Market Size of Global Manufactured Homes Industry
Study Period | 2020 - 2029 |
Base Year For Estimation | 2023 |
CAGR | 5.00 % |
Fastest Growing Market | North America |
Largest Market | North America |
Market Concentration | Low |
Major Players*Disclaimer: Major Players sorted in no particular order |
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Manufactured Homes Market Analysis
The manufactured homes market is estimated to register a CAGR of greater than 5% during the forecast period. Supply chain issues related to the COVID-19 pandemic made it difficult to buy a home at affordable prices. Thus, more people have started turning to manufactured homes to achieve the dream of homeownership. As housing costs increase due to lumber price spikes and concrete shortages, many homeowners favor manufactured homes, leading to market growth.
- Construction costs for manufactured homes are typically lower, which may have contributed to their growing popularity in recent years. The rents in the manufactured home communities are also lower. According to a report, rent prices for a one-bedroom apartment are USD 1,600 per month. In contrast, mobile home park lot have an average rent of nearly USD 300 per month, and mobile home living becomes a uniquely affordable housing option for the general population.
- In a strong economy, housing price increases make it even harder for low-wage workers to afford a house. In a weak economy, job loss and wage reduction mean that more people need access to affordable housing. Thus, mobile home parks can do well regardless of economic turn. This ensures the growth of the market in all kinds of economic situations.
- Unlike single-family homes and apartment complexes, mobile homes can be manufactured in a fraction of the time of fixed construction, allowing them to keep pace with demand. While low home inventory is driven partly by overwhelming demand, it is also affected by a shortage of skilled workers and supply chain interruptions that keep building projects from being completed. Across the globe, the construction industry faces these issues. These can be circumvented through the faster, more efficient processes associated with mobile home manufacturing, thus making the market's growth more certain.
- A recent study reveals 90% of people are satisfied with their mobile or manufactured home. 71% of residents cite affordability as the key driver for manufactured housing. About 62% of manufactured and mobile home residents anticipate living in their homes for another 10 years, and 38% don't ever anticipate selling their homes. North America leads the global manufactured homes market, with the United States being the leading country in North America.
- There are an estimated 4.3 million manufactured home sites in the United States. Approximately 31% of new manufactured homes are placed in a community. Manufactured housing industry trends and statistics show 22 million people in the United States live in manufactured or mobile homes. Manufactured homes make up 9% of annual new home starts, and about 76% of new manufactured homes are titled as personal property.
Manufactured Homes Industry Segmentation
Manufactured homes are built as dwelling units of at least 320 square feet with a permanent chassis to assure the initial and continued transportability of the home. The requirement to have a wheeled chassis permanently attached differentiates manufactured housing from other types of prefabricated homes, such as modular homes. The manufactured homes market is segmented by type (single-family and multi-family) and by geography (North America [US, Canada, and Mexico], Europe [Germany, UK, France, Italy, Spain, and the rest of Europe], Asia-Pacific [India, China, Japan, and Rest of the Asia-Pacific], and the Rest of the World [Latin America, and the Middle East and Africa]). The report offers market size and forecast values (USD billion) for all the above segments.
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Global Manufactured Homes Market Size Summary
The manufactured housing industry is experiencing significant growth, driven by the increasing demand for affordable housing solutions amid rising construction costs and economic fluctuations. The market is characterized by its ability to offer cost-effective alternatives to traditional homes, with manufactured homes being mass-produced and assembled efficiently, which helps to mitigate the impact of supply chain disruptions and labor shortages that have plagued the construction sector globally. This affordability is further enhanced by lower community rents compared to traditional housing options, making manufactured homes an attractive choice for many, regardless of economic conditions. The industry's resilience is underscored by its capacity to meet housing demands swiftly, as manufactured homes can be produced in a fraction of the time required for conventional construction, ensuring a steady supply to the market.
North America leads the global manufactured housing market, with the United States at the forefront, supported by a robust infrastructure of manufactured home communities and a growing acceptance of prefabricated construction. The market is fragmented, with several key players like Cavco Industries, Clayton Homes, and Skyline Champion Corporation dominating, yet still allowing opportunities for new entrants to innovate and compete. Environmental considerations also play a crucial role in the industry's growth, as manufactured homes are designed to be more energy-efficient and generate less waste compared to traditional homes. Recent regulatory changes and acquisitions, such as Cavco Industries' acquisition of Solitaire Homes, highlight the ongoing consolidation and strategic expansions within the market, aiming to enhance product offerings and meet evolving consumer demands for sustainable and affordable housing solutions.
Global Manufactured Homes Market Size - Table of Contents
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1. MARKET INSIGHTS
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1.1 Current Market Scenario
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1.2 Value Chain / Supply Chain Analysis
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1.3 Technological Innovations in the Manufactured Homes Market
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1.4 Government Regulations and Initiatives in the Industry
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1.5 Insights into Manufactured House Costs
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1.6 Impact of COVID-19 on the Market
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2. MARKET SEGMENTATION
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2.1 By Type
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2.1.1 Single Family
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2.1.2 Multi Family
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2.2 By Geography
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2.2.1 North America
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2.2.1.1 US
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2.2.1.2 Canada
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2.2.1.3 Mexico
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2.2.2 Europe
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2.2.2.1 Germany
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2.2.2.2 UK
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2.2.2.3 France
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2.2.2.4 Italy
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2.2.2.5 Spain
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2.2.2.6 Rest of the Europe
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2.2.3 Asia-Pacific
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2.2.3.1 India
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2.2.3.2 China
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2.2.3.3 Japan
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2.2.3.4 Rest of the Asia-Pacific
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2.2.4 Rest of the World
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2.2.4.1 Latin America
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2.2.4.2 Middle East and Africa
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Global Manufactured Homes Market Size FAQs
What is the current Global Manufactured Homes Market size?
The Global Manufactured Homes Market is projected to register a CAGR of greater than 5% during the forecast period (2024-2029)
Who are the key players in Global Manufactured Homes Market?
Clayton Homes, Skyline Champion Corporation, Karmod Prefabricated Technologies, Adria and Cavco industries are the major companies operating in the Global Manufactured Homes Market.