Report Overview

The growing infrastructure development and urbanization and real estate boom are expected to boost the growth of Thailand Construction Equipment Market during the forecast period between 2024 and 2030.

Thailand Construction Equipment Market - Industry Trends & Forecast Report, 2030

Thailand Construction Equipment Market size was estimated to be worth USD 1.89 billion in 2023. During the forecast period between 2024 and 2030, Thailand Construction Equipment Market size is projected to grow at a CAGR of 6.10%, reaching a value of USD 2.87 billion by 2030. Major growth factors for Thailand Construction Equipment Market include rapid urbanization owing to the rising population and the increasing demand for residential and commercial spaces. In addition, the rising integration of advanced technologies, such as artificial intelligence (AI), and Internet of Things (IoT), to improve the functionality of these equipment is anticipated to drive Thailand construction equipment market during the forecast period.

Construction Equipment – Overview

Construction equipment encompasses a variety of heavy-duty machines used for construction tasks. Machines, such as excavators, bulldozers, loaders, cranes, and concrete mixers, are essential for earthmoving, material handling, demolition, and concrete mixing. The efficiency, safety, and precision of modern construction equipment are increased on job sites by their frequent use of cutting-edge technologies. They play a crucial role in infrastructure development, including building roads, bridges, and buildings, significantly impacting project timelines and costs. The industry innovates with sustainable and automated machinery to meet evolving construction demands.

Thailand Construction Equipment Market

Growth Drivers

Rising Number of Commercial Construction Projects

Thailand is significantly attracting foreign direct investment (FDI) towards the construction of production plants and manufacturing facilities as major conglomerate companies are outsourcing their production operations owing to the availability of cheap labor and lower operating costs. BMW, for instance, is establishing another production facility in Thailand to manufacture fully electric vehicles. In another instance, Chinese electric automaker GAC Aion also launched an overseas production facility in Thailand. The rising construction of such production facilities in the country is anticipated to drive Thailand construction equipment market over the forecast period.

Challenges

High Cost of Construction Equipment

One of the major barriers to the construction equipment market's expansion in Thailand is the high cost of the equipment. For example, a bulldozer, which is commonly used in construction, usually costs between USD 30,000 and USD 200,000 and more. Due to the exorbitant cost, contractors opt to lease or purchase secondhand machinery instead of purchasing new ones, which may hinder the growth of Thailand Construction Equipment Market.

Thailand Construction Equipment Market

Segmental Coverage

Thailand Construction Equipment Market – By Equipment

Based on equipment, Thailand Construction Equipment Market is segmented into earthmoving equipment, material handling equipment, heavy construction equipment, and others. The material handling equipment segment holds the largest share of Thailand Construction Equipment Market, mainly due to the rising demand for cranes, conveyors, and other material-handling equipment to handle heavy construction materials and products. The earthmoving equipment also covers a substantial market share owing to rapid infrastructural development and the construction of industrial and commercial construction projects.

Thailand Construction Equipment Market – By Propulsion Type

Based on propulsion type, Thailand Construction Equipment Market is split into diesel and CNG/LNG/RNG segments. The diesel propulsion type accounts for a higher market share, owing to the higher amount of torque generated compared to other fuel types. It is, therefore, considered suitable for use in various construction and earthmoving equipment and fueling generators, excavators, and heavy machinery. However, the CNG/LNG/RNG are anticipated to register a high growth rate during the forecast period owing to a rising focus on reducing pollution and carbon footprints in the construction sector.

Thailand Construction Equipment Market – By Power Output

On the basis of power output, Thailand Construction Equipment Market is segmented into <100HP, 101–200HP, 201–400HP, and >400 HP. The <100HP segment dominates Thailand Construction Equipment Market. Equipment with this power output is highly versatile, cost-effective, and suitable for a wide range of construction activities. They are notably deployed in highway repair and maintenance projects. However, the 101–200HP power output segment is also growing at a substantial rate. With this power output, construction equipment manufacturers may increase machine capabilities without increasing engine displacement. This improves component architecture, boosts fuel efficiency, and reduces maintenance costs.

Competitive Landscape

Thailand Construction Equipment market is intensely competitive, as a number of companies are competing to gain a significant market share. Key players in the market include Caterpillar Inc., SANY Group, Komatsu Ltd, Hitachi Construction Equipment Co. Ltd, Hyundai Construction Equipment Co. Ltd, Kobelco Construction Machinery, XCMG Group, Zoomlion Heavy Industry Science and Technology Co., Ltd, Liebherr Group, CNH Industrial N.V., and JC Bamford Excavators Ltd (JCB). To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.

Scope of the Report

By Equipment

• Earthmoving Equipment

1. Loaders

2. Excavators

3. Backhoe

4. Loaders

5. Compactors

6. Others

• Material Handling Equipment

1. Cranes

2. Industrial Trucks

3. Road Rollers

4. Others

• Heavy Construction Equipment

1. Concrete Pumps

2. Crushers

3. Transit Mixers

4. Asphalt Pavers

5. Batching Plants

6. Others

7. Others

By Propulsion Type

• Diesel

• CNG/LNG/RNG

By Power Output

• <100HP

• 101–200HP

• 201–400HP

• >400 HP

By Engine Capacity

• <5L

• 5–10L

• >10L

By Application

• Commercial

• Residential

• Infrastructure