I. INTRODUCTION, METHODOLOGY & PRODUCT DEFINITIONS

Study Reliability and Reporting Limitations I-1 Disclaimers.............. I-2 Data Interpretation & Reporting Level I-2 Quantitative Techniques & Analytics I-3 Product Definition and Scope of Study I-3 Manufactured/Mobile Housing..............I-3 Single-Section and Multi-Section Manufactured Housing I-4 Modular Housing.............. I-4 Panelized Housing..............I-4 Precut Housing.............. I-4

II. EXECUTIVE SUMMARY

1. INDUSTRY OVERVIEW.............. II-1 Prefabricated Housing - A Viable Solution for Global Housing Problems.............. II-1 Growth Drivers for Prefabricated Housing Market: On a Scale of 1 - 10 (10 - High Impact; 1 - Low Impact) II-2 Growth Prospects Closely Tied to Global Economic Situation II-2 Improvement in Global GDP Performance to Benefit Market Growth II-3 Table 1: World GDP (2013-2016): Breakdown of Percentage GDP Growth by Select Country/Region (includes corresponding Graph/Chart).............. II-4 Investments in Infrastructure Projects Favors Growth Prospects II-5 Table 2: Global Infrastructure Spending Estimates by Sector (2013-2030) (in US$ Trillion) II-6

Table 3: Global Infrastructure Spending Estimates by Region/Country (2010-2030) (in US$ Trillion) II-6 Recessionary Impact on the Industry and The Road Ahead II-6 The 2007-2009 Recession Renders a Major Blow II-6 Steep Decline in Construction Activity in the US Leads to Slowdown in Housing Starts..............II-7 Global Market Recovers in 2010..............II-8 European Market Loses Steam in 2013 II-8 US Economy Survives Brush with Fiscal Cliff II-9 Table 4: Purchasing Managers Index (PMI) in the US: Monthly PMI Data from May 2014 to April 2015 (includes corresponding Graph/Chart).............. II-11

Table 5: Key Business Indicators in the US for Q4-2014 and Q1-2015 (includes corresponding Graph/Chart) II-11 Recovery in Global Construction Activity to Spur Growth II-12 Table 6: Growth in the Global Construction Market by Sector (2013-2020) (includes corresponding Graph/Chart) II-13

Table 7: Global Construction Market (2015 & 2020): Percentage Breakdown of Construction Spending by Region (includes corresponding Graph/Chart) II-13 Current & Future Analysis..............II-14 Outlook for Prefabricated Buildings Market II-14

2. MARKET TRENDS, ISSUES AND DRIVERS II-15 Rising Global Population Propels Demand for Affordable Housing II-15 Table 8: Top 25 Countries Worldwide in Terms of Population: 2007 & 2014 (includes corresponding Graph/Chart) II-16 Rapid Urbanization: A Strong Growth Driver II-17 Table 9: Total Population Worldwide by Urban and Rural Population in Thousands: 1950-2050P (includes corresponding Graph/Chart).............. II-18

Table 10: Estimated Percentage of Urbanization in World, China and India for the Years 2011 and 2018 (includes corresponding Graph/Chart)..............II-19 Expansion in Middle Class Population: Positive Opportunities for Prefabricated Construction Activity II-19 Table 11: Global Middle Class Population (in Millions) by Geographic Region: 2010, 2020P & 2030P (includes corresponding Graph/Chart)..............II-20

Table 12: Global Middle Class Population by Geographic Region: Percentage Share Breakdown for 2010, 2020P & 2030P (includes corresponding Graph/Chart) II-21 Prefabricated Houses - A Stop-Gap Solution for Emergency Housing II-21 Global ‘Green Construction' Trend Augurs Well for the Prefabrication Market..............II-22 Table 13: Green Buildings Market (2013): Percentage Share Breakdown of Revenues by Construction Sector (includes corresponding Graph/Chart)..............II-23

Table 14: Global Energy Consumption by Sector (2013) (includes corresponding Graph/Chart) II-23 Leading Factors Fostering Future Uptake of Green Building Practices among Contractors in North America: Ranked by Order of Importance..............II-25 Public Misconceptions Hinders Widespread Adoption of Prefabricated Housing..............II-25

