Manufactured Housing Market To Reach $38,848 Million by 2027, Registering a CAGR of 6.5% | Says AMR
Manufactured Housing Market Size, Share, Competitive Landscape and Trend Analysis Report by Number of section 2020-2027
WILMINGTON, DELAWARE, UNITED STATES, June 15, 2024 /EINPresswire.com/ — Growth of the global manufactured housing market is driven by growth in population and rapid urbanization around the globe. For instance, according to the European Commission, 56% population of Africa and 64% population of Asia will live in urban areas by 2050. This is expected to result in the demand for affordable and quality housing, which is anticipated to boost the growth of the market during the forecast period.
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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Driving Demands:
The growing demand for manufactured homes can be attributed to their features, such as affordable construction costs, shorter construction lead times, and real-time quality control throughout the building process. Technological advancements, including computer-aided design and manufacturing, as well as 3D printing and construction robotics, are anticipated to further increase the demand for manufactured housing globally.
For instance, Blueprint Robotics Inc., a U.S.-based construction robotics startup, utilizes advanced robots and Building Information Modeling (BIM) for off-site housing unit manufacturing. Construction experts believe that manufactured housing offers a promising solution to address the global shortage of affordable housing.
In 2019, North America led the global manufactured housing market in terms of revenue, accounting for approximately 40.0% of the market share, followed by Europe and Asia-Pacific. The market growth in North America can be linked to rising housing unit prices. For example, data published by the Federal Reserve Bank of St. Louis in July 2020 indicated that the median selling price of houses in the U.S. increased by 5.1% in the first quarter of 2020 compared to the first quarter of 2019. The Asia-Pacific region is projected to register the highest compound annual growth rate (CAGR) of 8.80% during the forecast period, driven by rapid population growth and urbanization.
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Top Players:
The key players profiled in the manufactured housing market report include 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 Findings Of The Study:
The report provides an extensive analysis of the current and emerging manufactured housing market trends and dynamics.
Depending on number of sections, the double section segment dominated the manufactured housing market, in terms of revenue in 2019 and is projected to grow at a significant CAGR during the forecast period.
By location, MH communities has the highest share of revenue in 2019
By application, the residential segment registered highest revenue in 2019.
Asia-Pacific region is projected to register the highest growth rate in the coming years.
The key players within the manufactured housings market are profiled in this report, and their strategies are analyzed thoroughly, which help understand the competitive outlook of the manufactured housing industry.
The report provides an extensive analysis of the current trends and emerging opportunities of the market.
In-depth manufactured housing market analysis is conducted by constructing estimations for the key segments between 2020 and 2027.
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About Us:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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Allied Market Research
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