Rise in urbanization and industrialization in developing countries, increase in pace of construction, and high efficiency of prefabricated home construction, drive the growth of the prefabricated homes market.
PORTLAND, Ore., Feb. 23, 2024 /PRNewswire/ — Allied Market Research published a report, titled, “Prefabricated Homes Market by Construction Type (Single Family and Multi-family), Type (Permanent and Relocatable), and Material (Steel, Wood, Concrete, and Others): Global Opportunity Analysis and Industry Forecast, 2023-2032”. According to the report, the global prefabricated homes market was valued at $20,347.2 million in 2022 and is projected to reach $38,917.5 million by 2032, registering a CAGR of 6.7% from 2023 to 2032.
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Prime determinants of growth
The prefabricated home construction sector covers various structures such as restrooms, bathrooms, workplace housing, bedrooms, and even entire buildings. Its growth is fuelled by the demand for affordable housing options, driven by reduced construction expenses and time, easy setup, and the limited space available in urban settings. There is a heightened emphasis on cost-effective housing, leading to the adoption of prefabricated materials made from wood, steel, composites, and concrete, offering durability and easy installation and relocation. Urban migration has increased the need for shopping centres and prefabricated shelters, creating opportunities for market expansion. However, concerns about reliability in earthquake-prone areas and a shortage of skilled labour in developing countries pose challenges. Increased investment in infrastructure holds promise for further development in the prefabricated home market despite this.
Report coverage & details:
|
Report Coverage |
Details |
|
Forecast Period |
2023–2032 |
|
Base Year |
2022 |
|
Market Size in 2020 |
$20,347.2 million |
|
Market Size in 2032 |
$38,917.5 million |
|
CAGR |
6.7 % |
|
No. of Pages in Report |
220 |
|
Segments Covered |
Construction Type, Type, Material, and Region. |
|
Drivers |
Rise in urbanization & industrialization in developing countries. Increase in pace of construction. High efficiency of prefabricated home construction. |
|
Restraints |
Lack of skilled labour and infrastructure in developing countries |
|
Opportunities |
Increase in investment in infrastructure. |
The single family segment to maintain its leadership status throughout the forecast period
On the basis of construction type, the single-family segment held the highest market share in 2022, accounting for nearly three-fifth of the prefabricated homes market revenue and is estimated to maintain its leadership status throughout the forecast period and multi-family segment is projected to manifest the highest CAGR of 7.2% from 2023 to 2032, owing to high demand and their associated benefits such as prolonged durability, robust & economic nature, easy availability driving prefabricated homes market.
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The permanent segment to maintain its leadership status throughout the forecast period.
On the basis of type, the permanent segment held the highest market share in 2022, accounting for more than two-thirds of the prefabricated homes market and is estimated to maintain its leadership status throughout the forecast period. This is attributed to cost-effectiveness, durability and versatility in creating customizable designs for prefabricated homes. However, the relocatable segment is projected to manifest the highest CAGR of 7.6% from 2022 to 2032. This is attributed to suitability for relocating prefabricated homes.
The wood segment to maintain its lead position during the forecast period.
On the basis of material, the wood segment accounted for the largest share in 2022, contributing to more than two-thirds of the prefabricated homes market revenue, and the others segment is expected to portray the largest CAGR of 9.8% from 2023 to 2032. This is due to wood ensure product safety, durability, convenience, lightweight, and environment-friendly solutions for prefabricated homes. Such factors are having a positive impact on the prefabricated homes market.
The Asia-Pacific region to maintain its leadership status throughout the forecast period
On the basis of region, the Asia-Pacific region held the highest market share in 2022, accounting for nearly half of the prefabricated homes market revenue and is estimated to maintain its leadership status throughout the forecast period, and LAMEA is projected to manifest the highest CAGR of 8.4% from 2023 to 2032 owing to rise in population.
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Leading Market Players: –
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.
Tempohousing B.V.
The report provides a detailed analysis of these key players in the prefabricated homes market. These players have adopted different strategies such as agreement, acquisitions, and alliance to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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