3. PRODUCT OVERVIEW.............. II-27 Prefabricated Housing..............II-27 Manufactured or Mobile Housing Systems II-27 Evolution from Mobile Homes..............II-27 Construction and Installation II-28 Affordability and Convenience - the USP II-28 Modular Housing Systems..............II-28 Designs and Features..............II-29 Regulatory Overview..............II-30 Setting Up a Modular House..............II-30 Major Modular Home Styles..............II-31 Cape Cod.............. II-31 Ranch.............. II-31 Two Story.............. II-31 Hybrid Manufactured-Modular Homes II-31 Advantages of Modular Homes..............II-32 Lower Costs.............. II-32 Good Build Quality..............II-32 Faster Delivery.............. II-32 Involvement of Skilled Builders II-32 Involvement of Fewer Subcontractors II-32 Fewer Manufacturing Defects..............II-32 Same Benefits as Site-built homes II-33 FHA Insurance for Modular Homes II-33 Precut Prefabricated Housing Systems II-33 Pros and Cons of Pre-cut Housing II-34 Types of Pre-cut Housing..............II-34 Kit Homes.............. II-34 Log Homes.............. II-35 Log Home Ecosystem..............II-36 Manufacturers.............. II-36 Representatives and Dealers..............II-36 Contractor or Builder..............II-36 Types of Log Homes and Timber Homes II-37 Handcrafted Log Homes..............II-37 Milled Log Homes..............II-37 Types of Log Used..............II-37 Green and Dried Logs..............II-37 Air-dried logs.............. II-38 Kiln-dried logs..............II-38 Cants Logs/ Glue-laminated Timber II-38 Milled Logs Profiles..............II-38 Evolution of Log Homes..............II-38 Benefits of Log Homes..............II-39 Appraising Log Homes..............II-40 Post-and-beam or Timber Frame Homes II-40 Popular Timber Frame Architectural Styles II-41 Yurts.............. II-41 Geodesic Homes.............. II-42 Benefits of Geodesic Dome Homes II-43 Panelized Housing Systems..............II-43 Types of Prefabricated Panel Systems II-44 Prefabricated Wood Panels..............II-44 Precast-Concrete Frames..............II-44 Metal Stud Concrete Panel..............II-45 Structurally Insulated Panels (SIPs) II-46 Pros and Cons of Panelized Housing System II-46 Design Flexibility..............II-47 Cost and Time Savings..............II-47 High Quality of Construction II-47 Eco-friendly Construction..............II-48 Cons.............. II-48

4. PRODUCT INTRODUCTIONS..............II-49 ArchiBlox Introduces Archi+ Carbon-Positive Modular House II-49 Rustic Homes Unveils Eco Cabin Luxury Modular House II-49 Blu Homes Launches New Affordable Product Line II-49 Riko Unveils P.A.T.H. Range of Energy-Efficient Prefabricated Houses.............. II-49 Beijing Lucky Co. Trade Launches Lucky House II-49 CIMC MBS Introduces Prototype of Hilton Garden Inn Modular Building.............. II-49 C3 Design Introduces Novel Prefabricated Homes Collection II-49 Landmark Home and Land Company Unveils New Panelized Home Kit II-50 Deltec Homes and Appalachian State University Unveil The Solar Homestead.............. II-50 Method Homes and Skylab Architecture Unveil Homb II-50 Cavco Industries and LivingHomes Jointly Unveil C6 Modular Homes II-50 Method Homes Unveils Cottage Series Homes II-50 PrecisionCraft Releases Cedar Bluff Design II-50

