Press release
Prefabricated Homes Market to Grow from $20.4B in 2022 to $38.9B by 2032 at 6.7% CAGR
According to a report by Allied Market Research, the global prefabricated homes market, valued at $20.4 billion in 2022, is projected to reach $38.9 billion by 2032, growing at a CAGR of 6.7% from 2023 to 2032. In 2022, Asia-Pacific led the market in revenue, while the LAMEA region is expected to exhibit the highest CAGR during the forecast period.
Market Overview
Prefabricated homes are dwellings constructed in sections within a controlled factory environment, then transported and assembled on-site. Utilizing materials such as steel, wood, or concrete for components like walls, floors, and roofs, these homes offer precision, quality, and reduced construction time compared to traditional methods. Their modular design allows for customization, durability, cost-effectiveness, and eco-friendly attributes, with minimal environmental impact during assembly.
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Key Drivers
The market is driven by rising demand for cost-effective, time-efficient housing solutions and government initiatives promoting green building practices. Prefabricated homes reduce construction costs and timelines, making them appealing for addressing housing shortages. The use of sustainable materials, such as recycled steel or wood, aligns with global sustainability goals. For example, government policies supporting affordable housing, disaster relief, or urban redevelopment are boosting demand for prefabricated construction.
Industry Developments
Manufacturers are expanding operations to capture market growth. In December 2022, SG Blocks, Inc. acquired 25 acres in Denison, Texas, to develop modular buildings, strengthening its position as a key player. Similarly, in January 2023, ATCO Ltd.'s structures division acquired Triple M Modular Housing in Lethbridge, Alberta, establishing a specialized housing division in Canada to enhance its market presence.
Competitive Strategies
Key players are focusing on convenience-driven solutions and global expansion to increase market share. The use of repurposed shipping containers for home construction has gained traction among architects and builders, offering innovative, cost-effective designs. Additionally, companies are leveraging enhanced structural stability, rapid construction, superior flexibility, and reduced waste and labor requirements to meet growing demand.
Opportunities
Government-backed programs promoting sustainable and energy-efficient construction provide significant growth opportunities. Incentives for affordable housing and mandates for prefabricated construction in public projects, such as disaster relief or urban redevelopment, are expected to drive market expansion. Rapid urbanization in emerging markets like Indonesia, Nigeria, and China is also increasing spending on residential and commercial infrastructure, further boosting demand for prefabricated homes.
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Market Segmentation
The prefabricated homes market is segmented by:
Construction Type: Single-family and multi-family. The single-family segment led in revenue in 2022.
Type: Permanent and relocatable. The permanent segment was the top revenue contributor in 2022.
Material: Wood, concrete, and others. The wood segment generated the highest revenue in 2022.
Region: North America (U.S., Canada, Mexico), Europe (Germany, UK, France, Italy, rest of Europe), Asia-Pacific (China, India, Japan, South Korea, rest of Asia-Pacific), and LAMEA (Latin America, Middle East, Africa). Asia-Pacific is expected to dominate throughout the forecast period.
Key Players
Major companies include Aakash Group, ATCO Ltd., Giant Containers, Inc., Honomobo Corporation Inc., Savills plc, SG Blocks, Inc., Skanska AB, Speed House Group of Companies Limited, Stillwater Dwellings, Inc., and Tempohousing B.V.
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Key Findings
The single-family segment was the largest revenue contributor in 2022.
The permanent type segment led in revenue in 2022.
The wood material segment accounted for the highest revenue in 2022.
Asia-Pacific is projected to maintain market dominance, while LAMEA is expected to grow at the highest CAGR.
The report provides comprehensive insights into market trends, segmentation, and growth strategies, highlighting opportunities for the prefabricated homes market from 2023 to 2032.
Related Report
Home Warranty Services Market: https://www.alliedmarketresearch.com/home-warranty-services-market-A13578
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About Allied Market Research:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry
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