Market Size of India Manufactured Homes Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 3.93 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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India Manufactured Homes Market Analysis
India manufactured homes market is USD 3.52 billion in the current year and estimated to register a CAGR of over 6.2% during the forecast period.
- Supply chain issues related to the Covid-19 pandemic have made it difficult to buy a home at affordable prices. Thus, more people may start turning to manufactured homes to achieve the dream of homeownership. As housing costs increase due to lumber price spikes and concrete shortages, many homeowners may favor manufactured homes, leading to market growth.
- Owing to the lengthy construction time for conventional brick-and-mortar structures and growing awareness about environmental concerns, many people nowadays prefer building prefab homes over traditional houses. However, in India, prefab homes are still at a very nascent stage. People are skeptical about prefab homes, mainly because there is a lot of misinformation about how these homes are built and their benefits. Still, prefab homes are slowly growing in the Indian construction space.
- The demand for prefabs has increased in the last few years due to reasons like hassles in civil construction, timis took in concrete buildings, no time for supervision, and the adoption of new and better technologies. The response is really good for high-end farmhouses and cottages for resorts and hotels, but it will still take time for the people of India to accept prefab as their main home for living permanently.
- A few builders are coming up with mobile houses which can be ideally placed at guesthouses, farmhouses, es and near agriculture fields for the people to enjoy their weekends with friends and relatives. The concept of mobile houses was popular in European countries where people call them tiny houses. A trend is emerging in Hyderabad, India for such houses. According to Mobile House, a real estate firm in Hyderabad, these kinds of shelters can be built in a space starting from 300 to 1,000 sqft depending on the availability of land.
- According to the firm, there is a good demand for mobile houses in Hyderabad and it has already sold 200 units, which can be seen near Shankarpally and Yadagirigutta. Since prefab structures fall under the 'temporary construction' category, the rules around them in India are few and scattered. The permissions change in each Indian state and one rule can and is applied to such homes. As more people in the country become aware of this concept, it is estimated that the manufactured home trend picks up and becomes a viable solution for those looking to build a sturdy home in a limited time and budget.