5. RECENT INDUSTRY ACTIVITY..............II-51 ADCURAM Takes Over Hanse Haus..............II-51 Next Step Network Sponsors SmartMH KY Alliance II-51 Innovative Building Systems Completes Acquisition of HandCrafted Holdings..............II-51 Sun Communities to Acquire ALL Portfolio of MHCs from Green Courte Partners.............. II-51 Carefree Communities Acquires Vedder Communities II-51 The Hickory System Inks Manufacturing Agreement with QGR United China.............. II-51 Indjab to Construct Four Prefabrication Housing Factories in Algeria.............. II-52 PrefabAUS Sets Up PrefabAUS Hub..............II-52 Mike Greer Homes Commissions Housing Panels Factory at Pokeno II-52 Sun Communities Purchases 6 Manufactured Housing Communities in Orlando.............. II-52 Ritz-Craft to Re-Open Production Facility in Pennsylvania II-52 Palm Harbor to Build Modular Cottages for Little Palm Cottage II-52 Champion Home Builders to Build Homes in Detroit's Penrose II-52 Green Courte Partners Takes Over Plantation Landings MHC II-52 Champion Home Builders Acquires Athens Park Homes II-53 Blu Homes Purchases Assets of Modern Cabana II-53 Pro-Fab Acquires Guildcrest Building Corporation II-53 Log Cabin Homes Completes Acquisition of Cedar Log Producer II-53 Big Foot Manufacturing Merges with CNW Log Homes II-53 Connect:Homes Commences Operations II-53 Innovative Composites International Commences Production at South Carolina Facility..............II-53 Ritz-Craft Corporation Forays into Canadian Market II-53 GDH Housing Selects Ritz-Craft for Hotel Project at Williston II-54 Clayton Homes Inks Appliances Supply Agreement with Whirlpool II-54 Champion Home Builders Allies with Genco Bakken for Northern Lights Project.............. II-54

6. FOCUS ON SELECT PLAYERS..............II-55 Cavco Industries, Inc. (US)..............II-55 Champion Home Builders, Inc. (US) II-55 Clayton Homes Inc. (US)..............II-56 Deltec Homes, Inc. (US)..............II-56 Foshan Hongtai Zhuxin (China)..............II-57 Gastineau Log Homes (US)..............II-57 HUF Haus GmbH u. Co. KG (Germany) II-58 Lindal Cedar Homes, Inc. (US)..............II-58 Sekisui House, Ltd. (Japan)..............II-59 Wisconsin Log Homes, Inc. (US) II-59

7. GLOBAL MARKET PERSPECTIVE..............II-60 Market for Prefabricated Housing II-60 Table 15: World Recent Past, Current & Future Analysis for Prefabricated Housing by Geographic Region - US, Canada, Japan, Europe, Asia-Pacific, Middle East & Africa, and Latin American Markets Independently Analyzed with Annual Shipments in Units for Years 2014 through 2020 (includes corresponding Graph/Chart).............. II-60

Table 16: World Historic Review for Prefabricated Housing by Geographic Region - US, Canada, Japan, Europe, Asia-Pacific, Middle East & Africa, and Latin American Markets Independently Analyzed with Annual Shipments in Units for Years 2007 through 2013 (includes corresponding Graph/Chart) II-61

Table 17: World 14-Year Perspective for Prefabricated Housing by Geographic Region - Percentage Share Breakdown of Volume Shipments for US, Canada, Japan, Europe, Asia-Pacific, Middle East & Africa, and Latin American Markets for Years 2007, 2015 and 2020 (includes corresponding Graph/Chart) II-62 Market for Prefabricated Buildings II-63 Table 18: World Recent Past, Current & Future Analysis for Prefabricated Buildings by Geographic Region - US, Canada, Japan, Europe, Asia-Pacific, Middle East & Africa, and Latin American Markets Independently Analyzed with Annual Sales in US$ Million for Years 2014 through 2020 (includes corresponding Graph/Chart)..............II-63

Table 19: World Historic Review for Prefabricated Buildings by Geographic Region - US, Canada, Japan, Europe, Asia-Pacific, Middle East & Africa, and Latin American Markets Independently Analyzed with Annual Sales in US$ Million for Years 2007 through 2013 (includes corresponding Graph/Chart).............. II-64

Table 20: World 14-Year Perspective for Prefabricated Buildings by Geographic Region - Percentage Share Breakdown of Dollar Sales for US, Canada, Japan, Europe, Asia-Pacific, Middle East & Africa, and Latin American Markets for Years 2007, 2015 and 2020 (includes corresponding Graph/Chart) II-65

III. MARKET

1. THE UNITED STATES.............. III-1 A.Market Analysis.............. III-1 Current & Future Analysis..............III-1 Manufactured Housing..............III-1 Modular Housing..............III-1 Pre-cut Homes.............. III-1 Panelized Housing..............III-2 Curtain Raiser to the US Prefabricated Housing Market III-2 Market Drivers and Barriers for Prefabrication Industry in the US.............. III-3 US Construction Market Sails Past Recession Doldrums III-3 Table 21: Residential Construction in the US (2007-2014): Number of Housing Starts by Type - Single-Family Units and Multi-Family Units (in ‘000) (includes corresponding Graph/Chart).............. III-5

