Report: Global Prefab Market Bright

According to a new report, present day mobile homes are increasingly being considered permanent dwellings for the middle-income individuals, in many parts of the world, and the sector contributes significant revenues to the entire housing industry. The Manufactured Homes segment within the prefabricated housing market, is the most competitive category in the overall housing industry, and accounts for around 10 percent of the single-housing starts in the US. Shipments of manufactured homes witnessed an increase in 2011, a sharp relief to the slump witnessed in previous years. Also according to the report, with the trend of housing communities taking root, the market for larger and expensive-to-maintain homes is on a steady phase of decline, translating into growing demand for manufactured homes. However, despite the bright prospects, lack of retail financing is the greatest challenge confronting the manufactured homes segment. Australian and New Zealand markets are considered pioneers in the factory built housing concept. In the future, the report predicts rapid development from newer and burgeoning markets of China, India, Taiwan, Korea and others is slated to place Asia-Pacific on the fast track, compelling a strong compounded growth rate of 4.4 percent through 2017. By product segment, strong gains are expected from Panelized Homes segment, while manufactured homes segment retains lead as the single largest prefabricated housing market.

(Image Credit: Joe Mabel via Wikimedia Commons)