Multifamily Modular And Prefabricated Housing Construction Global Market Opportunities And Strategies To 2034

The multifamily modular and prefabricated housing construction market is segmented by type into permanent and relocatable. The permanent market was the largest segment of the multifamily modular and prefabricated housing construction market segmented by type, accounting for 65.46% or $34.12 billion of the total in 2024. Going forward, the relocatable segment is expected to be the fastest growing segment in the multifamily modular and prefabricated housing construction market segmented by type, at a CAGR of 8.88% during 2024-2029.

The multifamily modular and prefabricated housing construction market is segmented by material into steel, precast concrete, wood, plastic and other materials. The steel market was the largest segment of the multifamily modular and prefabricated housing construction market segmented by material, accounting for 39.16% or $20.41 billion of the total in 2024. Going forward, the precast concrete segment is expected to be the fastest growing segment in the multifamily modular and prefabricated housing construction market segmented by material, at a CAGR of 8.93% during 2024-2029.

North America was the largest region in the multifamily modular and prefabricated housing construction market, accounting for 36.77% or $19.16 billion of the total in 2024. It was followed by Asia Pacific, Western Europe and then the other regions. Going forward, the fastest-growing regions in the multifamily modular and prefabricated housing construction market will be Asia Pacific and South America where growth will be at CAGRs of 8.77% and 8.76% respectively. These will be followed by North America and Western Europe where the markets are expected to grow at CAGRs of 7.46% and 6.86% respectively.

The global multifamily modular and prefabricated housing construction market is fairly fragmented, with large number of players operating in the market. The top ten competitors in the market made up to 22.40% of the total market in 2023. Skanska AB was the largest competitor with a 4.33% share of the market, followed by the Bouygues Construction with 4.27%, Lendlease Corporation with 4.08%, Clayton Homes Inc. with 3.90%, Cavco Industries Inc. with 1.91%, Katerra Technologies Private Limited with 1.05%, Champion Homes Inc. with 1.04%, ATCO Structures Ltd. with 1.03%, Fleetwood Australia Ltd. with 0.51% and Modulaire Group with 0.27%.

The top opportunities in the multifamily modular and prefabricated housing construction market segmented by type will arise in the permanent segment, which will gain $13.46 billion of global annual sales by 2029. The top opportunities in the multifamily modular and prefabricated housing construction market segmented by material will arise in the steel segment, which will gain $9.99 billion of global annual sales by 2029. The multifamily modular and prefabricated housing construction market size will gain the most in the USA at $7.2 billion.

Market-trend-based strategies for the multifamily modular and prefabricated housing construction market include focus on adopting strategic partnerships approach to develop advanced solutions, focus on developing innovative off-site manufacturing capabilities that streamline production and improve efficiency, focus on developing innovative product brands like the modular attainable housing brand to boost profitability and focus on developing premium modular housing divisions to meet rising demand for high-quality, efficient living spaces.

Player-adopted strategies in the multifamily modular and prefabricated housing construction market include focus on expanding business capabilities through new investments, focus on expanding business capabilities through new launches and focus on expanding business capabilities through strategic partnerships.

This report describes and explains the multifamily modular and prefabricated housing construction market and covers 2019-2024, termed the historic period and 2024-2029, 2034F termed the forecast period. The report evaluates the market across each region and for the major economies within each region.

The global multifamily modular and prefabricated housing construction market reached a value of nearly $52.12 billion in 2024, having grown at a compound annual growth rate (CAGR) of 5.86% since 2019. The market is expected to grow from $52.12 billion in 2024 to $75.12 billion in 2029 at a rate of 7.58%. The market is then expected to grow at a CAGR of 7.12% from 2029 and reach $105.96 billion in 2034.

Growth in the historic period resulted from the increasing natural disasters, rising land costs, growing interest in affordable housing and government incentives. Factors that negatively affected growth in the historic period was regulatory complexity and insurance and warranty issues.

Going forward, the rising urbanization, growing construction industry, increased demand for sustainable construction and rise in multifamily housing projects will drive the growth. Factor that could hinder the growth of the multifamily modular and prefabricated housing construction market in the future include rising raw material costs, financing challenges and impact of trade war and tariff.

To take advantage of the opportunities, the analyst recommends the multifamily modular and prefabricated housing construction market companies to focus on enhancing off-site manufacturing to improve efficiency and cost control, focus on developing dedicated affordable housing brands to drive growth, focus on developing premium modular housing to capture growing demand, focus on expanding in the fastest growing relocatable modular housing segment, focus on expanding precast concrete use to capture fastest growth segment, expand in emerging markets, focus on strategic partnerships to accelerate growth and innovation, focus on value-based pricing to enhance competitiveness and profitability, focus on targeted digital marketing to enhance brand awareness and lead generation, focus on strategic partnerships and industry events to build credibility and network and focus on enhancing customer engagement and support to target end-users.

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