Dublin, Jan. 22, 2024 (GLOBE NEWSWIRE) -- The "Asia Pacific Construction Industry Databook Series - Market Size & Forecast by Value and Volume (area and units), Q2 2023 Update" report has been added to ResearchAndMarkets.com's offering.
In the Asia Pacific construction market, India is expected to outperform other nations from the short to medium-term perspective. The rising infrastructure investment, coupled with the growing private sector funding, will be the primary growth driver for the market in India in Q1 2024. Other markets like Indonesia and Singapore are expected to pose steady growth over the next three to four years.
The Chinese construction market, on the other hand, showed significant weakness in 2023. Australia is another market where the outlook is bleak. The trend of construction firm announcing insolvency continued in H2 2023 and the trend is projected to further continue in Australia in Q1 2024. Rising construction costs and higher interest rate environment has led to the downfall of Australian construction industry.
Young generation will propel the demand for housing over the next decade in India
More than half of the Indian population is under the age of 30 in India. Over the next 10 years, this population will enter the age bracket, wherein homes are bought in the country, as per the past trends. According to HDFC, the average age of homebuyers in India stands between 37 to 38. Consequently, the publisher expects the young generation Indians to drive the housing demand over the next decade, thereby supporting the growth of the residential construction market from the long-term perspective.
The student housing demand is also expected to surge significantly from the short to medium-term perspective in India. According to a report from Colliers India, 36 million students are expected to relocate by 2036, driving the demand for housing in the Indian market. On-campus accommodation stands at 7.5 million, which indicates a huge supply-demand gap in the market. Consequently, the publisher expects more and more players to enter into the market, while the existing ones like Stanza Living to expand their capacity over the next three to four years. This will subsequently aid the growth of the broader construction market in India from the short to medium-term perspective.
The development of major transport projects to support the recovery of the construction industry in Vietnam
By the end of 2023, several major transport projects were slated to be completed in Vietnam. These include the construction activities of the My Thuan-Can Tho Expressway, My Thuan 2 bridge, National Highway 1's bypass through Ca Mau City, and the upgradation of the Cho Gao canal. These projects are expected to support the recovery of the construction market in Vietnam.
The government has also planned several other infrastructure projects, including in the transport sector, which are slated for completion over the next two to three years in the Vietnamese market. This includes the development of the second phase of the North-South Expressway Project's Can Tho-Hau Giang-Ca Mau section. The project is poised to finish in 2025.
To spur economic development and attract global automakers in the region, where the EV market is experiencing strong growth, it remains crucial for the Vietnamese to provide better infrastructure. Consequently, the publisher expects the Vietnamese government to further increase its investment in the development of transport infrastructure over the next three to four years. The rising investment, coupled with global automakers setting up a manufacturing base in Vietnam, will, therefore, aid the growth of the broader construction market in Vietnam from the short to medium-term perspective.
The bleak Chinese construction market outlook lead to a decline in steel demand in H2 2023
The demand for steel normally picks up pace during the National Day holiday period. However, in 2023, buyers were holding back due to the persistent weakness in the Chinese property market. Concerns over the possible liquidation of China's Evergrande Group has also added further stress in the Asia Pacific construction market. In China, the construction sector is expected to remain under pressure from the short to medium-term perspective. Consequently, the publisher expects prices of construction materials like steel to decline further in Q4 2023. Beijing is, however, expected to adopt measures to revive the property sector.
The central bank and financial regulator, in Q3 2023, have decreased mortgage rates specifically for first-time homebuyers. Additionally, they have revised the down payment requirements, setting the minimum at 20% for first-home buyers and 30% for those buying a second home. With the hope that the supportive measures will bolster the consumer demand, construction material prices might see the upward trajectory in H1 2024.
This report provides data and trend analyses on Asia Pacific construction industry, with over 100 KPIs. This is a data-centric report and it provides trend analyses with over 1,500+ charts and 1,200+ tables. It details market size & forecast, top cities construction data, emerging trends, market opportunities, and investment risks in over 40 segments in residential, commercial, industrial, institutional, and infrastructure construction sectors.
It provides a comprehensive understanding of construction industry sectors in both value and volume (both by activity and units) terms. The report focuses on combining industry dynamics with macro-economic scenario and changing consumer behavior to offer a 360-degree view of the opportunities and risks.
This title is a bundled offering, comprising 13 country reports. Each country report covers the following modules:
- Market Dynamics by Value, Volume, and No. of Units: Provides a comprehensive data-centric view of size and structure, industry dynamics, and end market opportunities in the building and infrastructure construction industry.
- Residential Construction Outlook: Provides market analysis by type of construction, development stage, price point, and key cities. KPIs include value, volume and number of units.
- Commercial Construction Outlook: Provides construction outlook by value and volume across office buildings, retail buildings, hospitality buildings, restaurant buildings, and sports facilities.
- Institutional Construction Outlook: Provides construction outlook by value and volume across manufacturing plant buildings, metal & material processing buildings, chemical & pharmaceutical buildings.
- Industrial Construction Outlook: Provides construction outlook by value and volume across manufacturing plants, educational buildings.
- Infrastructure Construction Outlook: Provides growth dynamics and market analysis by three key sections such as marine and inland, utility system and transport infrastructure construction.
- City Level Analysis: Provides outlook of top 10 cities by construction value for each country.
Each country report covers the following:
This report provides market size and forecast across 40+ construction segments for a period of 10 years from 2018-2027. KPIs covered include the following:
- Market size by value
- Market size by volume of construction
- Number of units
- Economic Indicators
- Top Cities Construction Data
- Residential Building Construction Coverage
- Residential Green Building Construction Coverage
- Commercial Building Construction Coverage
- Commercial Green Building Construction Coverage
- Industrial Green Building Construction Coverage
- Institutional Building Construction Coverage
- Institutional Green Building Construction Coverage
- Infrastructure Construction Sectors
- Green Infrastructure Construction
- Construction Cost Structure Analysis
For more information about this report visithttps://www.researchandmarkets.com/r/vj8hkw
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