The multifamily modular and prefabricated housing construction market has seen notable growth, rising from $47.56 billion in 2023 to $50.86 billion in 2024, showcasing a CAGR of 6.9%. This growth is fueled by urbanization and the demand for affordable housing. By 2028, the market is expected to reach $67.19 billion, with a CAGR of 7.2%. Trends include off-site construction and innovative materials.
Major Driver In The Multifamily Modular and Prefabricated Housing Construction Market
The advantages associated with modular construction are poised to drive growth in the multifamily modular and prefabricated housing construction market. Modular and factory-built housing offer numerous benefits, including cost and time savings, reduced material wastage, enhanced quality control, minimized disruption to neighborhoods, and improved construction safety. Modular construction has emerged as a potential solution to housing affordability issues, as highlighted in the 2021 Emerging Trends in Real Estate report by the Urban Land Institute (ULI). The efficiency and cost-effectiveness of modular construction make it an attractive option for multinational construction companies. Consequently, the benefits associated with modular and prefabricated construction are expected to elevate the focus on modular housing construction, thereby boosting revenue and driving growth in the multifamily modular and prefabricated housing construction market during the forecast period. Understanding market sizes for 2023, 2024, and 2028 is essential for assessing market potential and devising effective growth strategies.
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Multifamily Modular and Prefabricated Housing Construction Market Competitive Landscape
VINCI SA, Laing O'Rourke, Bouygues Construction SA, Skanska AB, Lendlease Corporation Limited, Katerra Inc., ATCO Ltd., Algeco UK Limited, Ritz-Craft Corporation, Red Sea International Company, Pleasant Valley Homes Inc., Connect Homes LLC, Kiss House, Marlette Homes Inc., Guerdon LLC, ConXtech Inc., Northstar Systembuilt Inc., Cube Haus, Blu Homes Inc., Plant Prefab Inc., Simplex Homes Inc., Revolution Precrafted Properties Limited, Pine Grove Homes Inc., KLEUSBERG GmbH & Co. KG, Blokable Inc., New Era Building Systems Inc., Cover Construction (Ross) Limited, nHouse Limited, PopUp House, Mod-U-Kraf Homes Inc., Stratford Homes LLC
Key Multifamily Modular and Prefabricated Housing Construction Market Trend
Initiatives by governments across countries to promote sustainable buildings and waste reduction along with mandating the use of modular and prefabricated systems are a major trend shaping the growth of the multifamily modular and prefabricated housing market. According to the Building and Construction Authority (BCA), a Singapore government agency website, the Singapore government mandated the Prefabricated Prefinished Volumetric Construction (PPVC) acceptance framework to be used at development sites. PPVC suppliers and manufacturers are instructed to ensure that their PPVC systems and in-built bathrooms meet the PPVC performance requirements. Thus, government initiatives to promote green buildings and the use of modular housing are expected to remain a key trend for the industry.
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Multifamily Modular and Prefabricated Housing Construction Market Segmentation
The multifamily modular and prefabricated housing construction market covered in this report is segmented –
1) By Type: Permanent, Relocatable
2) By Material: Steel, Precast Concrete, Wood, Plastic, Other Materials
By Geography:The regions covered in the multifamily modular and prefabricated housing construction market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain
Asia-Pacific was the largest region in the multifamily modular and prefabricated housing construction market in 2023.
The Multifamily Modular and Prefabricated Housing Construction Global Market Report 2024 furnishes information about the global multifamily modular and prefabricated housing construction market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