Table 22: Building Permits in the United States (2007- 2013): Yearly Breakdown of Number of Permits by Type (In '000s) (includes corresponding Graph/Chart) III-6

Table 23: US Construction Spending by Type of Construction (2014, 2013 & 2012): Percentage Breakdown of Annual Spending for Non-Residential and Residential Construction (includes corresponding Graph/Chart) III-7

Table 24: Projected Growth of the US Construction Market by Sector (2012-2020) (includes corresponding Graph/Chart) III-7 Impact of Subprime Crisis and Economic Recession on Prefabricated Housing Segments III-8 Manufactured Housing..............III-8 Post-Recession Scenario..............III-9 Modular and Panelized Housing III-10 Manufactured Housing in the US: An Analytic Review III-10 Cyclical Fluctuations in Sales Volumes III-11 Table 25: Seasonal Cyclicality of US Manufactured Housing Market (September 2013-August 2014): Shipment Volumes in ‘000 by Month (includes corresponding Graph/Chart) III-11 Snapshot of Industry Structure III-11 Table 26: Overview of Manufactured Housing Companies and Active Production Plants in the US Market (1982, 1992, 2002, 2012 and 2014) (includes corresponding Graph/Chart) III-12 Demand Determinants for Manufactured Housing III-13 Population.............. III-13 Demographic Dynamics..............III-13 Table 27: US Manufactured Housing Ownership by Location (2014): Percentage Breakdown of Housing Units for Rural, Semi-urban and Urban Areas (includes corresponding Graph/Chart).............. III-14

Table 28: US Manufactured House Ownership by Age (2014): Percentage Breakdown of Ownership Pattern by Age Group in Years (includes corresponding Graph/Chart) III-14

Table 29: US Manufactured House Ownership by Income (2014): Percentage Breakdown of Ownership Pattern by Household Income in US$ (includes corresponding Graph/Chart).............. III-15

Table 30: US Manufactured House Ownership by Population (2014): Percentage Breakdown of Ownership Pattern by Living Population Category (includes corresponding Graph/Chart).............. III-15 Cost Imperatives..............III-15 MH Industry Stands Consolidated to Three Big Players III-15 Table 31: US Manufactured Homes Market by Leading Players (2014): Percentage Breakdown of Shipments for Cavco Industries, Champion Home Builders, Clayton Homes, and Others (includes corresponding Graph/Chart) III-16 Manufactured Home Retailing III-16 Manufactured Home Communities III-16 Changes in Consumer Financial Protection Laws - Impact on MH Market.............. III-17 Changes to HOEPA to Reduce Credit Access for Manufactured Home Loans.............. III-17 Loan Originator Rule Builds Consumer's Trust III-17 Higher-Priced Appraisals for Non-QM Compliant Mortgages III-17 Amendment in Escrow Requirements Offers Relief to Small Rural Creditors..............III-17 US Regulatory Stipulations..............III-18 The HUD Code.............. III-18 Other Regulations..............III-18 Manufactured Housing Finance..............III-19 Chattel Loan.............. III-19 Overview of Manufactured Housing Market in the State of California.............. III-19 Manufactured Housing Communities Continue to Gain Traction III-19 Several Options Available to Manufactured Home Buyers III-20 Manufactured Houses Preferred for Urban Redevelopment and In-fill Projects..............III-20 Changes Seen in Demographic Profile of Manufactured Home Buyers.............. III-21 Market Trends.............. III-21 Prefab Housing Sector Poised to Recoup Faster As Housing Market Regains Momentum..............III-21 Prefab Housing Sector Growth Bogged Down by Weak Government Support.............. III-21 Secondary Market Critical for Growth of Prefab Housing Market III-22 Prefabricated Housing Offers Respite from Energy Crisis III-22 Manufactured Housing Industry Geared Up for Growth III-23 Diverse Regional Dynamics Define MH Demand III-24 Table 32: Manufactured Homes Shipment (in %) by US States for 2014 (includes corresponding Graph/Chart) III-25

