Taiwan Construction Market

Taiwan Construction Market Overview:

The Taiwan construction market is projected to exhibit a growth rate (CAGR) of 4.10% during 2024-2032. The market is driven by the rapid urbanization and population growth, introduction of various favorable government infrastructure initiatives, rapid technological advancements, imposition of various sustainability and environmental regulations, and the rising foreign investment.

Taiwan Construction Market Trends:

Rising Urbanization and Population Growth

Urbanization and population growth are major drivers boosting the construction market in Taiwan. As per industry reports, 83.2% of the population in the country is urban, which accounts for 19,307,854 people in 2024. With more people moving to cities in search of better opportunities, there is a growing need for residential housing, commercial spaces, and infrastructure development. Moreover, the increasing investment by the government in urban renewal projects to revitalize older city areas, creating opportunities for new constructions and renovations is bolstering the expansion of this industry. Additionally, the rising population growth, particularly in urban centers, is driving the demand for high-density housing solutions, which leads to more construction projects to accommodate the growing urban population.

Increasing Government Infrastructure Initiatives

The government plays a significant role in shaping the construction market through its infrastructure initiatives. For instance, the government budget allocation for public infrastructure projects for 2024 is recorded at NT$588.6 billion (US$18.9 billion), an increase of 0.3% from the year 2023. Projects such as the Forward-looking Infrastructure Development Program aim to boost economic growth by investing in key infrastructure areas, including transportation, water resources, green energy, and digital infrastructure. These initiatives create direct demand for construction services and enhance the overall economic environment, encouraging private investment in real estate and commercial projects. Additionally, government policies promoting sustainable construction and energy-efficient buildings are driving innovation and new construction practices.

Rapid Technological Advancements and Smart Building Solutions

The rising technological advancements are transforming the construction market in Taiwan. The adoption of smart building technologies, such as building information modeling (BIM), the Internet of Things (IoT) devices, and energy-efficient systems, is becoming more prevalent. These technologies help improve construction efficiency, reduce costs, and enhance the overall quality of buildings. Companies are increasingly leveraging these technologies to differentiate themselves and meet the evolving needs of customers who are looking for smart, sustainable living and working spaces. Moreover, the increasing focus of developers on using sustainable materials and building energy-efficient structures to comply with various environmental regulations and to meet consumer demand for greener living environments is favoring the market growth.

Taiwan Construction Market News:

• In July 2024, HDEC, a subsidiary of Continental Holdings Corporation, was awarded the Southern Taiwan Science Park (STSP) tender for the Chiayi Campus Wastewater Treatment Plant New Construction Project. HDEC won the project with a total value of NT$12.76 billion.
• In May 2023, AGP announced the development of a full product line for many possible applications in the construction industry. These machines are effective, reliable, and easy to use, making many challenging tasks faster and easier. They include diamond coring motors, TC402 tile core drill, diamond hand saws, such as the C14 and C16, SCS7 stone saw, CG150 wall chaser, and SB9 drywall sander with rotary sanding action and high frequency brushless motor, among many others.

Taiwan Construction Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the country level for 2024-2032. Our report has categorized the market based on sector.

Sector Insights:

• Residential
• Commercial
• Industrial
• Infrastructure (Transportation)
• Energy and Utilities Construction
   

The report has provided a detailed breakup and analysis of the market based on the sector. This includes residential, commercial, industrial, infrastructure (transportation), and energy and utilities construction.

Regional Insights: 

• Northern Taiwan
• Central Taiwan
• Southern Taiwan
• Eastern Taiwan
   

The report has also provided a comprehensive analysis of all the major regional markets, which include Northern Taiwan, Central Taiwan, Southern Taiwan, and Eastern Taiwan.

Competitive Landscape:

The market research report has also provided a comprehensive analysis of the competitive landscape. Competitive analysis such as market structure, key player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided.

Taiwan Construction Market Report Coverage:

Key Questions Answered in This Report:

• How has the Taiwan construction market performed so far and how will it perform in the coming years?
• What has been the impact of COVID-19 on the Taiwan construction market?
• What is the breakup of the Taiwan construction market on the basis of sector?
• What are the various stages in the value chain of the Taiwan construction market? 
• What are the key driving factors and challenges in the Taiwan construction?
• What is the structure of the Taiwan construction market and who are the key players?
• What is the degree of competition in the Taiwan construction market? 

Key Benefits for Stakeholders:

• IMARC’s industry report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the Taiwan construction market from 2018-2032.
• The research report provides the latest information on the market drivers, challenges, and opportunities in the Taiwan construction market.
• Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the Taiwan construction industry and its attractiveness.
• Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.