The Thailand Construction Equipment Rental Market to Reach $428.7 Million by 2029 - Arizton

According to Arizton's latest research report, the Thailand construction equipment rental market is growing at a CAGR of 6.35% during the forecast period.

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The government in Thailand is investing in the redevelopment of infrastructure projects, including expanding ports, railway lines, roadways, and highways. The ‘Thailand 2030’ infrastructure program in Thailand is expected to propel the Thailand construction equipment rental market during the forecast period. Moreover, in 2022, the Thailand Board of Investment (BoI) approved nearly USD 6 billion for various infrastructure projects. Lam Jiang Reservoir, a high-tech medical city development in Pattaya, and the construction of the Lumini Condotown Ekachai Condominium tower in Bangkok are some of the major infrastructure projects under progress in Thailand.

Increased Investment in Infrastructure Projects

• The Million Homes project, initiated in 2021, aims to build one million new affordable residences by 2024. Additionally, the government has advocated inventive construction methods, such as prefabricated housing, to curtail construction expenses.
• The high-speed rail project connecting the Don Mueang, Suvarnabhumi, and U-Tapao airports in Thailand, slated for completion in 2029, is a significant component of the Eastern Economic Corridor (EEC) initiative. Karnchang Public Company Limited and Italian-Thai Development Public Company Limited will construct the USD 6.2 billion rail line.
• The new proposed project includes a four-kilometer highway connecting Kathu district in the east of Phuket Island to Patong Beach. This highway will have four lanes, two elevated sections, and a 1.8 km tunnel. The project's estimated cost is USD 437 million, including USD 0.2 billion for construction and USD 0.08 billion for ongoing operations and maintenance.
• The Ministry of Transport (MoT) has earmarked USD 10.8 billion to fund transportation infrastructure initiatives throughout Thailand in 2024. Of these initiatives, 64 projects are anticipated to become operational, while construction will start in 31 new projects within the year. Furthermore, plans are underway for 57 additional projects to commence in 2025, requiring an investment of USD 7.3 billion.
• Huasun Energy and Thai EPC Grow Energy signed an agreement to provide 150 MW of heterojunction (HJT) modules. These modules will be utilized across various projects, including a floating photovoltaic (PV) project, ground power stations, and commercially distributed projects in Bangkok. Project operations were slated to begin in 2024.
• In November 2023, the Department of Land Transport and the State Railway of Thailand (SRT) signed an MoU to integrate land and rail transportation in Thailand. Under this agreement, the Department of Land Transport will invest in constructing truck terminals for nationwide goods distribution. At the same time, SRT will undertake initiatives, such as dual-track railway construction and new railway line projects, to expand its rail network.
• The Department of Land Transport is building the Chiang Khong intermodal transport facility in Chiang Rai, with the Public-Private Partnership (PPP) now entering its second phase.
• The enhancement of Motorway No. 5 (Ratchaburi-Nakhon Sawan-Phitsanulok), spanning 355 kilometers, involves the transformation of the space into a four-lane expressway to enhance traffic movement and alleviate congestion. This project is slated for completion by 2024.

Increased Investments in the Eastern Economic Corridor Initiative to Boost the Thailand Construction Equipment Rental Market

The total investment value amounted to USD 23.62 billion, depicting a significant 43% increase compared to the previous year. This marks the highest investment value in five years, indicating a positive trend in investment activity in infrastructure. In March 2023, the Thai government started promoting several large-scale water transport projects, including an industrial port development project in the Eastern Economic Corridor (EEC) district.

VENDOR LANDSCAPE

• Caterpillar, Komatsu, Volvo CE, Hitachi Construction Machinery, XCMG, SANY, Kobelco, and Zoomlion are leaders in the Thailand construction equipment rental market. These companies have strong market share and offer diverse sets of equipment.
• Terex, Bobcat, LiuGong, Sakai, CNH Industrial, Manitou, Takeuchi & Kato Works are niche players in the Thailand construction equipment rental market. These companies offer low product diversification and have a strong presence in Thailand’s local market.
• Liebherr, Yanmar, JCB, Kubota, Tadano, Sumitomo, and HD Hyundai Construction Equipment are emerging in the Thailand construction equipment rental market. These companies are introducing new technologically advanced products to challenge the market share of market leaders in the country’s market.
• Airman, Ammann Toyota, XGMA, GEHL, Haulotte, Merlo Spa, Euromach, SDLG, and Hidromek have low product diversification; these companies are lagging in adopting new technologies used in construction equipment.
• The Thailand construction equipment rental market is primarily dominated by four rental companies owned by the Japanese: Aktio, Kanamoto, Nishio Rent All, and Nikken. These companies, including Rent Corp, are actively involved in the Thailand rental sector.

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Prominent Vendors

• Caterpillar
• Komatsu
• JCB
• Volvo Construction Equipment
• Hitachi Construction Machinery
• Kubota
• SANY
• Xuzhou Construction Machinery Group Co. Ltd. (XCMG)
• Liebherr
• Kobelco
• Zoomlion Heavy Industry Science & Technology Co., Ltd.
• SUMITOMO CONSTRUCTION MACHINERY CO., LTD.

Other Prominent Vendors

• Hyundai Construction Equipment
• Hidromek
• LiuGong
• Yanmar
• Tadano
• Takeuchi Manufacturing Co., Ltd.
• Manitou
• KATO WORKS CO., LTD.
• GEHL
• MERLO S.p.A.
• Bobcat
• Terex Corporation
• CNH Industrial
• AIRMAN
• Euromach
• Shandong Lingong Construction Machinery
• Ammann
• Haulotte
• Toyota Material Handling
• SAKAI HEAVY INDUSTRIES,LTD.
• Xiamen XGMA Machinery Company Limited

Rental Companies

• Aktio Corporation
• SIAM KANAMOTO CO., LTD.
• Rent (Thailand) Co. Ltd.
• Nishio Rent All (Thailand) Co., Ltd.
• Nikken Corporation
• Promech Heavy Equipment
• Saha Crane Corporation PCL
• MTS Machinery Company Limited
• Sahasin Equipment Co., Ltd.
• LH Machinery Sales & Rental Thailand Co., Ltd.
• Mark Engineering & Development Co., Ltd.
• Than Khun Makro (Thankun Backhoe)
• Chulee Engineering-Civil Company Limited
• Setcon (2524) Company Limited
• KGK Crane and Service Company Limited
• Rangsit Crane Company Limited
• Work Crane
• Siam Sun Auto Sales Company Limited
• Ek Crane
• Rayong Rattana Service & Hydraulic Co., Ltd.

Segmentation by Type

• Earthmoving Equipment
• Excavators
• Backhoe Loaders
• Wheeled Loaders
• Other Earthmoving Equipment (Other loaders, Bulldozers, Trenchers)
• Road Construction Equipment
• Road Rollers
• Asphalt Pavers
• Material Handling Equipment
• Crane
• Forklift & Telescopic Handlers
• Aerial Platforms (Articulated Boom Lifts, Telescopic Boom lifts, Scissor lifts)
• Other Construction Equipment
• Dumpers
• Tippers
• Concrete Pump Trucks
• Concrete Mixers
• End Users
• Construction
• Mining
• Warehouse & Logistics
• Others (Power Generation, Utilities Municipal Corporations, Oil & Gas, Cargo Handling, Power Generation Plants, Waste Management)

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