According to Arizton’s latest research report, the Thailand crawler excavator market is growing at a CAGR of 4.81% during 2023-2029.
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Report Summary
Market Size – Volume (2029): 8.3 Thousand Units
Market Size – Volume (2023): 6.3 Thousand Units
CAGR (2023-2029): 4.81%
Market Size – Revenue (2029): $366 Million
Historic Year: 2020-2022
Base Year: 2023
Forecast Year: 2024-2029
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Market Trends & Drivers:
Increased Focus on Lithium Mining and Green Hydrogen Investment
In 2024, Thailand announced plans to commence lithium production within two years from a new mine in the country’s southwest. This initiative aligns with Thailand’s ambition to become a significant regional Electric Vehicle (EV) production hub. Establishing lithium mines positions Thailand uniquely among major lithium producers, a crucial step given the importance of lithium in EV batteries. This development is especially significant as Thailand is actively building its EV production industry, with Chinese carmakers committing substantial investments totaling USD 1.44 billion. The Ruangkiat deposit, confirmed by the Department of Primary Industries and Mines, contains over 14.8 million tons of lithium, enough to power at least 1 million electric vehicles with 50 kWh lithium batteries.
In parallel, Thailand is making significant strides in green hydrogen investment. In 2023, PTT Group, based in Thailand, announced a USD 7 billion investment in collaboration with ACWA Power, a leading Saudi Arabian renewable energy company, to produce green hydrogen. The project aims to establish a plant in Thailand capable of producing 225,000 tons of green hydrogen annually, equivalent to approximately 1.2 million tons of ammonia. Additionally, in 2023, the Electricity Generating Public Company Limited (EGCO Group) and BIG, a subsidiary of Air Products, signed a Memorandum of Understanding (MoU) to jointly develop and utilize hydrogen for electricity generation, emphasizing environmentally friendly practices and reducing carbon emissions. Thailand is also exploring using gas turbines that can operate on a combination of natural gas and green hydrogen or run entirely on hydrogen.
Surge in Investment in Transport Infrastructure Projects to Boost Thailand’s Crawler Excavator Market
In 2024, Thailand’s Ministry of Transport allocated USD 10.8 billion to fund various transportation projects as part of the government’s strategy to develop an integrated transportation network. According to the Transport Ministry, these 2024 projects include 64 initiatives set to become operational and 31 new projects slated to begin construction. This wave of infrastructure development is expected to drive growth in the Thailand crawler excavator market during the forecast period.
The Ministry has highlighted 57 new investment projects planned for 2025, with a total investment value of USD 7.3 billion. Among the major projects currently under construction in Thailand are the Bangkok-Ubon Ratchathani high-speed railway, scheduled for completion by 2028, and the expansion of the Bangkok Mass Rapid Transit (MRT) system, which includes completing the Purple Line extension by 2026.
Geographical Analysis
The Northern region of Thailand is undergoing significant infrastructure development, with multiple major projects currently in progress. These initiatives focus on improving transportation, water management, and tourism facilities to stimulate economic growth and enhance regional connectivity. One of the key projects is the North-South High-Speed Railway (HSR), which aims to connect Bangkok and Chiang Mai in under three hours, significantly reducing travel time and boosting tourism. The project is divided into three phases, with the first phase (Bangkok-Nakhon Ratchasima) expected to be operational by 2026.
Additionally, the Phitsanulok-Lampang Motorway, a 154-kilometer route, is under construction. This motorway will connect Phitsanulok and Lampang, improving regional freight transportation and logistics. The project is scheduled for completion in 2027.
Thailand Crawler Excavator Market Dynamics
Drivers
Increased investments under the EEC initiative
Growth in transport projects
High investments in energy projects
Trends
Increased focus on lithium mining
Investment in green hydrogen
High waste-to-energy projects
Challenges
Rising land and housing prices
Construction labor shortage
Economic and political uncertainties
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Prominent Vendors
- Caterpillar
- Komatsu
- JCB
- Volvo Construction Equipment
- Hitachi Construction Machinery
- Kubota
- SANY
- Xuzhou Construction Machinery Group (XCMG)
- Liebherr
- Hyundai Construction Equipment
- Kobelco
- Zoomlion Heavy Industry Science & Technology Co., Ltd.
- SUMITOMO CONSTRUCTION MACHINERY CO., LTD.
- LiuGong
- Yanmar
- Takeuchi Manufacturing
- Bobcat
- CNH Industrial
- Shandong Lingong Construction Machinery (SDLG)
- Xiamen XGMA International Trading Co., Ltd.
Distributor Profiles
- Italthai Industrial
- Leadway Heavy Machinery Co., Ltd.
- Ariya Group
- Paragon Machinery
- Metro CAT
- A.V.N. Motor Works Co., Ltd.
- OEK Machinery Works
- SEC Sahasin Equipment Co., Ltd.
Market Segmentation by Crawler Excavator
- Size
- Mini Excavator
- Small Excavator
- Medium Excavator
- Large Excavator
- Gross Power
- Less Than 60 HP
- 60 HP -100 HP
- 101 HP-200 HP
- Above 200 HP
- Segmentation by End Users
- Construction
- Mining
- Agriculture
- Forestry
- Others (Power Generation, Utilities Municipal Corporations, Oil & Gas, Cargo Handling, Power Generation Plants, Waste
Key Questions Answered in the Report:
How big is the Thailand crawler excavator market?
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Who are the key players in the Thailand crawler excavator market?
What are the trends in the Thailand crawler excavator industry?
Which are the major distributor companies in the Thailand crawler excavator market?
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