heavy Industry Science & Technology Co. Ltd

Other Prominent Vendors

Yanmar
Liu Gong
Takeuchi
Toyota Material Handling
Manitou
Kubota
Sumitomo Corporation Group

Distributor Profiles

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

Market Segmentation by Type

Earthmoving Equipment

Excavator
Backhoe Loaders
Wheeled Loaders
Other Earthmoving Equipment (Other loaders, Bulldozers, Trenchers)

Road Construction Equipment

Road Rollers
Asphalt Pavers

Material Handling Equipment

Crane
Forklift & Telescopic Handlers
Aerial Platforms (Articulated Boom Lifts, Telescopic Boom lifts, Scissor lifts)

Other Construction Equipment

Dumper
Tipper
Concrete Mixture
Concrete Pump Truck

End Users

Construction
Mining
Manufacturing
Others (Power Generation, Utilities Municipal Corporations, Oil & Gas, Cargo Handling, Power Generation Plants, Waste Management)

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Key Questions Answered in the Report:

How big is the Thailand construction equipment market?
What is the growth rate of the Thailand construction equipment market?
Who are the key players in the Thailand construction equipment market?
What are the trends in the Thailand construction equipment industry?
Which are the major distributor companies in the Thailand construction equipment market?

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