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The manufactured housing market stood at approximately USD 24.42 billion in 2023. The market is estimated to grow at a CAGR of 5.8% in the forecast period of 2024-2032, reaching a value of around USD 40.56 billion by 2032.
Base Year
Historical Year
Forecast Year
Manufactured Housing Market Report Summary | Description | Value |
Base Year | USD Billion | 2023 |
Historical Period | USD Billion | 2018-2023 |
Forecast Period | USD Billion | 2024-2032 |
Market Size 2023 | USD Billion | 24.42 |
Market Size 2032 | USD Billion | 40.56 |
CAGR 2018-2023 | Percentage | XX% |
CAGR 2024-2032 | Percentage | 5.8% |
CAGR 2024-2032 - Market by Region | Asia Pacific | 7.5% |
CAGR 2024-2032 - Market by Country | India | 8.6% |
CAGR 2024-2032 - Market by Country | Canada | 7.2% |
CAGR 2024-2032 - Market by Location | MH Communities | 6.1% |
CAGR 2024-2032 - Market by Application | Residential | 6.6% |
Manufactured housing refers to prefabricated houses that are built and assembled in factories and later transported to the site of use. They are also referred to as mobile homes and their cost of construction is considerably lower than that of traditional houses.
Growing demand for sustainable housing is boosting the growth of manufactured housing market as builders incorporate energy-efficient materials in the construction of modular houses. Walls and roofs of modular houses are built with insulated material to reduce heat loss and leftover scraps are often reused in the building process to reduce the waste.
The introduction of several government initiatives and programmes aimed at increasing funding and promoting prefabricated housing solutions, especially in regions facing housing shortages and high costs of standard houses, is a crucial trend of manufactured housing market anticipated to aid the market in the coming years.
Increased incorporation of smart home technology such as smart thermostats to optimise the heating and cooling for energy efficiency, security features such as intelligent alarms and remote-controlled locks, and smart lighting to adjust the intensity of light and save energy provides impetus to the market predictions growth.
One of the key updates is the extensive revision to the HUD Code, which governs manufactured home construction and safety standards. As per the manufactured housing market dynamics and trends, these changes, announced by the U.S. Department of Housing and Urban Development (HUD), include 90 new or updated standards aimed at making manufactured homes more modern, energy-efficient, and affordable.
Rising Demand for Affordable Housing Supports the Growth of the Global Manufactured Housing Market
According to the United States Census Bureau, from 2019 to 2024, the shipments of new manufactured homes in the United States demonstrated several trends. In 2019, the total number of shipments was 94.6 thousand units and in 2020, 94.4 thousand units were shipped. In 2021, shipments reached 105.8 thousand units, which boosts the growth of the manufactured housing industry. This upward trend continued in 2022, with shipments totaling 112.9 thousand units. The year 2023, however, showed a decline, with 89.2 thousand units shipped. The preliminary data for 2024 suggests a potential rebound, with 42.7 thousand units shipped in just the first five months, indicating a possible return to growth.
From 2017 to 2022, the market volume of prefabricated housing across various European countries experienced notable growth. The United Kingdom exhibited a compound annual growth rate (CAGR) of 3.8% from 2017 to 2022, contributing to the manufactured housing industry revenue. Poland showed significant growth, with a CAGR of 6.9% from 2017 to 2022. Scandinavia experienced a CAGR of 3.5% from 2017 to 2022 while Germany grew by 3.1% from 2017 to 2022. By 2022, the total market volume of prefabricated housing reached 70.1 thousand units, up from 62.3 thousand units in 2018. The global market is influenced by these trends, with an increasing number of countries adopting prefabricated and modular homes to meet housing demands efficiently.
Based on number of section, the market is divided into single section, double section, and multi-section. On the basis of location, the market is bifurcated into private property and MH communities. The manufactured housing market segmentation, on the basis of application, includes residential and non-residential. The major regional markets for manufacturing housing are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
The residential sector occupies a significant portion of the manufactured housing market share and is expected to grow at a CAGR of 6.6% in the forecast period due to the growing demand for affordable houses. These houses are a preferable option for individuals and small families who are looking to own their own place on a budget. Moreover, the rise in the housing crisis in several populated places has led people to gravitate towards modular homes. Such houses can be built using environmentally friendly materials, which reduces the overall utility cost and saves homeowners a lot of money.
As per the manufactured housing industry analysis, North America accounts for a sizeable share of the global market owing to the high cost of traditional houses and their shortage in the region. USA and Canada are expected to grow at CAGRs of 6.2% and 7.2% in the forecast period. Several government bodies aim to increase the production of manufactured to provide affordable housing solutions for low-income families. Moreover, the presence of key players in the region attempting to improve the functionalities of these houses provides a positive outlook for market growth.
CAGR 2024-2032 - Market by | Country |
India | 8.6% |
China | 7.2% |
Canada | 7.2% |
USA | 6.2% |
Australia | 5.1% |
UK | XX% |
Germany | XX% |
France | XX% |
Italy | XX% |
Japan | 4.5% |
Saudi Arabia | XX% |
Brazil | XX% |
Mexico | XX% |
Cavco Industries, Inc., established in 1965 and based in Arizona, the United States, is a manufacturer of pre-made houses. The company provides budget-friendly housing solutions under brand names such as Fairmont Homes, and Fleetwood Homes, among others.
Champion Home Builders, Inc. is a modular or mobile houses company, incorporated in 1953 and headquartered in Michigan, the United States. It offers construction services for residential houses, hospitality, government, and remote workforce, among others.
