Market Trends of ASEAN Manufactured Homes Industry
This section covers the major market trends shaping the ASEAN Manufactured Homes Market according to our research experts:
Rapid Urbanization in ASEAN Countries Boosts the Demand for Manufactured Homes
Urbanization attracts people to cities and towns which leads to a high population increase. With the increase in the number of people living in urban centers, there is a continued scarcity of homes. Manufactured homes offer an affordable homeownership option for some families, and the improvements in their quality and safety have made them a more desirable option in recent decades. This is expected to drive the growth of the manufactured housing market during the forecast period. Thus rapid urbanization is expected to boost the demand for the manufactured housing market during the forecasted period.
Most of the other economies in ASEAN particularly Myanmar and Cambodia have shown an increasing demand for affordable homes. According to Myanmar's Ministry of Construction, the country will require an additional 4.8 million housing units by 2040 based on the nation's population growth rate. Due to rapid urbanization, the country will require an extra 1.1 million houses to meet demands by 2030 according to the Cambodian government's National Housing Policy.
Currently, ASEAN has the third-largest population in the world after China and India. However, ASEAN governments are finding it particularly difficult to satisfy demands for affordable homes following rapid urbanization within the region. This is expected to drive the growth of the manufactured home market during the forecast period.
Rise in Demand for Manufactured Homes Over Traditional Homes
It is expected that in the next few years, the manufactured homes market in ASEAN will grow more and more. The demand for manufactured homes has been increasing rapidly over the last decade. The main reason behind this growth is manufactured homes are more affordable than traditional homes because they use fewer raw materials. They are also cheaper to build than conventional houses. According to the expert's calculations, choosing manufactured homes will help homeowners save up to 30% per square meter of construction.
Manufactured homes have numerous cost benefits over traditional onsite construction. As manufactured home construction decreases build times, which greatly reduces labor costs. Because manufactured home facilities use precision construction equipment and detailed designs, the building process is less wasteful. Each structure uses exact amounts of lumber and other materials. Therefore, contractors may prefer manufactured homes over traditional ones to obtain cost savings. The main structure of the manufactured homes is a bearing steel frame, which helps to support the whole house without the need for pillars. Besides, there are components such as floors, walls, walls, and ceilings with many layers forming. These layers include materials with fire resistance, heat resistance, sound insulation, effective insulation, moisture resistance, and noise resistance. From there, it gives homeowners a comfortable living space, limiting the moldy, hot, and noisy situations that conventional homes often encounter.
As the homes have a modular design, which makes them easy to transport and install. Moreover, the advantages of manufactured homes are it is easy to maintain and repair, can be customized according to customer needs, has a high level of insulation, has no need for expensive foundations, has fewer labor costs, has strong resistance to earthquakes, can be easily adapted to any climate, and provide better living conditions. All these factors boost the demand for manufactured homes over traditional construction.
