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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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 |
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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?
For a detailed table of contents, click: https://www.arizton.com/market-reports/thailand-construction-equipment-market?details=tableOfContents
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