The global construction market is forecasted by GlobalData to grow by 1.8% in real terms in 2023, having grown by 1.7% in 2022. While the residential construction market in many countries will decline, this will be offset by high growth in the infrastructure sector, with output rising by 8.3% in real terms. GlobalData tracks and profiles all major construction projects from announcement to completion. For further insight on this market, buy the latest profiles here.
Driving growth in the market in 2022 and over the remainder of the decade are a potential 135 mega hydroelectric projects, costing over $100m each. Here are the largest automotive construction projects initiated globally in Q2 2023, according to GlobalData’s construction projects database.
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1. Greer Electric Vehicle Production Facility
The project involves the construction of an electric vehicle production facilities in Greer, South Carolina, the US.
Construction work started in Q2 2023 and is expected to be completed in Q4 2030.
The project aims to prepare for the production of electric vehicles at the company’s existing U.S. manufacturing facilities in South Carolina
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2. Krishnagiri EV Manufacturing Park
The project includes the construction of an EV cell manufacturing plant and an EV four-wheeler manufacturing plant on 81ha of land in Tamil Nadu, India.
Construction work commenced in Q2 2023 and is expected to finish in Q4 2026.
The project aims to increase the production of EVs and EV parts in the region.
3. Ruse Car Heater Manufacturing Plant
The project involves the construction of a 17,000m2 manufacturing plant with a production capacity of 2.4 million heating devices per annum on 5.3ha of land in Ruse, Bulgaria.
Construction work started in Q2 2023 and is forecast to complete in Q4 2023.
The project aims to meet the demand for EV parts in the European market which is seen to rise sharply in the medium term, the family-owned company. Buy the profile here.
4. Kratie Car Tire Manufacturing Plant
The project involved the construction of a tire manufacturing facilities on a 40ha land with a production capacity of 8.5 million radial tires a year in Kratie province, Cambodia.
Construction work commenced in Q2 2023 and is expected to be completed in Q3 2025.
5. Abilene Bandag Retread Tire Plant Expansion
The project involves the expansion of the plant by 4,645m2 floor area in Abilene, Texas, the US.
Construction work started in Q2 2023 and is expected to be completed in Q1 2025.
The project aims to meet the demand of rapid growth of retread business, and growing demand for the Bridgestone Americas’s tread rubber products, driven by the rapid growth of its retread business.
For more details on the latest construction projects, buy the profiles here.
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GlobalData’s Construction Projects database tracks over 220,000 new construction projects valued at >$25m from announcement to completion across all countries and sectors.
