Manufactured housing offers a fast, affordable solution for millennials seeking quality homes. The market is set to grow, driven by urbanization and cost efficiency.
Manufactured houses, commonly known as mobile homes or modular homes, are the modern kind of houses that are constructed entirely in a factory and then attached to a trailer chassis in order to move them to desired places. These type of houses are primarily divided into multiple sections. Once the construction is over, the sections are then assembled together to peruse a full fledge building block.
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The manufacturing period for such houses may take several days to several weeks, depending on the size unit and required customization of the house. But still, the construction of manufactured houses are way faster than that of traditional houses. All the materials such as wood, cement, bricks, steel, copper, glass etc. which are used for regular house construction are also essential for the construction of manufactured homes.
Reasons for the growth of the global manufactured houses market:-
According to a report published by Allied Market Research, the global manufactured houses market size is projected to register a significant CAGR from 2019-2027. The factors like increase in urbanization and rise in population in almost all the developed and developing countries like U.S., U.K., Canada, India, China, Russia, Brazil etc. have led to a rise in demand for affordable housing.
The global manufactured housing market size was valued at $127,188.0 million in 2019, and is projected to reach $38,848.50 million by 2027, registering a CAGR of 6.5% from 2020 to 2027.
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Undeniably, in order to have an affordable and quality accommodation, there is no better choice than a manufactured home. Besides this, the non-residential buildings such as hotels, shopping malls, offices, schools etc. are majorly looking for adoption of manufactured buildings in order to save the considerable time for construction and to reduce their overall construction cost. Also, the major players are constantly making efforts to become competitive in the manufactured house market by improve their product offerings to the customer.
Key Market Players
Berkshire Hathaway Inc., Cavco Industries Inc., Cumberland Japan Co. Ltd., Domino Homes SIA, Nobility Homes Inc., Omar Park Homes Ltd., Q Prefab OÜ, Skyline Champion Corporation, The Commodore Corporation, and Wigo Group.
Key Market Segments
By Number Of Section
By Location
By Application
By Region
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The article discusses why millennials are embracing manufactured housing as a modern, affordable housing solution.
They are popular due to their affordability, faster construction times, and adaptability to urban growth.
The market is expected to grow significantly, with a CAGR of 6.5% from 2020 to 2027.
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