Urbanization and Affordable Housing Drive Multifamily Modular Market to $67.19 Billion by 2028 with 7.2% CAGR Growth

The Business Research Company has recently revised its global market reports, now incorporating the most current data for 2024 along with projections extending up to 2033.

Multifamily Modular and Prefabricated Housing Construction Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.

The Market Size Is Expected To Reach $67.19 billion In 2028 At A CAGR Of 7.2%:

The multifamily modular and prefabricated housing construction market size has grown strongly in recent years. It will grow from $47.56 billion in 2023 to $50.86 billion in 2024 at a compound annual growth rate (CAGR) of 6.9%. The growth in the historic period can be attributed to urbanization trends, affordability and cost efficiency, sustainability and green building practices, speed of construction, housing shortages and population growth.

The multifamily modular and prefabricated housing construction market size is expected to see strong growth in the next few years. It will grow to $67.19 billion in 2028 at a compound annual growth rate (CAGR) of 7.2%. The growth in the forecast period can be attributed to increased urbanization and density, focus on affordable housing solutions, environmental regulations and net-zero goals, supply chain resilience, innovation in design and customization. Major trends in the forecast period include off-site construction and assembly, affordable housing solutions, innovative materials and construction techniques, focus on building information modeling (bim), modular construction for urban development.

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Multifamily Modular and Prefabricated Housing Construction Market Major Segments
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

Key Driver - The Rising Impact Of Modular Construction In Multifamily And Prefabricated Housing

The benefits associated with modular construction are projected to contribute to the growth of the multifamily modular and prefabricated housing construction market. There are multiple advantages offered by modular and factory-built housing, such as cost and time saving, reducing material wastage, assembly-line quality control, reducing strain on the site neighbourhood, and construction safety. For instance, according to the 2021 Emerging Trends in Real Estate report published by the Urban Land Institute (ULI), modular construction has emerged as a possible solution to the US housing affordability problem. Modular construction has the potential to make houses more inexpensive, efficient, and faster to construct. Therefore, advantages associated with modular and prefabricated construction are anticipated to increase the focus of multinational construction companies on modular housing construction, generating higher revenue for growth of the multifamily modular and prefabricated housing construction market during the forecast period.

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Prominent Trend - Key Trends Shaping The Multifamily Modular And Prefabricated Housing Market

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.

Multifamily Modular and Prefabricated Housing Construction Market Players
Major companies operating in the multifamily modular and prefabricated housing construction market report are 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

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Largest And Fastest Growing Region In The Market
Asia-Pacific was the largest region in the multifamily modular and prefabricated housing construction market in 2023. Africa is expected to be the fastest-growing region in the global multifamily modular and prefabricated housing construction market share during the forecast period. The regions covered in the multifamily modular and prefabricated housing construction market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The Table Of Content For The Market Report Include:
1. Executive Summary
2. Multifamily Modular and Prefabricated Housing Construction Market Report Structure
3. Multifamily Modular and Prefabricated Housing Construction Market Trends And Strategies
4. Multifamily Modular and Prefabricated Housing Construction Market - Macro Economic Scenario
5. Multifamily Modular and Prefabricated Housing Construction Market Size And Growth
…..
27. Multifamily Modular and Prefabricated Housing Construction Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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