Manufactured Housing Market to Reach $38.84 Bn, Globally, by 2027 at 6.5% CAGR: Allied Market Research

PORTLAND, Ore., Jan. 26, 2021 /PRNewswire/ -- Allied Market Research published a report, titled, "Manufactured Housing Market by Number of section (Single Section, Double Section, and Multi-Section), by Location (Private Property and MH Communities), Application (Residential and Non- Residential): Global Opportunity Analysis and Industry Forecast, 2020-2027." According to the report, the global manufactured housing industry was estimated at $27.18 billion in 2019, and is anticipated to hit $38.84 billion by 2027, registering a CAGR of 6.5% from 2020 to 2027.

Drivers, restraints, and opportunities-

Growth in worldwide population, rapid urbanization, rise in government spending on residential construction, availability of mortgage loans, and surge in cost of residential constructions fuel the global manufactured housing market. On the other hand, fluctuations in price of raw materials and lack of skilled manpower impede the growth to some extent. Nevertheless, high-end technological advancements & innovations are expected to create multiple opportunities in the industry.

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Covid-19 scenario-

    --  Prolonged lockdowns caused disruptions in international trade and ceased
        construction processes, thereby affecting the global manufactured
        housing market to a significant extent.
    --  However, several government bodies are now coming up with relaxations on
        the existing dictums and the market is anticipated to get back to its
        previous stance very soon.

The double section segment to dominate by 2027-

Based on number of sections, the double section segment contributed to nearly half of the global manufactured housing market revenue in 2019 and is expected to rule the roost by the end of 2027. The same segment would also portray the fastest CAGR of 6.9% throughout the forecast period. Rise in need for the balance between luxury living and affordability fuels the segment growth.

The MH communities segment to maintain the dominant share-

Based on location, the MH communities segment contributed to more than two-thirds of the global manufactured housing market share in 2019 and is anticipated to lead the trail till 2027, due to appreciation in property value over time. At the same time, the private property segment would manifest the fastest CAGR of 7.3% from 2020 to 2027, owing to shortage of affordable and quality housing.

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North America garnered the major share in 2019-

Based on region, North America garnered the major share in 2019, generating around two-fifths of the global manufactured housing market. The region is anticipated to lead the trail throughout the forecast period. Simultaneously, Asia-Pacific would showcase the fastest CAGR of 8.8% from 2020 to 2027, due to growing population and rapid urbanization.

Key players in the industry-

    --  Cavco Industries Inc.
    --  Cumberland Japan Co. Ltd.
    --  Wigo Group, Nobility Homes Inc.
    --  Omar Park Homes Ltd.
    --  Q Prefab OÜ
    --  Domino Homes SIA
    --  Berkshire Hathaway Inc.
    --  Skyline Champion Corporation
    --  The Commodore Corporation

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