Tiny House Market
Available in just a fraction of the price as compared to the prices of traditional residential properties in real estate industry, products in the global tiny house market i.e. tiny houses have created a unique market position within the niche luxury homes segment. These houses can range between 60 square feet to 400 square feet in terms of size. Certain products in the global tiny house market also feature means to make the transportation of these houses easy and convenient. Some tiny houses are placed on wheels to assist in the movement of the house. Rising costs related to the construction of conventional houses and increasing demand from baby boomers and millennial age groups for affordable housing solutions are two key factors stimulating growth in the global tiny house market in coming years.
Participants in the global tiny house market are focusing on developing newer, lighter, and more affordable materials for the construction of these tiny houses. They are striving to meet the consumer requirements for the mobile homes that display various advanced and smart features. High customizability and premium nature of these houses are also some of the key selling points for the products in the global tiny house market. These tiny houses can also help their users to reduce their overall environmental impact as they are compact, highly energy efficient, and provide greater scope for the utilization of sustainable energy sources. Many products in the global tiny house market feature a solar powered energy systems.
Global Tiny House Market: Overview
Living in a house that is free from any kind of utility bills, mortgage, and rent is more like eternal bliss. These days, it is possible to live in houses that produce its own water and generates electricity bill. Even more, such houses can be built by an individual at a very affordable price. In a rapidly changing world, environment friendly and economic forces constantly ask us to re-evaluate how we live on this planet. The Tiny House Movement has gained immense popularity in the US and is gaining momentum outside the country as well. With current economic crisis induced by global pandemic, Civid-19, it is expected that tiny houses will gain considerable popularity across the globe, thanks to its low cost. Outbreak of novel coronavirus is likely to boost growth of the global tiny house market in the years to come. Tiny houses are all about living beautifully, simply, and yet one can have everything one needs.
Product and region are the two important parameters based on which the global tiny house market has been classified. Such dissection of the market comes with the purpose to offer stakeholders with a detailed and clear analysis of the global tiny house market.
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Global Tiny House Market: Notable Developments
One of the developments that offer a glimpse of the market dynamics about the global tiny house market is mentioned below:
- In August 2019, Based out of Arizona, the US, Cavco Industries, Inc. is a prominent designer and makers of systems-built structures. The company made acquisition of Georgia-based Destiny Industries, LLC. The acquired company offers modular, manufactured, and affordable housing solutions to independent retails distributors in the south-eastern parts of the US. With this acquisition, Cavco Industries is expected to widen its geographical footprint and cater to more customers across the nation.
Some of the prominent organizations in the global tiny house market comprise the below-mentioned:
- Tumbleweed Tiny House Co.
- Skyline Champion Corp.
- CMH Services Inc.
- Tiny SMART House Inc.
- Cavco Industries Inc.
- Humble Hand Craft
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Global Tiny House Market: Key Trends
The global tiny house market is characterized by the presence of the following restraints, drivers, and opportunities.
Demand for Energy Efficient Homes to Pave Way for Rapid growth of the Market
The global tiny house market is likely to be driven by the rising cost of living together with very high interest rate of home loans. High interest rates on home loans have been driving consumers to look for affordable housing solutions. Consumers are also getting increasingly interested in homes that have low maintenance cost, are energy efficient, and environment friendly. Growing interest and spending on such cost effective, environment-friendly tiny houses is likely to shoot up the demand for the product in the years to come.
There has been a growing interest amongst the manufacturers to build tiny houses so as to considerably reduce the impact of the house owners on the environment. In comparison with conventional residences, tiny houses are highly energy efficient as well. Tiny houses require very less electrical fixtures and electronic equipment, which often result in the reduced cost of energy in the long run. In addition to that, many of the tiny houses are powered by solar energy, which further reduces the cost of energy. Many of the tiny house owners go for spraying of clear coating metallic oxide to regulate temperatures at these houses. All these factors are likely to support growth of the global tiny house market in the years to come.
Global Tiny House Market: Geographical Analysis
North America is forecasted to be one of the promising regions in the global tiny house market and is expected to retain its dominance over the tenure of forecast. The Tiny House Movement has popularized the ides of tiny houses, which is likely to offer huge opportunities to the players in the global tiny house market in the years to come.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.