The Residential Building Construction Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Residential Building Construction Global Market Report 2024, The residential building construction market size has grown strongly in recent years. It will grow from $4389.83 billion in 2023 to $4628.16 billion in 2024 at a compound annual growth rate (CAGR) of 5.4%. The growth in the historic period can be attributed to population growth, economic conditions and mortgage rates, government policies and incentives, consumer confidence, demographic shifts
The residential building construction market size is expected to see strong growth in the next few years. It will grow to $5802.69 billion in 2028 at a compound annual growth rate (CAGR) of 5.8%. The growth in the forecast period can be attributed to sustainability and green building practices, affordable housing initiatives, adaptation to remote work, aging population and universal design, supply chain resilience. Major trends in the forecast period include digitalization in construction management, technological advancements in construction, prefabrication and modular construction, smart home technology integration, digitalization and building information modeling (BIM).
The rising population is expected to propel the growth of the residential building construction market going forward. Population refers to the citizens of a specific nation or location or common people. An increase in population is the dominant factor in determining the volume of building construction, as a result, the rising population would directly reflect the growth of building construction. For instance, in October 2022, according to World Health Organization (WHO), a Switzerland-based specialized government agency, between 2015 and 2050, the proportion of the world’s population over 60 years would nearly double from 12% to 22%. Additionally, there are 1.4 billion people over the age of 60, up from 1 billion in 2020 and this would double by 2050 with 2.1 billion people. Between 2020 and 2050, the number of people 80 or elderly is projected to triple, reaching 426 million. Therefore, the rising population is a driving factor in the growth of the residential building construction market.
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The residential building construction market covered in this report is segmented –
1) By Product type: New-Single Family Housing Construction, New-Multi Family Housing Construction, Other Types
2) By Sales Type: New Construction, Renovation
3) By End-User: Private, Public
Major companies operating in the residential building construction market are focusing on advanced solutions such as building construction software to address evolving industry demands and optimize operations. Building construction software refers to computer programs designed to assist in various aspects of construction project management, including planning, design, scheduling, budgeting, and collaboration among stakeholders. For instance, in April 2023, Topcon Positioning Systems Inc., a US-based manufacturer of precision positioning equipment and solutions, launched the Digital Layout software a user-friendly tool designed to streamline the adoption of digital layout processes within the building construction industry. Targeted at various professionals, including general contractors, concrete contractors, MEP contractors, steel erectors, fire suppression companies, and more, it aims to boost efficiency, precision, and overall productivity. Tailored for both beginners and experienced users, this cost-effective field software complements 3D laser technology such as the Topcon LN or Topcon GT robotic total station, providing a systematic approach to optimizing construction routines and workflows.
The residential building construction market report table of contents includes:
1. Executive Summary
2. Residential Building Construction Market Characteristics
3. Residential Building Construction Market Trends And Strategies
4. Residential Building Construction Market – Macro Economic Scenario
5. Global Residential Building Construction Market Size and Growth
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26. South America Residential Building Construction Market
27. Brazil Residential Building Construction Market
28. Middle East Residential Building Construction Market
29. Africa Residential Building Construction Market
30. Residential Building Construction Market Competitive Landscape And Company Profiles
Top Major Players:
- SFK Construction Holdings Limited
- China State Construction Engineering Corporation Limited
- Country Garden Holdings Limited
- Bouygues S.A
- Laing O’Rourke PLC
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