Multifamily Modular and Prefabricated Housing Construction Global Market Report 2024

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 observed in the historical period stemmed from urbanization patterns, focus on affordability and cost-effectiveness, emphasis on sustainability and adoption of green building practices, expedited construction timelines, and the pressing issues of 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%. Expected growth factors in the forecast period include increased urbanization, focus on affordable housing, environmental regulations, supply chain resilience, and innovation in design. Major trends include off-site construction, affordable housing solutions, innovative materials and techniques, emphasis on Building Information Modeling (BIM), and modular construction for urban development.

The multifamily modular and prefabricated housing construction market is anticipated to witness growth, driven by the various benefits associated with modular construction. Modular and prefabricated housing offer advantages such as cost and time savings, reduced material wastage, assembly-line quality control, minimized strain on site neighborhoods, and improved construction safety. The 2021 Emerging Trends in Real Estate report by the Urban Land Institute (ULI) highlights modular construction as a potential solution to the housing affordability challenge in the US. This method has the potential to make housing more cost-effective, efficient, and quicker to construct. As a result, multinational construction companies are expected to focus more on modular housing construction, leading to increased revenue and growth in the multifamily modular and prefabricated housing construction market during the forecast period.

The growth of the multifamily modular and prefabricated housing construction market is further fueled by the increasing demand for housing affordability. Housing affordability, reflecting the ability of households or individuals to comfortably afford housing without financial strain, is a critical concern, especially in urban areas with higher housing costs. The cost savings and efficiency offered by multifamily modular and prefabricated housing make it a practical solution to address the demand for affordable housing. The Office for National Statistics reported a rise in housing affordability in 235 places (71%) in March 2023 compared to 2021, indicating a growing market for modular construction. The increasing demand for affordable housing options is a key driver for the growth of the multifamily modular and prefabricated housing construction market.

The growth of the multifamily modular and prefabricated housing construction market is anticipated to face limitations due to challenges associated with the transportation of prefabricated and large structures, coupled with weight restrictions imposed by governments. Transporting modules over long distances poses a significant challenge for modular and prefabricated housing construction companies. Additionally, weight restrictions set by governments are expected to hinder market growth in the coming years. For example, the Washington State Department of Transportation has specific criteria for determining the maximum weight of trucks, presenting a notable challenge for industry players. The transportation and weight restrictions scenario is predicted to serve as a significant constraint for the multifamily modular and prefabricated housing construction market in the near future.

Government initiatives worldwide to promote sustainable construction and reduce waste, coupled with the enforcement of modular and prefabricated systems, emerge as a significant trend shaping the multifamily modular and prefabricated housing market. Governments, including Singapore, are actively endorsing sustainable practices in the building sector. The Singapore government, through the Building and Construction Authority (BCA), mandates the adoption of the Prefabricated Prefinished Volumetric Construction (PPVC) acceptance framework at development sites. This framework stipulates performance requirements for PPVC systems and in-built bathrooms, aligning with the government's commitment to green buildings and modular housing. The global trend toward environmentally friendly construction and modular systems, driven by government directives, is expected to remain a pivotal influence on the multifamily modular and prefabricated housing market.

Major companies in the multifamily modular and prefabricated housing construction market are pursuing innovative strategies, such as introducing new product brands such as the Modular Attainable Housing Brand. An exemplar of this is Greystar Real Estate Partners, a US-based real estate company, which, in June 2023, launched the "attainable" brand. This brand specifically focuses on Greystar's impact housing offering, aiming to provide more affordable housing options for vulnerable groups impacted by limited rental choices in the US. The launch of the "attainable" brand underscores Greystar's commitment to addressing the challenge of affordable housing. Leveraging modular construction techniques, Greystar aims to deliver sustainable, high-quality housing options at affordable prices for tenants, demonstrating a strategic approach to profitability and meeting market needs.

In February 2021, ETEX, a Belgium-based provider of building solutions, successfully acquired e-Loft for an undisclosed sum. This strategic acquisition further solidifies ETEX's commitment to emerging as a frontrunner in forward-looking and sustainable building solutions. e-Loft, headquartered in France, specializes in the creation of modular multi-family residential complexes and bespoke buildings utilizing advanced 3D wood technology.


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. 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.

Primary types within multifamily modular and prefabricated housing construction include permanent and relocatable houses. Relocatable homes are partially or fully assembled in a manufacturing facility using modular construction techniques, meeting applicable codes or state standards. These buildings are designed for multiple reuses or repurposing before relocation to new construction sites. Different construction materials encompass steel, precast concrete, wood, plastic, and others.

The multifamily modular and prefabricated housing construction market research report is one of a series of new reports that provides multifamily modular and prefabricated housing construction market statistics, including multifamily modular and prefabricated housing construction industry global market size, regional shares, competitors with a multifamily modular and prefabricated housing construction market share, detailed multifamily modular and prefabricated housing construction market segments, market trends and opportunities, and any further data you may need to thrive in the multifamily modular and prefabricated housing construction industry. This multifamily modular and prefabricated housing construction market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The countries 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.

The multifamily modular and prefabricated housing construction market includes revenues earned by fees, interest payments, commissions or transaction charges. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.