The Thailand crawler excavator market is projected to grow at a CAGR of 4.81% from 2023 to 2029.
Market leaders include Caterpillar, Kobelco, SANY, Hitachi Construction Machinery, Sumitomo, Volvo CE, and Komatsu, holding strong market positions and offering diverse equipment. Meanwhile, Kubota, Liu Gong, Yanmar, Takeuchi, and Bobcat serve as niche players, with a focus on local markets and limited product variety.
Emerging competitors like JCB, SDLG, Zoomlion, HD Hyundai Construction Equipment, Develon, and XCMG are introducing advanced technologies to challenge the top players. In contrast, CNH Industrials, Liebherr, and XCMA lag in innovation.
In 2023, small and medium-sized excavators dominated the market, with medium-sized models capturing the largest share due to their versatility in construction and mining. The market’s steady growth in 2024 is driven by increased investment in public infrastructure, particularly transportation projects.
The Thailand crawler excavator industry is experiencing growth fueled by infrastructure, mining, and renewable energy projects. Southeast Asia, especially Thailand, has benefited from initiatives like the “Belt and Road Initiative” and the “Regional Comprehensive Economic Partnership (RCEP) Agreement.” The construction sector was the most dominant market segment in 2023.
Chinese machinery is making its way into Thailand, with a significant portion of shipments reserved for local customers. In 2022, over 4,000 units were sent to other RCEP countries. Furthermore, CNH Industrial named Yoma Asia Company Limited the authorized distributor of CASE construction equipment in Thailand in December 2023.
The Bank of Thailand projects a positive outlook for the construction sector, expecting annual growth of 3-4% in the coming years, aligned with increased investment in infrastructure. This optimism supports the crawler excavator market’s growth prospects.
Thailand’s government introduced the Remap 2036 initiative to boost renewable energy, particularly solar power, which is projected to reach 17 GW by 2036. Lower solar panel costs and increased government investment are driving demand for construction equipment.
Key Market Trends
- Increased Focus on Lithium Mining
Thailand announced plans to start lithium production within two years, positioning itself as a regional hub for EV production. The Ruangkiat deposit contains 14.8 million tons of lithium, enough for 1 million electric vehicles, supporting the growth of the country’s EV industry. - Surge in Transport Infrastructure Investment
In 2024, the Ministry of Transport allocated $10.8 billion for infrastructure projects to develop an integrated transportation network. These initiatives, along with planned projects for 2025, are expected to drive growth in the crawler excavator market. - Housing Market Challenges
Rising interest rates and increased non-performing loans (NPLs) are impacting Thailand’s housing market, though demand for residential properties remains steady, with slight price increases in 2023. This may affect the residential construction segment in the near term. - Labor Shortages in the Construction Industry
The Thai construction sector faces a labor shortage, requiring 546,000 additional workers in 2024 to meet demand for public infrastructure projects. Thailand’s reliance on foreign workers, especially for non-skilled roles, adds complexity to this challenge.
Key Questions Answered
- What is the size of the Thailand crawler excavator market?
- What is the market’s growth rate?
- Who are the key players and distributors?
- What are the latest trends driving the market?
Market Overview
- Report Pages: 189
- Forecast Period: 2023 – 2029
- Estimated Units (2023): 6,274
- Forecasted Units (2029): 8,319
- CAGR: 4.8%
Prominent Vendors
- Caterpillar
- Komatsu
- JCB
- Volvo CE
- Hitachi Construction Machinery
- Kubota
- SANY
- XCMG
- Liebherr
- Hyundai Construction Equipment
- Kobelco
- Zoomlion
Other Key Players
- Sumitomo Construction Machinery
- LiuGong
- Yanmar
- Takeuchi
- Bobcat
- CNH Industrial
- SDLG
- XGMA
Distributor Profiles
- Italthai Industrial
- Leadway Heavy Machinery
- Ariya Group
- Metro CAT
- A.V.N. Motor Works
Segmentation by Size
- Mini Excavators
- Small Excavators
- Medium Excavators
- Large Excavators
Segmentation by Power
- Less than 60 HP
- 60 HP – 100 HP
- 101 HP – 200 HP
- Above 200 HP
End-User Segments
- Construction
- Mining
- Agriculture
- Forestry
- Power Generation, Utilities, Oil & Gas, Cargo Handling
The Thailand crawler excavator market is set for steady growth, with major infrastructure and renewable energy investments boosting demand across sectors.
