Thailand Construction Equipment Market Size (2024 - 2029)

The Thailand construction equipment market is poised for significant growth, driven by factors such as rapid urbanization, industrialization, and increased government investment in infrastructure development. The market's expansion is further supported by the adoption of advanced machinery, including electrified and autonomous options, which present new opportunities for industry players. As Thailand's construction expenditure aligns with economic growth and public investment in infrastructure rises, the demand for construction machinery, particularly for road construction, is expected to increase, enhancing the overall market size.

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Market Size of Thailand Construction Equipment Industry

Thailand Construction Equipment Market Summary
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

Thailand Construction Equipment Market Major Players

*Disclaimer: Major Players sorted in no particular order

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 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
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Thailand Construction Equipment Market Size Summary

The construction equipment market in Thailand is poised for significant growth, driven by rapid urbanization, industrialization, and substantial government investments in infrastructure development. The government's focus on enhancing infrastructure and the real estate sector, coupled with the adoption of advanced machinery, including electrified and autonomous equipment, is expected to create new opportunities for market players. The construction industry is becoming increasingly sophisticated, which is anticipated to propel market expansion during the forecast period. The rise in road construction activities and the import of construction machinery are further expected to boost demand across the country.

Thailand's infrastructure boom, supported by major projects and international assistance, is set to drive demand for construction equipment. The government's infrastructure investment plan aims to develop an intercity rail network, enhance highways, and expand public transportation, which will significantly contribute to market growth. The Eastern Economic Corridor (EEC) project, part of Thailand's 4.0 initiative, is expected to attract international investment and increase demand for construction equipment. Additionally, the government's investment in renewable energy projects is anticipated to further stimulate the market. The demand for mini excavators and other earthmoving machinery is rising due to the need for inner-city development and the shortage of affordable labor. Key industry players are actively launching innovative products and engaging in strategic partnerships to maintain their competitive edge in this evolving market.

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Thailand Construction Equipment Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Market Drivers

      1. 1.1.1 Growing Infrastructure Activities Across the Country

    2. 1.2 Market Restraints

      1. 1.2.1 Rapid Expansion of Construction Equipment Industry

    3. 1.3 Porter's Five Forces Analysis

      1. 1.3.1 Threat of New Entrants

      2. 1.3.2 Bargaining Power of Buyers/Consumers

      3. 1.3.3 Bargaining Power of Suppliers

      4. 1.3.4 Threat of Substitute Products

      5. 1.3.5 Intensity of Competitive Rivalry

  2. 2. MARKET SEGMENTATION (Market Size in Value - USD)

    1. 2.1 By Machinery Type

      1. 2.1.1 Cranes

      2. 2.1.2 Telescopic Handlers

      3. 2.1.3 Excavators

      4. 2.1.4 Loaders and Backhoe

      5. 2.1.5 Motor Graders

      6. 2.1.6 Other Machinery Types

    2. 2.2 By Propulsion

      1. 2.2.1 Internal Combustion Engine

      2. 2.2.2 Electric and Hybrid

Thailand Construction Equipment Market Size FAQs

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.

In 2024, the Thailand Construction Equipment Market size is expected to reach USD 1.91 billion.

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Thailand Construction Equipment Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)