Overview and Scope
The retail and other commercial buildings refers to buildings developed, and constructed for retail and commercial purposes.
Sizing and Forecast
The retail and other commercial buildings market size has grown steadily in recent years. It will grow from $409.69 billion in 2023 to $422.45 billion in 2024 at a compound annual growth rate (CAGR) of 3.1%. The growth in the historic period can be attributed to economic growth and consumer spending, urbanization and population density, consumer trends and shopping preferences, commercial real estate investment trends, government policies and zoning regulations..
The retail and other commercial buildings market size is expected to see steady growth in the next few years. It will grow to $481.01 billion in 2028 at a compound annual growth rate (CAGR) of 3.3%. The growth in the forecast period can be attributed to e-commerce integration and omnichannel retail, sustainable building practices and green certification, adaptation to changing work patterns, mixed-use developments and urban revitalization, health and safety considerations in building design.. Major trends in the forecast period include focus on health and safety measures, popularity of mixed-use developments, incorporation of biophilic design elements, contactless and cashless transactions, e-commerce influenced design..
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Segmentation & Regional Insights
The retail and other commercial buildings market covered in this report is segmented –
1) By Building Type: Smart Buildings, Traditional Buildings
2) By Application: Residential Buildings, Non-Residential Buildings
3) By End-User: Offices, Retail, Leisure, Other End-Users
Asia-Pacific was the largest region in the retail and other commercial buildings market in 2023. The regions covered in the retail and other commercial buildings market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
The strong growth in retail space is expected to propel the development of the retail and other commercial buildings market going forward. Retail space is commercial space for selling goods or services to customers, such as shopping centers, strip malls, and stand-alone stores. The expansion of major retailers such as Amazon, Walmart, and Target has driven strong growth in the retail space. This growth will drive new construction of retails and other such structures construction. For instance, in July 2022, according to the Wall Street Journal, a US-based business and economic-focused international daily newspaper, Amazon, a US-based e-commerce company accelerated the expansion of its warehouse space to meet consumer demand. The warehouse space increased from 165 million square feet to 379 million square feet. Furthermore, in 2022, WeWork India, an India-based space-as-a-service platform, taken 3.62 lakh square feet lease of office space as part of its expansion plan for flexible workspace. Therefore, the strong growth in retail space is driving the growth of the retail and other commercial buildings market.
Key Industry Players
Major companies operating in the retail and other commercial buildings market are focused on adopting innovative technologies to strengthen their position in the market. Technology adoption refers to the process by which individuals, businesses, or industries integrate and utilize new technologies or innovations into their operations or daily activities. For instance, in December 2022, Stereolabs Inc., a US-based company that offers 3D depth and motion sensing solutions based on stereo vision and artificial intelligence, launched ZED-X, the world’s first 3D robot camera with a new SDK (software development kit) and control for multiple cameras. ZED-X is created for robotic process automation and navigation in challenging indoor and outdoor locations. The ZED-X is powered and supported by Stereolabs’ comprehensive software ecosystem, which opens the door to quick commercial implementations of robots in construction.
The retail and other commercial buildings market report table of contents includes:
- Executive Summary
- Retail And Other Commercial Buildings Market Characteristics
- Retail And Other Commercial Buildings Market Trends And Strategies
- Retail And Other Commercial Buildings Market – Macro Economic Scenario
- Global Retail And Other Commercial Buildings Market Size and Growth
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- Global Retail And Other Commercial Buildings Market Competitive Benchmarking
- Global Retail And Other Commercial Buildings Market Competitive Dashboard
- Key Mergers And Acquisitions In The Retail And Other Commercial Buildings Market
- Retail And Other Commercial Buildings Market Future Outlook and Potential Analysis
- Appendix
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