- The manufactured housing market is a potential market, especially in North America, where the demand for affordable and quality housing is continuously increasing.
- The houses are built in factories, assembled and then transported to the housing site.
- Manufactured housing industry in North America generates significant revenue and the industry is expected to see high value growth over the forecast period.
Tremendous costs of site-built houses is a key concern across major geographies. The steadily increasing inflation rate has led to increases in price of raw materials and commodities, which makes construction of buildings more expensive. Out of necessity, manufactured housing emerged as an alternative solution for providing affordable homes.
The manufactured housing market is a potential market, especially in North America, where the demand for affordable and quality housing is continuously increasing. Manufactured housing is a type of prefabricated housing. The houses are built in factories, assembled and are then transported to the housing site using trucks and trailers. Manufactured housing has brought a revolution in the housing industry, as one can own a house at a price that costs at least 10-20% less than the cost of a site-built home. Further, highly customized interior and exterior designs are available, depending upon the choice of the customer. The manufactured housing industry in North America generates significant revenue and the industry is expected to experience high value growth over the forecast period.
Construction of manufactured houses in the U.S. is governed by the U.S. Department of Housing and Urban Development (HUD), which regulates and authenticates the design, construction, strength and durability of manufactured houses. Manufactured housing market is expected to witness an increased number of annual installations due to the added benefits that manufactured housing offers over site-built homes. Some of these benefits include, no delay in construction due to natural hindrances such as bad weather, risk of damage to building products, unavailability of skilled laborers, etc.
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There are several major factors driving the growth of manufactured housing in North America: Manufactured housing offers home ownership at a lower cost, when compared to the site-built homes. Various architectural styles, both interior and exterior, which can’t be achieved easily in site-built home can easily be deployed in manufactured housing. Technological advancements and focus of manufactures on delivering high quality services to the customers can further fuel the growth of North America manufactured housing market over the forecast period.
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Some of the key factors restraining growth of the manufactured housing market include, lack of customer confidence over manufactured housing, many customers doubt the quality and durability of manufactured housing and thus hold back from investing in such projects. Availability of affordable and attractive home loans for site-built homes can also hamper growth of the manufactured housing market. Furthermore, economic and political fluctuations also tend to affect market growth.
North America manufactured housing market can be segmented by product type (Manufactured Homes, Modular Homes, Panelized Homes), by construction type (Single section and Multi-section).
North American Regional Outlook
In North America, the U.S. accounts for a larger share of the revenue generated from the sales of manufactured housing, whereas Canada holds only nominal share of the revenue. The market in the U.S. is marked by the presence of a large number of manufactured housing manufactures and service providers, who hold significant positions in the local as well as global market. Canada has witnessed a slowdown in construction spending in the recent past. The Canadian manufactured housing market is expected to struggle for growth as the industry has witnessed slowdown in installation rate, however slow recovery is projected over the forecast period.
Examples of some of the market participants identified in the North America manufactured housing market include Nobility Homes Inc., Modular Homeowners, Cavco Industries Inc., Champion Home Builders Inc., Palm Harbor Homes, Fleetwood Homes, Jacobsen Homes, Excel Homes, Woodlund Homes, DUTCH HOUSING INC.. and Chief Custom Homes.
The research report presents a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to market segments such as geographies, application, and industry.
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