Reasons Why Manufactured Housing Has Become a Preferred Choice among Individuals in Many Developing Countries

According to Allied Market Research, the global manufactured housing market is anticipated to grow at a CAGR of 6.5% from 2020 to 2027. Growing population along with rapid urbanization has worked as the major factor increasing the demand for affordable housing in the developed and developing economies.

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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)

Manufactured housing can be regarded as a groundbreaking solution for people looking for reasonable and high-class accommodation across the globe. The housing unit is delineated and constructed in a manufacturing unit and once fully processed, is conveyed and mounted at the desired site. As per the surveys conducted by Manufactured Housing Institute in the United States, cost of manufacturing per square foot is significantly less for manufactured housing divisions in comparison with on-site conventional homes. In the last few years, there’s been a steep rise in the acquisition of manufactured housing in non-residential structures. This is attributed to huge savings of time and overall decline in the construction cost. For the Americans, manufactured housing has now turned out to be a cost-effective solution to buy their own homes.

Covid-19 Scenario Analysis

Here, it’s worth mentioning that the outbreak of covid-19 led to distorted operations of most of the organizations across the world. The disrupted supply chain, extended lockdown, and several social distancing measures gave way to lack of manpower. This, in turn, affected the market especially during the first phase of the lockdown. However, the situation is gradually getting better and the market is projected to revive soon in terms of revenue.

Key Players

Key companies profiled in the report for the manufactured housing market include Berkshire Hathaway Inc., Cavco Industries Inc., Cumberland Japan Co. Ltd., Domino Homes SIA, Nobility Homes Inc., Omar Park Homes Ltd., Q Prefab OÜ, Skyline Champion Corporation, The Commodore Corporation, and Wigo Group.

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Author’s Bio- Koyel Ghosh is a blogger with a strong passion and enjoys writing on miscellaneous domains, as she believes it lets her explore a wide variety of niches. She has an innate interest for creativity and enjoys experimenting with different writing styles. A writer who never stops imagining, she has been serving the corporate industry for the last three years.

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