Global Tiny House Market: Overview
Living in a house that is free from any kind of utility bills, mortgage, and rent is more like eternal bliss. These days, it is possible to live in houses that produce its own water and generates electricity bill. Even more, such houses can be built by an individual at a very affordable price. In a rapidly changing world, environment friendly and economic forces constantly ask us to re-evaluate how we live on this planet. The Tiny House Movement has gained immense popularity in the US and is gaining momentum outside the country as well. With current economic crisis induced by global pandemic, Civid-19, it is expected that tiny houses will gain considerable popularity across the globe, thanks to its low cost. Outbreak of novel coronavirus is likely to boost growth of the global tiny house market in the years to come. Tiny houses are all about living beautifully, simply, and yet one can have everything one needs.
Product and region are the two important parameters based on which the global tiny house market has been classified. Such dissection of the market comes with the purpose to offer stakeholders with a detailed and clear analysis of the global tiny house market.
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Global Tiny House Market: Notable Developments
One of the developments that offer a glimpse of the market dynamics about the global tiny house market is mentioned below:
- In August 2019, Based out of Arizona, the US, Cavco Industries, Inc. is a prominent designer and makers of systems-built structures. The company made acquisition of Georgia-based Destiny Industries, LLC. The acquired company offers modular, manufactured, and affordable housing solutions to independent retails distributors in the south-eastern parts of the US. With this acquisition, Cavco Industries is expected to widen its geographical footprint and cater to more customers across the nation.
Some of the prominent organizations in the global tiny house market comprise the below-mentioned:
- Tumbleweed Tiny House Co.
- Skyline Champion Corp.
- CMH Services Inc.
- Tiny SMART House Inc.
- Cavco Industries Inc.
- Humble Hand Craft
Global Tiny House Market: Key Trends
The global tiny house market is characterized by the presence of the following restraints, drivers, and opportunities.
Demand for Energy Efficient Homes to Pave Way for Rapid growth of the Market
The global tiny house market is likely to be driven by the rising cost of living together with very high interest rate of home loans. High interest rates on home loans have been driving consumers to look for affordable housing solutions. Consumers are also getting increasingly interested in homes that have low maintenance cost, are energy efficient, and environment friendly. Growing interest and spending on such cost effective, environment-friendly tiny houses is likely to shoot up the demand for the product in the years to come.
There has been a growing interest amongst the manufacturers to build tiny houses so as to considerably reduce the impact of the house owners on the environment. In comparison with conventional residences, tiny houses are highly energy efficient as well. Tiny houses require very less electrical fixtures and electronic equipment, which often result in the reduced cost of energy in the long run. In addition to that, many of the tiny houses are powered by solar energy, which further reduces the cost of energy. Many of the tiny house owners go for spraying of clear coating metallic oxide to regulate temperatures at these houses. All these factors are likely to support growth of the global tiny house market in the years to come.
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Global Tiny House Market: Geographical Analysis
North America is forecasted to be one of the promising regions in the global tiny house market and is expected to retain its dominance over the tenure of forecast. The Tiny House Movement has popularized the ides of tiny houses, which is likely to offer huge opportunities to the players in the global tiny house market in the years to come.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers’ or customers’ journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.