Table 33: Manufactured Homes Market in US States (2014): Percentage Breakdown of Shipments by Single-Section and Multi-Section (includes corresponding Graph/Chart) III-26 Bay Area, a High-Potential Zone for Manufactured Homes III-27 Manufactured Housing Mired in Misconceptions III-27 Financing Remains a Bottleneck for the Manufactured Housing Market.............. III-27 Single-Section Units to be More Favored III-28 Table 34: Price Comparison between Manufactured and Site-Built Homes in the US (2014 & 2015): Breakdown of Price per Square Foot in US$ by Housing Type - Manufactured Housing (Single-Section and Multi-Section), and Single-Family Site-Built Housing (includes corresponding Graph/Chart) III-29 Manufactured Home Communities Regain Lost Ground III-29 Table 35: Residential Manufactured Housing Market in the US (2011, 2013 & 2015): Percentage Breakdown of New Housing Units by Property Type - Manufactured Housing Communities, and Manufactured Housing on Private Property (includes corresponding Graph/Chart) III-30

Table 36: Top 15 US States with Largest Number of Manufactured Housing Communities (2013): Percentage Breakdown for California, Florida, Texas, North Carolina, South Carolina, Pennsylvania, Arizona, Georgia, Kentucky, New York, Alabama, Ohio, Tennessee, Missouri, Oregon and Others (includes corresponding Graph/Chart) III-31 High Performance Manufactured Housing-the Next Phase III-31 Leading High Performance Manufactured House Designs by Average Prices.............. III-32 Modular Houses Offer a Formidable Solution for Emergency Housing.............. III-32 Moderate Demand Forecast for Modular Housing III-33 Modular Housing - A Solution for the Housing Shortage Challenge.............. III-34 Modular Housing Remains Trapped in Niche III-34 Green Panelized Housing Finds More Takers III-35 Log Home Producers Head for International Markets III-35 Positive Indicators to Make Dream Log Home a Reality III-36 Prefab Housing Manufacturers Keenly Eye Baby Boomers Market III-36 Structural Insulated Panels Gains Immense Popularity III-37 Panel Manufacturers Witness the Much Awaited Turnaround III-37 Table 37: US Structural Panel Production (2013, 2015 & 2018): Breakdown of Volumes in Billion Square Feet for Plywood and Oriented Strand Board (includes corresponding Graph/Chart).............. III-38 Product Introductions..............III-38 Strategic Corporate Developments III-39 Select Key Players..............III-42 B.Market Analytics..............III-56 Market for Prefabricated Housing III-56 Table 38: US Recent Past, Current & Future Analysis for Prefabricated Housing by Segment - Manufactured (Single-Section and Multi-Section), Modular, Precut, and Panelized Housing Markets Independently Analyzed with Annual Shipments in Units for Years 2014 through 2020 (includes corresponding Graph/Chart) III-56

Table 39: US Historic Review for Prefabricated Housing by Segment - Manufactured (Single-Section and Multi-Section), Modular, Precut, and Panelized Housing Markets Independently Analyzed with Annual Shipments in Units for Years 2007 through 2013 (includes corresponding Graph/Chart).............. III-57

Table 40: US 14-Year Perspective for Prefabricated Housing by Segment - Percentage Share Breakdown of Volume Shipments for Manufactured (Single-Section and Multi-Section), Modular, Precut, and Panelized Housing Markets for Years 2007, 2015 and 2020 (includes corresponding Graph/Chart) III-58 Market for Prefabricated Buildings III-59 Table 41: US Recent Past, Current & Future Analysis for Prefabricated Buildings with Annual Sales in US$ Million for Years 2014 through 2020 (includes corresponding Graph/Chart).............. III-59

Table 42: US Historic Review for Prefabricated Buildings with Annual Sales in US$ Million for Years 2007 through 2013 (includes corresponding Graph/Chart) III-60

2. CANADA.............. III-61 A.Market Analysis.............. III-61 Market Overview.............. III-61 Outlook.............. III-61 Canadian Manufactured Building Industry Staggers Back from Recession.............. III-61 Active Oils and Gas Sector Fuels Demand for Modular Labor Accommodation.............. III-62 Canadian Housing Sector - An Overview III-62 Table 43: Canadian Housing Market (2007-2015): Housing Starts in ‘000 Units (includes corresponding Graph/Chart) III-63 Rcm Modulaire - A Key Canadian Player III-63 B.Market Analytics..............III-64 Market for Prefabricated Housing III-64 Table 44: Canadian Recent Past, Current & Future Analysis for Prefabricated Housing with Annual Shipments in Units for Years 2014 through 2020 (includes corresponding Graph/Chart).............. III-64

