LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global mobile homes market to grow at a CAGR of almost 8% during the forecast period, according to their latest report.
The research study covers the present scenario and growth prospects of the global mobile homes market for 2017-2021. The market size has been calculated based on the demand from end-users and annual sales data.
Mobile homes are a crucial aspect of the affordable housing market in some countries. Their demand is expected to grow considerably over the next five years as the cost of conventional houses is witnessing a significant surge in most countries. The inability among the young to afford site-built homes and desire among retirees to optimize their savings for other needs are the main drivers propelling the demand for mobile homes globally.
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Technavio analysts highlight the following three factors that are contributing to the growth of the global mobile homes market:
- High cost of conventional house construction
- Growing demand for affordable, low-cost housing from retirees
- Increasing quality and energy efficiency of mobile homes
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High cost of conventional house construction
The high cost of conventional site-built homes is driving the demand for mobile homes in most markets. The cost of site-built houses has been growing faster than the income growth for most sections of the society, which is encouraging new buyers to invest in mobile homes as a permanent housing solution.
Anju Ajaykumar, a lead construction research analyst at Technavio, says, “The growing seasonal tourism also promotes the demand for low-cost mobile homes. Most people only stay at the vacation site for a limited period during the year. Therefore, most vacationers are unwilling to pay a huge cost for building alternate permanent residences. In such cases, mobile homes provide a significantly cheaper solution for a temporary residence.”
Growing demand for affordable, low-cost housing from retirees
The increase in the number of retirees seeking mobile homes to lead a quiet and peaceful life or for change in lifestyle has led to the creation of several over-50 gated mobile park communities and mobile home estates. This trend will continue to grow as an increasing share of the population is aging and will seek permanent residences away from cities.
“The residential preference of people after retirement is changing. Many retirees live alone and are becoming more cost-conscious due to the economic volatility. The US housing bubble crash in 2008 affected the retirement savings of many people, who lost their pensions and are now looking for more affordable housing options,” adds Anju.
Increasing quality and energy efficiency of mobile homes
Mobile homes designed during the twentieth century were usually made of low-quality materials, had lack of several features found in conventional homes, and were generally perceived as a product bought only by the poor people. However, the increasing build quality, strict design and inspection process, and a wide array of customization options are attracting many home buyers toward mobile homes.
Mobile houses constructed nowadays are fabricated in closely controlled environments, with an increased focus on quality and design standards. This mitigates problems that are usually encountered during the construction of site-built homes. Many new mobiles homes designs are considered even better than conventional homes in many aspects.
Top vendors:
- Clayton
- Cavco Industries
- CHAMPION HOME BUILDERS
- Skyline
- Sunshine Homes
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