Prefabricated Homes Market Expands with 6.19 Percentage CAGR, Driving Revenue Growth

The Prefabricated Homes Market size was valued at USD 17.5 Billion in 2023 and the total Prefabricated Homes revenue is expected to grow at a CAGR of 6.19% from 2024 to 2030, reaching nearly USD 26.65 Billion in 2030. The major driving force behind this growth is rapid urbanization and crucial advancements in construction technologies.

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Reasons for the market growth and opportunity

The explosive growth of urban populations has created an increasing need for low-cost, high-throughput housing solutions. The demand for it been met with a feasible solution, affordable prefabricated homes that do not take long to build. Because they are modular, they can be occupied quicker than traditional construction methods, which will reduce holding costs, making them a welcome option for those who wish to stay in urban areas.

Moreover, the advancement of technology has been complementing the sales of prefabricated homes. But better construction materials, design programmes, and manufacturing processes have added quality, sustainability, and flexibility to prefabricated buildings. This innovation has led to significant advances that have improved the aesthetic and durability of prefabricated houses, but also increased their applicability for use in various sectors from residential delivery to industrial and commercial designs.

Government initiatives such as the PMAY scheme and efforts to provide eco-friendly and affordable housing have contributed to the expansion of the market. Policies that are promoting prefabricated construction techniques and providing incentives for green construction techniques have attracted both the builders and the consumers towards a prefabricated house. Such regulatory support is anticipated to continue boosting growth in the market over the next several years.

Segmentation Analysis

Prefabricated homes model is divided into type of construction, sort, fabric.

By Construction Type:

Single-Family homes: This segment dominated the market in 2022, with almost three-fifths of the total revenue of the prefabricated homes market. Prefabricated single-family homes are the most common type of houses produced from prefabricated materials as they are inexpensive, durable, and they use faster assembly times, thus appealing most to individual home buyers.

Multi-Family Homes: With a forecasted CAGR of 7.2% between 2023 and 2030, this segment meets the demand in urban regions where high population density and lack of space make multi-family units a favorable housing option. We address these challenges through prefabricated, multi-family homes which provide a cost-effective, scalable solution.

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By Type:

Permanent Prefabricated Homes: Permanent prefabricated homes are cost-effective, strong, and customizable; in 2022, they accounted for over two-thirds of the market share. These are long-term structures and designed to stand the test of the weather.

Type: Relocatable prefabricated homes are expected to grow at the highest CAGR of 7.6% from 2024 to 2029, as these types of homes can be easily transferred from one site to the other for temporary housing. These houses can be easily transported and set up, making them perfect for remote work sites, temporary housing, or even housing after repairs.

By Material:

Wood: In 2022, wood was the largest segment in terms of material share accounting for more than two-thirds revenue of the market owing to its cost-effectiveness, lightweight, easy construction, and eco-friendly nature. This in turn makes it increasingly popular in the construction of prefabricated homes due to its natural insulation and aesthetic appeal.

Others (Advanced Composites): This segment is expected to witness the highest CAGR of 9.8% during the forecast period. Increasing utilization of advanced composite materials owing to higher strength-to-weight ratios and durability coupled with its potential for innovative architectural designs

Regional Analysis

Asia-Pacific:

Prefabricated Homes Market: Asia Pacific to Lead Market Share in 2022 About Prefabricated Homes Market: 2023) The Asia Pacific region represented close to half of the total market revenues in 2022 and has emerged as the biggest market for prefabricated homes. In countries like China, Japan and India, such massive investments on infrastructure development along with a considerable amount of urbanization and quick adoption of prefabricated construction methods have played a key role in boosting the market growth. In most locations, particularly in big cities, the necessity for affordable housing solutions has helped to significantly boost the use of prefab houses in this part of the world.

Latin America, Middle East and Africa (LAMEA):

LAMEA accounted for one-fifth of the global market share and is projected to deliver the highest CAGR of 8.4% during the forecast period. Population growth and rise in the development of infrastructure are some of the factors driving this growth. These regions are witnessing significant housing shortages, pushing governments to recognize the advantages of prefabricated construction and implementing robust policies for the growth of the market.

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Competitor Analysis

The prefabricated homes market appears to be competitive on account of multitudes of manufacturing companies fiddling to fortify their foothold in the market. Notable companies include:

Aakash Group: A major player in the Indian market, Aakash Group specializes in providing affordable prefabricated housing solutions according to the requirements of different types of customers.

ATCO Ltd.: Based in Canada, ATCO Ltd specializes in innovative prefabricated structures and has a wide range of offshoots that include residential, commercial, and industrial units.

Giant Containers, Inc.: A well known name for their shipping containers with modular, prefabricated homes or commercial spaces with sustainable and modern design.

Honomobo Corp.: Honomobo creates sleek and modern homes that are modular and factory-built with a focus on energy-efficiency and appeal.

Savills plc Savills plc is an international real estate services provider which has launched in the prefabricated homes market to offer consultancy and development services to cater for the expanding modular housing needs.

These firms are emphasizing product development, alliances, and geographical reach in order to grow market shares. For example, partnerships are forming between banks and modular housing companies to tackle housing shortages. The CBA has altered its lending policies, which previously supported prefabricated housing, to allow customers to access as much as 60% of the entire contract price before the home is placed onto the site.

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