PUBLISHER: MarketLine | PRODUCT CODE: 1511614
PUBLISHER: MarketLine | PRODUCT CODE: 1511614
Global Residential Construction industry profile provides top-line qualitative and quantitative summary information including: market size (value , and forecast to 2028). The profile also contains descriptions of the leading players including key financial metrics and analysis of competitive pressures within the market.
Residential construction refers to the process of building structures primarily intended for people to live in.
Market value refers to the total output value of construction activity in a specific year. Construction output value is defined as the total value of construction activity in any given period, including costs related to all materials, equipment, and services used.
The market is segmented into demolition, new construction, refurbishment, and repair & maintenance.
Demolition includes the planned dismantling or destruction of a building, a part of a building, or any other structure categorized under the infrastructure, commercial, industrial, institutional, energy and utilities, and residential markets of the construction industry.
New construction covers any activity relating to the erection of a new structure. this covers the infrastructure, commercial, industrial, institutional, energy and utilities, and residential markets of the construction industry.
The refurbishment segment covers the upgrade of any building or structure in the infrastructure, commercial, industrial, institutional, energy and utilities, and residential markets of the construction industry.
Repair & maintenance involves an activity carried out to restore a deteriorated or damaged structure or building. It applies to all types of buildings and any fittings within.
All market data and forecasts are adjusted for inflation and all currency conversions used in the creation of this report have been calculated using yearly annual average exchange rates.
The global residential construction market recorded total revenues of $5,297.4 billion in 2023, representing a compound annual growth rate (CAGR) of 2.4% between 2018 and 2023.
The new construction segment accounted for the market's largest proportion in 2023, with total revenues of $3,243.3 billion, equivalent to 61.2% of the market's overall value.
In 2023, Asia-Pacific residential construction market held the largest share of 44.2% of the total value of the global residential construction market, followed by Europe at 27.7%, North America at 22.9%, Middle East & Africa at 2.6%, and South America at 2.0%.