Thailand: Crane Market 2024

Crane Market Size in Thailand

The Thai crane market skyrocketed to $X in 2022, increasing by 25% against the previous year. The market value increased at an average annual rate of +3.3% over the period from 2012 to 2022; however, the trend pattern remained relatively stable, with only minor fluctuations being recorded in certain years. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Crane Production in Thailand

In value terms, crane production reached $X in 2022 estimated in export price. In general, production continues to indicate a buoyant expansion. The growth pace was the most rapid in 2019 with an increase of 138%. Over the period under review, production reached the peak level at $X in 2020; however, from 2021 to 2022, production failed to regain momentum.

Crane Exports

Exports from Thailand

In 2022, the amount of derricks, cranes, mobile lifting frames, straddle carriers and work trucks fitted with a crane exported from Thailand shrank sharply to X units, reducing by -44.4% against the year before. Over the period under review, exports, however, showed a prominent increase. The most prominent rate of growth was recorded in 2018 when exports increased by 94%. The exports peaked at X units in 2021, and then declined notably in the following year.

In value terms, crane exports contracted notably to $X in 2022. In general, exports, however, enjoyed a prominent expansion. The growth pace was the most rapid in 2018 with an increase of 77% against the previous year. The exports peaked at $X in 2021, and then fell remarkably in the following year.

Exports by Country

The United States (X units), Vietnam (X units) and the UK (X units) were the main destinations of crane exports from Thailand, together accounting for 67% of total exports. Singapore, Taiwan (Chinese), China, South Korea, Brazil, Australia, Russia, Lao People's Democratic Republic and India lagged somewhat behind, together accounting for a further 21%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Russia (with a CAGR of +62.7%), while the other leaders experienced more modest paces of growth.

In value terms, the United States ($X) remains the key foreign market for derricks, cranes, mobile lifting frames, straddle carriers and work trucks fitted with a crane exports from Thailand, comprising 33% of total exports. The second position in the ranking was held by the UK ($X), with a 13% share of total exports. It was followed by Vietnam, with an 8.9% share.

From 2012 to 2022, the average annual rate of growth in terms of value to the United States amounted to +27.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: the UK (+27.6% per year) and Vietnam (+39.8% per year).

Export Prices by Country

The average crane export price stood at $X per unit in 2022, rising by 14% against the previous year. In general, the export price, however, showed a slight shrinkage. The growth pace was the most rapid in 2017 when the average export price increased by 21%. The export price peaked at $X per unit in 2014; however, from 2015 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was China ($X per unit), while the average price for exports to Brazil ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to China (+8.0%), while the prices for the other major destinations experienced more modest paces of growth.

Crane Imports

Imports into Thailand

In 2022, supplies from abroad of derricks, cranes, mobile lifting frames, straddle carriers and work trucks fitted with a crane increased by 34% to X units, rising for the second year in a row after two years of decline. Overall, total imports indicated a modest expansion from 2012 to 2022: its volume increased at an average annual rate of +1.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +121.8% against 2020 indices. The most prominent rate of growth was recorded in 2021 with an increase of 65% against the previous year. Imports peaked at X units in 2018; however, from 2019 to 2022, imports failed to regain momentum.

In value terms, crane imports totaled $X in 2022. In general, imports, however, continue to indicate a pronounced descent. The pace of growth appeared the most rapid in 2018 with an increase of 50% against the previous year. Over the period under review, imports attained the maximum at $X in 2013; however, from 2014 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, China (X units) constituted the largest crane supplier to Thailand, with a 68% share of total imports. Moreover, crane imports from China exceeded the figures recorded by the second-largest supplier, Japan (X units), fourfold. The third position in this ranking was taken by the Netherlands (X units), with a 3.1% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China amounted to +10.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (-4.3% per year) and the Netherlands (+25.5% per year).

In value terms, China ($X) constituted the largest supplier of derricks, cranes, mobile lifting frames, straddle carriers and work trucks fitted with a crane to Thailand, comprising 60% of total imports. The second position in the ranking was taken by Japan ($X), with a 16% share of total imports. It was followed by South Korea, with a 4.2% share.

From 2012 to 2022, the average annual growth rate of value from China amounted to +8.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (-9.5% per year) and South Korea (-4.5% per year).

Import Prices by Country

The average crane import price stood at $X per unit in 2022, falling by -15.6% against the previous year. Over the period under review, the import price continues to indicate a pronounced contraction. The most prominent rate of growth was recorded in 2019 when the average import price increased by 38%. As a result, import price reached the peak level of $X per unit. From 2020 to 2022, the average import prices remained at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was the United States ($X per unit), while the price for China ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+13.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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