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Tiny Homes Market: Affordable by mass section of the population to drive growth.
Tiny homes are just a fraction of the price of traditional homes and can be designed based on customers' requirements. These homes can be purchased at a comparatively lower price than conventional site-built homes. Any price variation can be attributed to factors such as design and structure. The high cost of constructing a conventional home exerts financial strains on the buyer. The material cost to build a conventional home is between USD 45 and USD 50 per square foot or 40%-50% of the total built-up cost. Hence, the high cost of these conventional homes significantly compels consumers to opt for these tiny homes, thereby acting as a major driver for market growth.
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As per Technavio, the product innovation leading to portfolio extensions and product premiumization will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2021-2025.
Tiny Homes Market: Product innovation leading to portfolio extensions and product premiumization.
Growing competition and customer demand for innovative products have led vendors to increasingly focus on improving their R&D operations. They are continuously investing in innovative materials and technologies. Consumers usually opt for tiny homes that are mobile and are equipped with advanced features. Vendors regularly innovate their product ranges and expand their product lines to meet such evolving customer needs. The rise in the cost of living, coupled with spurring interest on home loans, has prompted consumers to opt for affordable housing. Therefore, high product premiumization and product line extension, coupled with the growing customer expenditure on cost-efficient homes, will strengthen volume sales in the global tiny homes market.
"The rise in housing prices and consumer interest in investing in pre-built or custom-built homes will further boost market growth during the forecast period", says a senior analyst at Technavio.
Tiny Homes Market: Major Vendors
- Cavco Industries Inc.
- CMH Services Inc.
- Handcrafted Movement
- Heirloom Inc.
- Humble Hand Craft
Tiny Homes Market: Segmentation Analysis
This market research report segments the tiny homes market by product (Mobile tiny homes and Stationary tiny homes) and geography (North America, Europe, APAC, South America, and MEA).
The North America region led the tiny homes market in 2021, followed by Europe, APAC, South America, and MEA respectively. During the forecast period, the North American region is expected to register the highest incremental growth due to factors such as increased demand for recreational activities.
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Some of the key topics covered in the report include:
Market Challenges
Market Drivers
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/
Report Page: https://www.technavio.com/report/tiny-homes-market-industry-analysis
SOURCE Technavio
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