In a report titled “Prefabricated Housing: A Global Strategic Business Report” released by research firm Global Industry Analysts, it has been established that the global market for prefabricated housing is likely to reach 829,000 units by the year 2017.
The market for prefabricated homes has grown gradually over the years from trailers to mobile homes and now to factory built homes. The manufactured homes segment accounted for 10% of the total housing market in the US. Particularly in the year 2011, shipments for manufactured homes increase substantially as compared to previous years.
Prefabricated homes gain more preference and advantage over normal homes particularly for consumers such as young people, newly married couples and senior citizens who do not have many options regarding housing. With the concept of housing communities developing, the market for larger homes which are expensive to maintain is also declining. Despite all these positive prospects, obtaining retail finance for prefabricated houses is becoming difficult. Particularly after the recession, where the housing industry is still experiencing a slump, customers who have flawless credit records also are finding it difficult to obtain retail finance. Banks exercise extra precaution in lending finance for prefabricated homes as compared to regular homes.
Building green modular homes is also gaining importance as all federal governments are focussing more on providing green homes with lesser carbon footprints. According to the report the US and Europe are the two largest markets for prefabricated houses with other developing countries such as China, India, Korea and Taiwan contributing to a total annual compounded growth rate of 4.4% by 2017. Major companies covered in the report are Cavco Industries, Clayton Homes, Skyline Homes, Fairmont Homes, Asahi Kasei Homes and Champion Enterprises.
Source: http://www.strategyr.com