Sino-Thai Intertrade Co (STIT), an importer and distributor of construction and industrial equipment, is upbeat on sales volume reaching 100 units this year as several state megaprojects begin.
Yanyong Nitisaroj, deputy managing director of STIT, said the company expects the equipment market to be stimulated by the government's infrastructure projects, which should also drive the economy, people's purchasing power and private consumption.
"We believe many contractors will buy new equipment to support new projects, beginning this year," he said.
"In 2017, the overall domestic economy did not drive the construction and industrial equipment market, even though STIT got new orders, as expected."
Mr Yanyong said the company's market share is still limited at less than 1%, but it will try to gain a 5% share by 2023.
US-based Caterpillar has the largest market share in Thailand's construction and industrial equipment segment, with Japan's Komatsu and US's John Deere rounding out the top three.
He said the market peaked a couple of years ago at 8,000 new units sold as the real estate sector expanded through many residential projects alongside new mass transit routes.
"But the sector's pace has slowed, reducing all construction and industrial equipment sales," said Mr Yanyong.
"I forecast the market will see 4,000-5,000 units sold this year from megaprojects, new highways and new double-track railways, as well as projects to build and repair existing roads in both metropolitan and provincial areas."
He said as these megaprojects take a long time to be developed, STIT projects Thailand's construction and industrial equipment will experience greater demand over the next 3-5 years.
STIT is a wholly owned subsidiary of SET-listed STP & I Plc, a manufacturer of steel structures, pressure vessels and boilers.
STIT is the importer and distributor for Liebherr (tower cranes), Putzmeister (concrete pumps, motor pumps and dyna-jet), CompAir (portable air compressors), ATLAS (foldable truck cranes), DEUTZ engines, Slipforming and IHI (boilers).
The company has been appointed by John Deere to provide products and services in the local market for many sectors: agriculture, forestry, construction, lawn and turf care and landscaping.
"We introduced new models, mainly for construction, such as hydraulic excavators, wheel loaders, motor graders, bulldozers and backhoe loaders, in a bid to beef up our sales volume this year," said Mr Yanyong.