Clayton Homes, Inc., founded in 1956, is a modular and manufactured housing company, with its headquarters in Tennessee, the United States. It provides the facility of personalising and styling prefabricated homes to the buyers.
Other manufactured housing market players include Domino Homes, Skyline Champion Corporation, Karmod Prefabricated Technologies, General Coach Canada, Ironwood Manufactured Homes, Cumberland Japan Co., Ltd., and Knight Mobile Homes Ltd., among others.
Raw Material Costs
Fluctuations in the prices of raw materials such as lumber, steel, insulation, and other building materials directly impact the cost of modular housing.
Labour Costs
Wages and labour availability can affect the cost of producing manufactured houses, impacting the demand of manufactured housing market.
Energy Costs
The cost of energy required for manufacturing processes, including electricity and fuel, influences production expenses.
Transportation and Logistics Costs
The cost of transporting materials to manufacturing facilities and finished homes to their final destinations impacts overall pricing.
Regulatory Compliance Costs
Costs associated with meeting local, national, and international building codes and regulations, including safety and environmental standards, can affect the final price of manufactured homes.
Technological Advancements
Investments in new technologies and innovations in manufactured home construction processes can influence production costs.
Market Demand
Economic conditions, consumer preferences, and demographic trends influence manufactured housing demand growth.
Land Costs
The cost of land where manufactured homes are placed impacts overall affordability.
Competition
Intense competition may lead to price reductions, while limited competition can allow for higher pricing.
Consumer Confidence and Economic Conditions
General economic conditions and consumer confidence affect purchasing power and demand for manufactured homes.
Customization and Features
The level of customization and additional features offered in manufactured homes impact pricing and manufactured housing market value.
Affordability of Housing
As traditional housing becomes more expensive, the demand for more affordable alternatives like manufactured homes increases.
Economic Conditions
Overall economic health, including employment rates, wage growth, and consumer spending impacts the demand for manufactured housing.
Housing Shortages
In regions facing housing shortages, manufactured homes provide a quicker and often more affordable solution, driving up manufactured housing demand forecast.
Government Policies and Incentives
Government initiatives to promote affordable housing, including tax incentives, subsidies, and relaxed zoning laws, can significantly boost demand for manufactured homes.
Retirement and Aging Population
As the aging population grows, the demand for affordable, low-maintenance living options is expected to rise among retirement communities.
Natural Disasters and Emergency Housing Needs
Manufactured homes are often used as temporary or permanent housing solutions in the aftermath of natural disasters, leading to spikes in demand.
Environmental and Sustainability Concerns
Growing interest in sustainable living and eco-friendly construction can drive demand for sustainable and energy-efficient manufactured homes.
Environmental Regulations
Stricter environmental regulations on traditional home construction can make manufactured homes, which often have a smaller environmental footprint, a more attractive option.
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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The market size was approximately USD 24.42 billion in 2023.
The market is projected to grow at a CAGR of 5.8% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032, reaching a value of around USD 40.56 billion by 2032.
The major market drivers are affordable construction costs and reduced time for completion required for manufactured housing, and a growing population.
Government initiatives to promote affordable housing, including tax incentives, subsidies, and relaxed zoning laws, can significantly boost demand for manufactured homes.
The major regions in the market are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
Various locations are private property and MH communities.
Major companies leading the market are Cavco Industries, Inc., Champion Home Builders, Inc., Clayton Homes, Inc., Domino Homes, Skyline Champion Corporation, Karmod Prefabricated Technologies, General Coach Canada, Ironwood Manufactured Homes, Cumberland Japan Co., Ltd., and Knight Mobile Homes Ltd., among others.
Affordability, energy efficiency, and reduction in construction waste are some major factors boosting the market growth.
Manufactured homes are generally more affordable than traditional site-built homes, providing an accessible option for low- to middle-income families.
Explore our key highlights of the report and gain a concise overview of key findings, trends, and actionable insights that will empower your strategic decisions.
REPORT FEATURES | DETAILS |
Base Year | 2023 |
Historical Period | 2018-2023 |
Forecast Period | 2024-2032 |
Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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Breakup by Number of Section |
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Breakup by Location |
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Breakup by Application |
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Breakup by Region |
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Market Dynamics |
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Competitive Landscape |
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Companies Covered |
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Australia
63 Fiona Drive, Tamworth, NSW
+61 448 06 17 27
India
C130 Sector 2 Noida, Uttar Pradesh 201301
+91-858-608-1494
Philippines
40th Floor, PBCom Tower, 6795 Ayala Avenue Cor V.A Rufino St. Makati City,1226.
+63 287899028, +63 967 048 3306
United Kingdom
6 Gardner Place, Becketts Close, Feltham TW14 0BX, Greater London
+44-753-713-2163
United States (Head Office)
30 North Gould Street, Sheridan, WY 82801
+1-415-325-5166
Vietnam
193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City
+84865399124
United States (Head Office)
30 North Gould Street, Sheridan, WY 82801
+1-415-325-5166
Australia
63 Fiona Drive, Tamworth, NSW
+61 448 06 17 27
India
C130 Sector 2 Noida, Uttar Pradesh 201301
+91-858-608-1494
Philippines
40th Floor, PBCom Tower, 6795 Ayala Avenue Cor V.A Rufino St. Makati City, 1226.
+63 287899028, +63 967 048 3306
United Kingdom
6 Gardner Place, Becketts Close, Feltham TW14 0BX, Greater London
+44-753-713-2163
Vietnam
193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City
+84865399124
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