PUBLISHER: Inkwood Research | PRODUCT CODE: 1284975
PUBLISHER: Inkwood Research | PRODUCT CODE: 1284975
The Asia-Pacific prefabricated construction market is expected to record a CAGR of 8.96% during the forecast period, 2023-2032. The market growth is accredited to government initiatives in several Asian countries like Hong Kong, India, China, and Singapore. Also, in countries like China, affordable housing has become an urgent need. In addition, China is also a leading producer of prefabricated building materials.
India, Indonesia, Japan, Vietnam, South Korea, Australia & New Zealand, China, Thailand, and Rest of Asia-Pacific are analyzed for the Asia-Pacific prefabricated construction market growth assessment. The Japan prefabricated construction market is more mature and developed than other regions globally. Almost 15% of the new housing constriction in Japan is associated with prefabricated construction. The market development is also attributed to inspections by industry-specific trained professionals. In addition, Japan has some of the prominent prefabricated home manufacturers globally, such as Daiwa and Sekisui. Moreover, prefab manufacturers like Toyota Home and Panasonic Homes are entering the wooden housing business, with construction companies and local power builders gaining power.
Furthermore, in Vietnam, the surging middle-class population increases the demand for residential and housing sectors. As a result, builders are adopting new construction practices like prefabricated products. Accordingly, some of the major construction companies are collaborating with prefabricated equipment manufacturers to upgrade their construction material production lines. Also, the commercial segment is set to play an instrumental role in the Vietnam prefabricated construction market.
Some of the key companies in the market are: Sekisui, Ritz-Craft Corporation, Segezha Group, Moelven, etc.