Thailand Electrical Materials Market to Register a CAGR of 15.26% During the Forecast Period, 2024-2031
Increasing consumer awareness and rising demand for electric vehicles
are driving the Thailand Electrical Materials market across the country.
According to the
TechSci Research report, “Thailand Electrical Materials Market - By Region,
Competition, Forecast & Opportunities, 2018-2031”. Electrical
materials are the essential elements and pieces utilised in each construction
project to link residential, commercial, and industrial structures to an
electrical power supply. In both, a tiny domestic circuit and a huge industrial
complex, electrical components of various sizes may be found. The least amount
of electrical conductivity is what these substances should have. The production
of conductors for all varieties of windings used in electrical gear, apparatus,
and gadgets as well as the distribution and transmission of electrical energy
are both accomplished using them.
The Thai
government has launched a number of programs throughout the years to boost
demand and reenergize the economy across all industries, from supply to
production. The need for electrical materials is being addressed by a number of
government efforts, including regulations, reforms, and programs that are being
controlled to make the electronics sector more accessible, sustainable, and
effective. For instance, the Thailand Board of Investment is implementing
initiatives under the E&E Intelligence Unit (EIU) program, which promotes
and supports the development and export of electrical and electronic products
as well as serving as an industry information hub, with the goal of making the
nation a hub for global electronics exporters. The Eastern Economic Corridor
(EEC) incentive package and special incentive package for the classification of
the Asian Institute of Technology (AIT) and Thailand Institute of Scientific
and Technological Research (TISTR) as science and technology zones have also
been approved by the Thailand Board of Investment (BOI). As a result, it is
anticipated that an increase in government efforts would fuel the Thailand
Electrical Materials Market during the forecast period.
Browse over 20 market data
Figures spread through 92 Pages and an in-depth TOC in the "Thailand Electrical Materials Market."
Based on end user, the Thailand
electrical materials market is segmented into industrial, commercial and
domestic. The commercial segment dominates the Thailand Electrical Materials
market, accounting for a market share of 38.45% in 2022. The commercial sector
dominated the market because of the continued building of offices and the
demand for power in the commercial infrastructures in various industries.
Additionally, the industry is anticipated to be dominated by electric cars,
energy-efficient LED lighting, and expanding public transit by 2031. The
commercial sector comprises of enterprises that offer service-related
facilities and equipment, such as hospitals, warehouses, storage, retail, and
wholesale. The advance voltage switcher and circuit breakers have proven to be
efficient solutions for significant energy losses and other difficulties
related to excessive current as market players in the electrical materials and
equipment industry have become more familiar with recent government policies
and electrical standards at International level. Owing to these advantages of
electrical materials, the Thailand electrical materials market is expected to
register a CAGR of 15.26% during the forecast period.
Based on region, the Thailand
electrical materials market is segmented into Central Thailand, Eastern
Thailand, Southern Thailand and Northern Thailand. Central Thailand dominates
the Thailand Electrical Materials market, accounting for a market share of
43.75% in 2022. In the central area, companies including Hozon Auto's Chinese
electric vehicle subsidiary Neta are partnering with Bangchan General Assembly
Co., Ltd. (BGAC) to produce and sell right-hand drive electric automobiles to
ASEAN nations. Meanwhile, a number of businesses, such as Horizon Plus, BYD,
and many others, are building their own electric vehicle manufacturing plants
in the area, meeting the need for electrical components in Central Thailand. To achieve
the nation's net-zero greenhouse gas emissions objective, the Board of
Investment (BoI) has authorized a number of investment proposals in the area
covered by the eastern economic corridor for infrastructure, renewable energy
generation, and usage.
Key market players in the Thailand
Electrical Materials market include:
- Schneider
(Thailand) Limited
- Furukawa
(Thailand) Co., Ltd
- Fuji Electric
(Thailand) Co., Ltd
- Giantlok
Engineering Co., Ltd
- ABB
Electrification (Thailand) Co. Ltd
- Honeywell
Electronic Materials (Thailand) Co., Ltd
- Mitsubishi
Electric Asia (Thailand) Co., Ltd
- Siemens Limited,
Haco Electric (Thailand) Co. Ltd
- Sumitomo
Electric Wintec (Thailand) Co. Ltd
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“Thailand Electrical Materials Market stood at USD 2262.3
million in 2022 and is expected to register a CAGR of 15.26% during 2023E-2031F
owing to increasing consumer awareness, foreign investment, growing demand for EV
vehicles among others across the country. Thailand's construction and
industrialization has grown over time, and this trend is expected to continue
owing to the production of electric vehicles and significant foreign
investment by companies. The demand for electrical materials in the area is
anticipated to increase as a direct result of this development. Central
Thailand, on the basis of region and cable management, on the basis of kind are
predicted to show the largest growth through 2031. Moreover, The country is
planning to enhance domestic adoption making electric cars (EVs) account for
30% of domestic vehicle manufacturing by 2030 and seeking to be an EV
production powerhouse in the ASEAN region. According to the Federation of Thai
Industries' Automotive Industry Club, the Domestic sales of EVs in 2022 climbed
by 86.58% to 72,158 units. Therefore, the market for electrical materials across
the Thailand is expected to rise during the forecast period, 2024-2031F,” said Mr
Karan Chechi, Research Director with TechSci Research, a research-based global
management consulting firm.
“Thailand Electrical
Materials Market Segmented By Type (Cable
Management, Circuit Breakers, Electrical Conduit, Plugs & Sockets, Light Switches,
Voltage Switcher, Cable Duct, Others), By End User (Commercial, Domestic,
Industrial), By
Region, Competition Forecast & Opportunities, 2028F”, has
evaluated the future growth potential of the Thailand Electrical Materials market
and provides statistics and information on market structure, size, share, and
future growth. The report intends to provide cutting-edge market intelligence
and help decision-makers take sound investment decisions. Besides, the report
also identifies and analyzes the emerging trends along with essential drivers,
challenges and opportunities in the Thailand Electrical Materials market.
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