According to reports by Global Industry Analysts, Inc. (GIA), the world prefabricated housing market will reach 829,000 units by 2017.
Continuous technological developments, positive governmental regulations, growing promotional activities of manufacturers and ongoing recovery in world economies will act as key growth drivers in the world market. Further, developing countries of Asia and Latin America with profiles of huge population base, unmet needs and rising disposable income present a virtually unexplored zone for the global prefabricated housing industry.
Housing industry in developed markets of UK and US have already underwent a drastic makeover with the introduction of the prefabricated home concept. Beginning from trailers shipped by train to mobile home parks to finally what is known as a factory-built home, the prefabricated housing sector traversed a long windy path of evolution. The present day mobile homes are increasingly being considered permanent dwellings for the middle-income individuals, in many parts of the world, and the sector contributes significant revenues to the entire housing industry.
The charm of a fully furnished house, mainstream locale and low housing costs are main attractions for consumers, particularly single persons, young married couples and aged individuals from rural backgrounds, where fewer housing alternatives are present. Also, with the trend of housing communities taking root, the market for larger and expensive-to-maintain homes is on a steady phase of decline, translating into growing demand for manufactured homes.
Similar to several other industries, the global housing industry too is moving towards a 'Green' identity, marked with an increasing affinity towards prefabricated, eco-friendly and energy-efficient homes in modular designs. The segment of modular homes is moving towards a greener identity with several super housing models boasting of low-carbon footprints frequently emerging in the market. The energy-efficient, environment friendly homes are changing the relatively down market image of the prefab housing type, as consumers increasingly place in high esteem industries that aim at reducing wastage and inefficiency.
Traditionally, the US and Europe together represent two of the largest regional markets, garnering majority share in the global prefabricated housing market, as stated by the new market research report on Prefabricated Housing. In the Asian region, Australian and New Zealand markets are considered pioneers in the factory built housing concept. In the future, rapid development from newer and burgeoning markets of China, India, Taiwan, Korea and others is slated to place Asia-Pacific on the fast track, compelling a strong compounded growth rate of 4.4% through 2017.