Table 45: Canadian Historic Review for Prefabricated Housing with Annual Shipments in Units for Years 2007 through 2013 (includes corresponding Graph/Chart) III-65 Market for Prefabricated Buildings III-66 Table 46: Canadian Recent Past, Current & Future Analysis for Prefabricated Buildings with Annual Sales in US$ Million for Years 2014 through 2020 (includes corresponding Graph/Chart).............. III-66

Table 47: Canadian Historic Review for Prefabricated Buildings with Annual Sales in US$ Million for Years 2007 through 2013 (includes corresponding Graph/Chart) III-67

3. JAPAN.............. III-68 A.Market Analysis.............. III-68 Japan Records Gain in Housing Starts Despite Volatile Demand III-68 Table 48: Annual Housing Construction Starts in Japan (2007-2014) (includes corresponding Graph/Chart) III-68 Evolution of Prefabricated Housing Over the Years III-68 Unique Consumer Attributes Foster Fertile Ecosystem for Prefabricated Housing in Japan III-69 Outlook.............. III-70 Competition.............. III-70 Table 49: Leading Players in Japanese Prefabricated Housing Market (2014): Market Share Breakdown of Sekisui House, Other Large-Scale Prefab Manufacturers, and Others (includes corresponding Graph/Chart) III-70 Sekisui house, Ltd. - A Key Japanese Player III-71 B.Market Analytics..............III-71 Market for Prefabricated Housing III-71 Table 50: Japanese Recent Past, Current & Future Analysis for Prefabricated Housing with Annual Shipments in Units for Years 2014 through 2020 (includes corresponding Graph/Chart).............. III-71

Table 51: Japanese Historic Review for Prefabricated Housing with Annual Shipments in Units for Years 2007 through 2013 (includes corresponding Graph/Chart) III-72 Market for Prefabricated Buildings III-73 Table 52: Japanese Recent Past, Current & Future Analysis for Prefabricated Buildings with Annual Sales in US$ Million for Years 2014 through 2020 (includes corresponding Graph/Chart).............. III-73

Table 53: Japanese Historic Review for Prefabricated Buildings with Annual Sales in US$ Million for Years 2007 through 2013 (includes corresponding Graph/Chart) III-74

4. EUROPE.............. III-75 A.Market Analysis.............. III-75 Growth Fundamentals Resurgence Portends Optimistic Market Outlook.............. III-75 Table 54: EU Real GDP Growth Rates (%) by Country: 2014 & 2015 (includes corresponding Graph/Chart) III-76

Table 55: Construction Industry in Europe (2010-2015E): Percentage Change of Construction Output by Segment (includes corresponding Graph/Chart) III-77 Market Overview.............. III-77 Western Europe - A Promising Market III-78 B.Market Analytics..............III-79 Market for Prefabricated Housing III-79 Table 56: European Recent Past, Current & Future Analysis for Prefabricated Housing by Geographic Region - France, Germany, Italy, UK, Spain, Russia, and Rest of Europe Markets Independently Analyzed with Annual Shipments in Units for Years 2014 through 2020 (includes corresponding Graph/Chart).............. III-79

Table 57: European Historic Review for Prefabricated Housing by Geographic Region - France, Germany, Italy, UK, Spain, Russia, and Rest of Europe Markets Independently Analyzed with Annual Shipments in Units for Years 2007 through 2013 (includes corresponding Graph/Chart) III-80

Table 58: European 14-Year Perspective for Prefabricated Housing by Geographic Region - Percentage Share Breakdown of Volume Shipments for France, Germany, Italy, UK, Spain, Russia, and Rest of Europe Markets for Years 2007, 2015 and 2020 (includes corresponding Graph/Chart) III-81 Market for Prefabricated Buildings III-82 Table 59: European Recent Past, Current & Future Analysis for Prefabricated Buildings by Geographic Region - France, Germany, Italy, UK, Spain, Russia, and Rest of Europe Markets Independently Analyzed with Annual Sales in US$ Million for Years 2014 through 2020 (includes corresponding Graph/Chart).............. III-82

Table 60: European Historic Review for Prefabricated Buildings by Geographic Region - France, Germany, Italy, UK, Spain, Russia, and Rest of Europe Markets Independently Analyzed with Annual Sales in US$ Million for Years 2007 through 2013 (includes corresponding Graph/Chart) III-83

