Thailand: Ride-On Compaction Equipment Market 2024

Ride-On Compaction Equipment Market Size in Thailand

In 2022, the Thai ride-on compaction equipment market decreased by -26.5% to $X for the first time since 2019, thus ending a two-year rising trend. In general, consumption, however, continues to indicate a noticeable increase. Over the period under review, the market hit record highs at $X in 2016; however, from 2017 to 2022, consumption stood at a somewhat lower figure.

Ride-On Compaction Equipment Exports

Exports from Thailand

In 2022, overseas shipments of ride-on compaction equipment were finally on the rise to reach X units after four years of decline. Overall, exports, however, faced a abrupt contraction. The growth pace was the most rapid in 2017 with an increase of 170% against the previous year. Over the period under review, the exports reached the maximum at X units in 2013; however, from 2014 to 2022, the exports failed to regain momentum.

In value terms, ride-on compaction equipment exports reduced markedly to $X in 2022. Over the period under review, exports, however, showed a precipitous shrinkage. The most prominent rate of growth was recorded in 2017 when exports increased by 244% against the previous year. The exports peaked at $X in 2013; however, from 2014 to 2022, the exports failed to regain momentum.

Exports by Country

Vietnam (X units), Lao People's Democratic Republic (X units) and Australia (X units) were the main destinations of ride-on compaction equipment exports from Thailand, together accounting for 78% of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Vietnam (with a CAGR of +26.5%), while the other leaders experienced more modest paces of growth.

In value terms, Vietnam ($X), Lao People's Democratic Republic ($X) and Australia ($X) were the largest markets for ride-on compaction equipment exported from Thailand worldwide, with a combined 96% share of total exports. Myanmar, Malaysia, Mexico, Hong Kong SAR, Papua New Guinea, Kenya, the Philippines, Senegal and Maldives lagged somewhat behind, together accounting for a further 4.4%.

Among the main countries of destination, Hong Kong SAR, with a CAGR of +74.7%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average ride-on compaction equipment export price amounted to $X per unit, falling by -31.8% against the previous year. In general, the export price recorded a abrupt decrease. The pace of growth appeared the most rapid in 2017 when the average export price increased by 27% against the previous year. As a result, the export price attained the peak level of $X per unit. From 2018 to 2022, the average export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Australia ($X per unit), while the average price for exports to Maldives ($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 Hong Kong SAR (+74.7%), while the prices for the other major destinations experienced more modest paces of growth.

Ride-On Compaction Equipment Imports

Imports into Thailand

After two years of growth, overseas purchases of ride-on compaction equipment decreased by -22.4% to X units in 2022. In general, imports, however, showed buoyant growth. The pace of growth appeared the most rapid in 2015 with an increase of 178%. Imports peaked at X units in 2021, and then fell dramatically in the following year.

In value terms, ride-on compaction equipment imports dropped notably to $X in 2022. Overall, imports, however, recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2015 when imports increased by 147%. Imports peaked at $X in 2016; however, from 2017 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, China (X units) constituted the largest ride-on compaction equipment supplier to Thailand, with a 48% share of total imports. Moreover, ride-on compaction equipment imports from China exceeded the figures recorded by the second-largest supplier, Japan (X units), threefold. India (X units) ranked third in terms of total imports with a 16% share.

From 2012 to 2022, the average annual growth rate of volume from China stood at +13.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (+7.2% per year) and India (+16.5% per year).

In value terms, the largest ride-on compaction equipment suppliers to Thailand were China ($X), India ($X) and Indonesia ($X), together accounting for 78% of total imports.

India, with a CAGR of +14.6%, recorded the highest growth rate of the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced mixed trend patterns.

Import Prices by Country

The average ride-on compaction equipment import price stood at $X per unit in 2022, waning by -5.5% against the previous year. Overall, the import price saw a deep contraction. The most prominent rate of growth was recorded in 2017 when the average import price increased by 24% against the previous year. As a result, import price reached the peak level of $X per unit. From 2018 to 2022, the average import prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Indonesia ($X per unit), while the price for Japan ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Indonesia (+4.5%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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