"Construction equipment" refers to a broad category of vehicles and items that the construction industry uses to assist various tasks and operations. This gear consists of a wide range of tools and apparatus designed to carry out several construction-related jobs, including excavation and grading, lifting, and material transportation. Cranes, loaders, bulldozers, excavators, and concrete mixers are a few examples.
According to SPER market research, ‘Thailand Construction Equipment Market Size- By Machinery Type, By Propulsion - Regional Outlook, Competitive Strategies and Segment Forecast to 2033’ state that the Thailand Construction Equipment Market is predicted to reach USD 3.18 billion by 2033 with a CAGR of 5.28%.
Drivers: Rising government spending on the construction of roads, motorways, metros, and airports is likely to make crawler excavators increasingly required in Thailand. Due to the fact that operating equipment remotely is typically safer, demand for mining-related construction equipment is predicted to increase. It is anticipated that all-terrain cranes and excavators will become more popular due to the government's increased investment in renewable energy programs. Their growth is crucial because it is what makes solar, wind, and hydroelectric power plants possible.
Challenges: The construction equipment industry in Thailand is beset by a number of serious obstacles that limit its potential for expansion and effectiveness. The construction industry's intrinsic volatility, which is impacted by shifting economic conditions and government infrastructure investment, is one of the main challenges. The market also confronts challenges related to the cost and accessibility of high-quality machinery, problems that are typically exacerbated by import tariffs and disruptions in the supply chain. The rapid advancement of technology forces many firms to continually spend in new equipment and employee training, which can be costly.
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Thailand's construction equipment business was severely impacted by the COVID-19 pandemic, which completely changed many aspects of the sector. The pandemic initially resulted in major delays in construction projects because to labor shortages, lockdowns, and travel restrictions. As a result, the market for construction machinery was less dynamic. Supply chain disruptions made these problems worse by driving up the price of raw materials and equipment parts and creating shortages. The reduction in government backing for infrastructure projects coupled with the mounting financial strain on construction companies has further curtailed the growth of the sector.
Thailand Construction Equipment Market Key Players:
Additionally, some of the market key players are; Caterpillar Inc., CNH Industrial N.V., Hitachi Construction Equipment Co. Ltd, Hyundai Construction Equipment Co. Ltd.
Thailand Construction Equipment Market Segmentation:
By Machinery Type: Based on the Machinery Type, Thailand Construction Equipment Market is segmented as; Cranes, Telescopic Handlers, Excavators, Loaders and Backhoe, Motor Graders, Others.
By Propulsion: Based on the Propulsion, Thailand Construction Equipment Market is segmented as; Internal Combustion Engine, Electric and Hybrid.
By Region: This research also includes data for Eastern region, Western region, Southern region, Northern region.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.
For More Information, refer to below link –
Thailand Construction Equipment Market Analysis
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