The global manufacturing houses market was valued at USD 16,854.9 Million in 2019 and is projected to reach USD 21,200.7 Million by 2027, expanding at a CAGR of 3.3% during the forecast period. Availability of better-quality houses and less construction. The demand for manufactured housing is increasing globally, as they are affordable and provides or better-built quality than site-built dwellings. The cost of construction of manufactured houses per square foot is usually considerably less than the traditional houses that are constructed on-site. In terms of construction quality, amenities, style, and public perception, manufactured houses provide almost the same quality as a site-built dwelling. In the US, the Department of Veterans Affairs and the Federal Housing Administration provide manufactured-housing loan programs for promoting housing affordability among the targeted demographic.
Manufacturing Houses is segmented as product type and construction type. On the basis of construction type, it is segmented as single section and multi section. Based on product type, it is segmented as manufactured homes, modular homes and panelized homes. Manufactured homes are projected to be attractive segment during the forecast period. These homes are preferred by people as they are more cost-effective than other homes and saves money, in terms of the overall cost. This type of home is popular in the countries where the population is low and the land is available for less price. People in many countries are preferring for manufactured homes over the traditional ones because it requires less manufacturing cost and easy financing is available for these kinds of homes compared to traditional houses. The construction cost of manufactured homes is approximately half the price of traditional homes that are built on-site and they still provide the same luxury amenities of traditional homes.
The market is driven by factors such as availability of better-quality houses, requirement of less construction time, rising in demand for energy-efficient houses, and growth construction spending. Conversely, low perceived resale value, highly competitive market, and lack of awareness among people are acting as key restraints of this market. Untapped opportunities in emerging countries and rising investment in research and development are expected to create opportunities for market in the future. Today’s manufactured housing have amazing interiors and modern residential outlook from outside. People are getting attracted to manufactured housing as they provide features such as a bright modular kitchen, spacious bedroom, a cozy fireplace, walk-in closets, garden tub, plus crown molding, and branded home appliances. This drives the growth of the manufacturing homes in the estimated forecasts period.
Growth in the Construction Spending
Around the world, money spent on the construction industry is increasing; however, developers or manufacturers are looking to decrease the cost and time of construction. This has led to more production of manufactured houses, as they are built-in a factory, require less labor, and the overall construction time required is less. These factors are expected to drive the market in the future.
Rising demand for energy efficient houses and Requirement of less construction time
The modern manufactured houses are energy-efficient as factories employ energy-efficient appliances with manufactured houses. Manufacturers take care in making each manufactured houses, as they need to be tightly constructed with efficient water heaters, cooling and heating systems, and high-performance windows. Manufactured houses are considered to be 50% more efficient than on-site houses, and hence growing demand for energy-efficient houses fuels the need for manufactured houses. In manufactured houses modules or components such as stairs, floors, balcony, and exterior walls are manufactured in batches in a factory. On-site labor, required in the construction of traditional houses, are replaced with machinery in manufactured houses, thus reducing the production cycle time of construction. Moreover, parallel production utilization is better in factory. Thus, the demand for manufactured housing is expected to increase, as the time required for construction is less.
Based on construction types, the manufactured housing market is bifurcated as a single section and multi-section. A single section manufactured house is projected to hold a significant share of the market. Single section houses can be spacious or compact and they come with a lot of different configurations, lengths, and widths. This type of home is considered to be perfect for first-time homebuyers, couples, and single individuals. Single wide houses require less time to build than multi-section houses and stranding price single wide houses is also less as it requires less construction material. Single section houses are considered to be one of the most versatile types of factory-built in houses as they provide a wide range of designs and layouts within a relatively small footprint.
Based on product type, the manufacturing houses market is segmented into manufactured homes, modular homes and panelized homes. The modern manufactured homes provide the same luxury amenities which are found in traditional new homes such as artisanal fixtures, countertops, and granite. This type of home is popular in the countries where the population is low and the land is available for less price. People in many countries are preferring for manufactured homes over the traditional ones because it requires less manufacturing cost and easy financing is available for these kinds of homes compared to traditional houses. The construction cost of manufactured homes is approximately half the price of traditional homes that are built on-site and they still provide the same luxury amenities of traditional homes. Thus, driving the demand for the manufactured homes market. Panelized homes are anticipated to expand at a substantial CAGR, as they are less susceptible to weather damages during construction and they provide high quality of precision engineering.
In terms of regions, the market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is a promising region for the market. It constituted a two fifth share of the market in 2020. The market in the region is projected to expand at a CAGR of 3.4% during the forecast period. Asia Pacific is expected to lead the global market, accounting for a market share of one fifth by the end of the forecast period. The growth of the manufacturing houses market is attributed to factors Asia-Pacific region is expected to develop in this market during the forecast period due to rise in building of manufacturing units in the countries of Asia-Pacific such as China and Korea.
Some frequently asked quetions about this report!
Additional company profiles can be provided on request.
Yes, the report covers product specific pricing information and also provides forecast trends.
According to this Growth Market Reports report, the market of manufacturing houses is expected to register a CAGR of nearly 3.3% during forecast period 2020-2027, with an anticipated valuation of USD 21,200.7 million by the end of the 2027.
In addition to market size (in USD Million), company market share (in % for base year 2019), market share of top five US and China based companies (in % for base year 2019), SWOT analysis of US based and China based companies and other data such Macro-economic factors, GDP on the Manufacturing Houses market is available in final report.
The increasing demand for energy efficient houses accelerated demand for manufacturing houses is expected to drive market growth.
Factors such as competitive strength and market positioning are key areas considered while selecting top companies to be profiled.
The market is expected to witness a minimal growth of over 0.5% between 2019 and 2020 owing to the negative impact of COVID-19 pandemic on the manufacturing houses market.
The base year considered for the global Manufacturing Houses market report is 2019. The complete analysis period is 2017 to 2027, wherein, 2017 & 2018 are the historic years and the forecast is provided from 2020 to 2027.
Individuals, Housing Societies, People Communities and Housing cities of corporate companies are the key end-user that are driving the Manufacturing Houses market.
Major Manufactures include, Hadaka Manufacturing Houses includes Nobility Homes, Inc., Cavco Industries Inc., SkylineChampion Corporation, Jacobsen Homes, Excel Homes, American Homestar Corporation, CHM Services Inc., Algeco, RED SEA INTERNATIONAL, Scotbilt, The Commodore Corporation, SEKISUI HOUSE LTD.
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