The rising consensus in population dwelling in developing economies about owning a house has been on the rise, enticed by ease in availability of finance from banks and other financial institutions. This has encouraged the builders and architects to search for options to build homes at faster rates and reduce the cost so as to match the budget of the customer. One such popular option, coming forward in the fray, is that of prefabricated homes. Also known as ‘Modular Homes’, ‘Prebuilt Homes’ or ‘Prefab Homes’, which are manufactured at one place and then transported to the required site. These homes are usually faster to build and even cheaper than major ‘stick and brick homes’, thus making them an option of choice for many people. The less time required in manufacturing and ease of shifting are amongst the foremost factors driving the demand for prefabricated homes.
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Prefabricated homes offer a quick, affordable path to own a home. The added benefit of building a prefabricated home is material used is generally more sustainable than conventional materials used to build houses. Prefabricated homes also have a benefit that they can either be built completely and then transported or different panels can be transported to the site to be attached later. Some of the prefabricated homes can even move, like containers which are fitted with wheels’ can be taken from one place to another. Innovation carried out in building a prefabricated home is in the vertical of base material used, thermal insulation of walls, etc. These innovations bring betterment in the final product thus making it more attractive for the customers. Thus, the ease of construction as well as utility has been augmenting the demand for prefabricated homes.
Currently, the East Asian region holds the largest share in prefabricated homes market, followed by North America, primarily due to strong consumer preference for prefabricated homes in the East Asian region. Prefabricated homes market is likely to exhibit a steady growth over the forecast period in the European region.
Currently, South Asia is having considerable opportunities in the prefabricated homes market primarily due to the high population, ease of finance, and increase in the spending capability of the people. The governments in the region also are encouraging the buildup of houses for the families dwelling in the region, forming an opportunity for prefabricated homes manufacturers.
The market of prefabricated homes market is consolidated in nature as only few key companies operating in the construction industry hold the major share. The newer entrants are trying to capture the white space available through development of better designs for prefabricated homes.
Some of the key players building prefabricated homes are Champion Home Builders, Inc., Deltec Homes, Lindal Cedar Homes, Inc., Wisconsin Log Homes, Inc., Cavco Industries Inc., Clayton Homes. Inc., among others.
The research report presents a comprehensive assessment of the prefabricated homes market, and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to the segments in the prefabricated homes market, such as type, base material, mobility and region.
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In terms of base materials used, prefabricated homes market is categorized into wood, glass, steel and others. . Prefabricated homes are commonly divided into modular, panelized, pre-cut, shipping container and other types. Modular and panelized homes are generally constructed in pieces and assembled at the site. Currently these segments are most utilized while the market for shipping container-based prefabricated homes are showcasing the higher growth rate, with the ease in availability to build a home in it. Currently prefabricated homes are largely built using steel as the base material, followed by glass. Other base materials can also be utilized significantly more in the future with the development of better alternatives coming into the fray.
Prefabricated homes which are fixed at a site holds the major share currently, although the movable prefabricated homes taking large strides every passing year. The movable prefabricated homes add benefits of reduced investment towards land site, thus making them more liked by the millennial generation. This can also be confirmed by considering the rise in sales of shipping container-based prefabricated homes which are a type of movable prefabricated homes.
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