The manufactured housing market is estimated to gain positive growth across the assessment period of 2020-2030 on the back of the rising demand for quality and affordable housing in various regions around the world. The growing influence of urbanization across many countries is also expected to bring tremendous growth opportunities for the manufactured housing market during the forecast period of 2020-2030.
- The overwhelming adoption of manufactured housing in non-residential sectors is adding extra stars of growth. The increasing levels of urbanization in densely populated countries such as China and India will further bring immense growth prospects for the manufactured housing market. The government bodies of these countries are investing extensively in providing good housing facilities to all their citizens. New incentives and schemes are also being launched. All these aspects bode well for the growth of the manufactured housing market.
- Strategic collaborations between the players and the government and non-government organizations will play a vital role in the growth of the manufactured housing market. Mergers, acquisitions, joint ventures, and partnerships help in strengthening the foothold of the players in the manufactured housing market, eventually increasing the growth rate. These factors will help in the overall growth of the manufactured housing market.
Global Manufactured Housing Market: Overview
Manufactured housing is a type of readymade housing solution that involves assembly in factories and then transport to sites of use. It is noteworthy here that more and more people are opting for these homes over traditional ones because of lesser manufacturing costs, huge savings on time spent in moving in and easy financing available to these homes as compared to traditional homes. House prices rose by 5% in the Euro area (EA19) and by 5.5% in the first quarter of 2020 compared with the same quarter of the previous year. Since traditional housing options are growing increasingly expensive, innovations such as manufactured housing will stand out in the near future. Transparency Market Research projects a sturdy growth rate for the global manufactured housing market over the period of 2020 to 2030.
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Global Manufactured Housing Market: Competitive Landscape
The manufactured housing market is consolidated on a regional level owing to presence of a small number of manufacturers in mostly developed regions of the world. Top-tier players operating in global manufactured housing market are listed below:
- Nobility Homes
- Modular Homeowners
- Cavco Industries
- Champion Home Builders
- Palm Harbor Homes
- Fleetwood Homes
- Jacobsen Homes
- Excel Homes
- Woodlund Homes
- Dutch Housing
- Chief Custom Homes
These manufacturers are expected to grow and expand into the current global scenario which is drawing away from traditional, handmade housing and is ready to accept these cheaper and more viable housing options. To tap into these opportunities, players are opting for measures that fall across multiple points of the organic and inorganic continuum.
Global Manufactured Housing Market: Key Trends and Drivers
- Manufactured houses offer ownership at lower costs as compared to traditional houses. Various architectural designs which cannot be easy to design in traditional homes can easily be supplanted in manufactured houses. Players focus on providing impressive services to customers, which combined with advancements in technology, is expected to fuel growth of the market over the forecast period
- A key factor limiting growth of this market is uncertainty over manufactured housing among uninitiated consumers with many yet doubtful over the quality and durability of these houses, leading to hesitation from investing in these projects. However, with awareness programs and growing trust, this would be counterbalanced.
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Global Manufactured Housing Market: Regional Analysis
In North American manufactured housing market, the United States of America holds a lion's share, whereas Canada features lower in the demand for readymade housing. Market growth in the country is brought about by presence of many top players, who hold significant positions in the market, both local and global. It is pertinent to note here that Canada has not spent much on housing construction in the recent past; hence the manufactured housing market in the country is expected to struggle for growth. However, a recovery is projected in the future, owing to the relaxed immigration policies of Canada leading to the influx of a large number of foreign migrants looking for cheap homes.
The Asia Pacific region yet projects sluggish growth due to a conservative outlook towards housing and an attachment to old, traditional family residential spaces. Also, since space is at a premium in these regions, high rise apartments are due to find more acceptance than manufactured houses. However, with growing adoption, even if in other countries, would emerge growing trust, leading to growth in the regional market.
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