Modular homes are an affordable and customizable alternative to traditional site-built homes. Not long ago, the idea of investing in homes manufactured at a factory would have been a tough sell. But today, the tides have shifted as innovative designers enter the arena. More people are curious to explore the living standards offered by modular or “prefabricated” homes.
There are various reasons why modular homes appeal to consumers and industry professionals alike. This article delves deep into the perks they offer, the market potential, and the trends to choose from. So keep reading to find some must-know insights on the future of modular homes.
Table of Contents
Global market size for modular homes
4 modern designs revolutionizing modular homes
Conclusion
Global market size for modular homes
The worldwide market for modular homes is projected to increase from USD 104.1 billion in 2024 to USD 140.8 billion by 2029, driven by a compound annual growth rate (CAGR) of 6.2%. These homes offer a quick way for some people to own a property. They are constructed off-site in a controlled factory environment and then transported to the designated home site for assembly.
Modular solutions are becoming popular with big housing companies because they have many benefits, such as less waste, high durability, reduced costs, eco-friendliness, and flexibility. Experts say these projects can be finished 30%-50% faster than traditional construction. Modular buildings are adaptable since the parts are custom-made to fit the client’s needs. Increasing urban developments in markets like India and Vietnam are also the reason behind market growth.
Apart from these, some governments are also interested in reducing construction waste and promoting green buildings. For example, in 2016, the State Council of China announced that 30% of new buildings would use prefabricated construction materials. Aspects like these reflect an excellent potential for investing in this sector. This is evident from the fact that the term “modular home” had average monthly searches of 301000 in the past year.
4 modern designs revolutionizing modular homes
Nowadays, modular construction has evolved to a point where the craftsmanship can beat that of traditional homes. Homebuyers can choose from almost any configuration or style that suits their needs. The time and budget they save by choosing modular over site-built homes allows them to opt for the latest designs.
Here are the top four design trends that are making their mark on the prefab homes:
Tiny homes
Recently, the tiny house movement has captured market attention. Apparently, it isn’t a passing fad but a lifestyle switch many people are willing to embrace. These homes are smaller than regular, about 100 to 400 square feet. People like them because they are pocket-friendly, easier to maintain, and leave a less carbon footprint.
Even though tiny houses have been around in different forms for decades, the prefab approach has breathed new life into this movement. They are now high-tech, sustainable homes that emphasize intelligent yet aesthetic appearances. Homeowners can choose between office or studio layouts and install natural ventilation and roof structures they like.
Changes in building codes, zoning laws, and land use policies are expected to be more inclusive of tiny houses. These drivers make it more reasonable for retailers in the construction space to consider adding tiny homes to their assortments.
Home office pods
As the modern office evolves, employees and employers seek new solutions to increase productivity. One such solution that has grabbed many eyeballs in recent years is the office pod. It is a compact and cost-effective structure that could be attached to homes or workplaces where people can work privately and attend meetings without distractions.
These customizable structures include group, standing, and personal sitting pods. As the trend of working from home gains momentum, more prospects will likely seek office pods for their homes. Over the past year, the phrase “office pods” had an average monthly search of 22200. This shows how there is an increasing inclination in the market towards these.
Companies are now more interested in attracting top talent from a wider geographical area, so there are more remote options than ever. This trend has brought a new wave in modular pod manufacturing. There are options to integrate communication tools and productivity-enhancing features like video conferencing systems, smart lighting, and ergonomic furniture.
Office pods attached to homes are thus a solution to various workplace challenges. Strategic investment in this sector presents favorable returns if all the cards are played right.
Luxury mobile homes
In a viral video last year, real estate icon Barbara Corcoran showcased her lavish Los Angeles mobile home to TikTok sensation Caleb Simpson. Corcoran lovingly referred to her spacious double-wide trailer as “my Taj Mahal” and revealed its USD 800,000 price tag, with an additional USD 150,000 invested in upgrades.
Known for their cost-effectiveness, some options allow modular homes to be luxurious and even more elegant than conventional homes. There are options like homes with high ceilings and large windows that flood the interior with natural lights. For kitchens, there are premium features like granite or quartz marble tops, hardwood floors, and designer fixtures. Adding a spa-like bathroom and smart home technologies are other ways to enhance the luxe appeal of these homes.
Modern interiors styled with chic color schemes and amenities will continue driving up the sales for luxurious modular homes. The designs are redefining the concept of luxury living and are becoming highly popular among discerning homeowners.
Aging in-place designs
Data from the US Census Bureau reveals 76.4 million baby boomers in the United States. As more people continue to retire, the concept of finding a home where they can spend the rest of their lives has led to advanced developments in modular home designs. They prefer single family homes or those for two people as they no longer have to raise families. A simple 2-bedroom prefab home with the necessities works just fine.
Since these homes cost less than the site-built homes, individuals have more means to customize the structures like:
- Adding walk-in showers or bath units
- Choosing the single or double-storey floor plans
- Installing easy-to-maintain fittings and fixtures
So far, it is clear that modular construction allows for a high degree of customization, allowing homeowners to tailor their living spaces to accommodate changing needs and preferences as they age. Features like grab bars, wide doorways, and adaptable layouts can be easily integrated. Energy-efficient features like high-performing windows and efficient HVAC systems create a comfortable living space for seniors.
By catering to the increasing demand for aging-in-place solutions, retailers can tap into the lucrative market while making a strong social impact.
Conclusion
Modular construction is making a remarkable headway in advancing the building processes. Currently, the market presents an excellent investment opportunity for wholesalers and retailers. Factors like changing consumer preferences for sustainable dream homes, the growing demand for affordable homes, and the benefits of modular construction – such as speed, efficiency, and less waste – create a fertile ground for growth in this sector.
Retailers and wholesalers who seize this opportunity early stand to gain a significant competitive advantage and enjoy the rewards of a thriving industry. The future of housing is modular, and the time to invest is now.
To take full advantage of this trend, browse hundreds of modular home designs on Chovm.com.
