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Report Overview
The construction market size reached a value of approximately USD 13.57 trillion in 2023. The market is projected to grow at a CAGR of 6.5% between 2024 and 2032, reaching a value of around USD 23.92 trillion by 2032.
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
Global Construction Market Analysis by Region
The construction market forecast in the Asia Pacific region is experiencing swift expansion, buoyed by advantageous governmental measures.
China has solidified its status as one of the world's largest construction markets, driven by factors like a vast population base and rapid urbanization. Increasing government-backed infrastructure initiatives and rising foreign investments contribute to market expansion. Additionally, the burgeoning tourism sector and escalating retail activities further propel market growth in the country.
The International Trade Administration reports that China's 14th Five-Year Plan prioritizes new infrastructure ventures in transportation, energy, water systems, and urbanization. Estimates suggest that investment in new infrastructure during this period (2021-2025) will total around 27 trillion yuan ($4.2 trillion).
As per the construction industry analysis report, India holds a substantial share in the construction market, driven by robust economic development, the proliferation of smart cities, and increasing infrastructural projects. The flourishing construction and logistics sectors, along with the expansion of cold storage facilities, further fuel market growth.
According to INVEST India, a prominent recipient of FDI in the country, construction (infrastructure) activities received $33 billion in inflows from April 2000 to December 2023. In terms of residential development, an estimated 600 million people are projected to reside in urban areas by 2030, leading to a demand for 25 million additional mid-end and affordable housing units.
In Europe, countries like the United Kingdom, Germany, France, and Italy are propelling growth in the construction market owing to their robust economic progress. The UK's market is notably expanding due to infrastructure modernization and rising housing demand. Currently, the UK primarily exports its building materials to European nations and imports a significant portion of construction materials from other European countries.
According to the Office for National Statistics, annual new orders in the UK surged by 11.4% in 2022, reaching a record high value of £80,837 million. Private infrastructure, private commercial, and other public non-housing sectors were the main contributors, with respective increases of 85.1%, 10.2%, and 17.5%.
Construction Market Report Snapshots
Construction Market Regional Analysis
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
The market was valued at USD 13.57 trillion in 2023.
The market is projected to grow at a CAGR of 6.5% between 2024 and 2032.
The revenue generated from the construction market is expected to reach USD 23.92 trillion in 2032.
The increasing adoption of building information modelling (BIM), the rise of modular construction, emphasis on green building practices, technological advancements and automation are the major trends impacting the construction industry growth rate.
The market is categorised according to the end use, which includes commercial, residential, industrial, education and research, medical and healthcare and others.
The market key players are ACS, ACTIVIDADES DE CONSTRUCCIÓN Y SERVICIOS, S.A., HOCHTIEF Aktiengesellschaft, VINCI SA, China Communications Construction Company Limited, Bouygues SA, STRABAG International GmbH, Power Construction Corporation of China, China State Construction Engrg. Corp. Ltd., Skanska AB, Ferrovial SE, Fluor Corporation, PCL Constructors Inc., Eiffage S.A. (Eiffage Construction), Bechtel Corporation, and Kiewit Corporation.
The market is broken down into North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa.
The Asia-Pacific region is the fastest-growing region in the global Construction market, driven by rising demand across industrial, automotive, and power sectors.
The construction sector presents extensive prospects for advancing innovation, fostering sustainable progress, and expanding infrastructure.
Factors such as economic downturns, regulatory obstacles, and fluctuations in material expenses serve as constraints on the demand for the construction sector.
The top five companies in the construction market are Fluor Corporation, PCL Constructors Inc., Eiffage S.A. (Eiffage Construction), Bechtel Corporation, and Kiewit Corporation.
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