Table 61: European 14-Year Perspective for Prefabricated Buildings by Geographic Region - Percentage Share Breakdown of Dollar Sales for France, Germany, Italy, UK, Spain, Russia, and Rest of Europe Markets for Years 2007, 2015 and 2020 (includes corresponding Graph/Chart) III-84

4a. FRANCE.............. III-85 A.Market Analysis.............. III-85 Outlook.............. III-85 B.Market Analytics..............III-85 Market for Prefabricated Housing III-85 Table 62: French Recent Past, Current & Future Analysis for Prefabricated Housing with Annual Shipments in Units for Years 2014 through 2020 (includes corresponding Graph/Chart).............. III-85

Table 63: French Historic Review for Prefabricated Housing with Annual Shipments in Units for Years 2007 through 2013 (includes corresponding Graph/Chart) III-86 Market for Prefabricated Buildings III-87 Table 64: French Recent Past, Current & Future Analysis for Prefabricated Buildings with Annual Sales in US$ Million for Years 2014 through 2020 (includes corresponding Graph/Chart).............. III-87

Table 65: French Historic Review for Prefabricated Buildings with Annual Sales in US$ Million for Years 2007 through 2013 (includes corresponding Graph/Chart) III-88

4b. GERMANY.............. III-89 A.Market Analysis.............. III-89 Outlook.............. III-89 Evolution of German Offsite Construction Market III-89 Resurgent Construction Activity Bodes Well for Market Growth III-89 Table 66: Construction Output (% Growth) in Germany (2011- 2014) (includes corresponding Graph/Chart) III-90 Strategic Corporate Development III-90 Huf Haus Gmbh U. Co. Kg - A Key Germany Player III-91 B.Market Analytics..............III-91 Market for Prefabricated Housing III-91 Table 67: German Recent Past, Current & Future Analysis for Prefabricated Housing with Annual Shipments in Units for Years 2014 through 2020 (includes corresponding Graph/Chart).............. III-91

Table 68: German Historic Review for Prefabricated Housing with Annual Shipments in Units for Years 2007 through 2013 (includes corresponding Graph/Chart) III-92 Market for Prefabricated Buildings III-93 Table 69: German Recent Past, Current & Future Analysis for Prefabricated Buildings with Annual Sales in US$ Million for Years 2014 through 2020 (includes corresponding Graph/Chart).............. III-93

Table 70: German Historic Review for Prefabricated Buildings with Annual Sales in US$ Million for Years 2007 through 2013 (includes corresponding Graph/Chart) III-94

4c. ITALY.............. III-95 A.Market Analysis.............. III-95 Outlook.............. III-95 Economic Crisis Takes a Toll on Construction Sector III-95 B.Market Analytics..............III-96 Market for Prefabricated Housing III-96 Table 71: Italian Recent Past, Current & Future Analysis for Prefabricated Housing with Annual Shipments in Units for Years 2014 through 2020 (includes corresponding Graph/Chart).............. III-96

Table 72: Italian Historic Review for Prefabricated Housing with Annual Shipments in Units for Years 2007 through 2013 (includes corresponding Graph/Chart) III-97 Market for Prefabricated Buildings III-98 Table 73: Italian Recent Past, Current & Future Analysis for Prefabricated Buildings with Annual Sales in US$ Million for Years 2014 through 2020 (includes corresponding Graph/Chart).............. III-98

Table 74: Italian Historic Review for Prefabricated Buildings with Annual Sales in US$ Million for Years 2007 through 2013 (includes corresponding Graph/Chart) III-99

4d. THE UNITED KINGDOM..............III-100 A.Market Analysis.............. III-100 Outlook.............. III-100 Strong Recovery in UK Housing Sector to Drive Demand III-100 Table 75: New Housing Starts in the UK by Country: FY 2008-09 through FY 2013-14 (includes corresponding Graph/Chart).............. III-101 Bird's Eye View of Offsite Construction in the United Kingdom III-101 Demand for Panelized Modular Building Systems to Surge III-102 SIP Systems Gaining Popularity in UK III-102 Offsite Construction Industry Faces Uphill Task in UK III-102 B.Market Analytics..............III-103 Market for Prefabricated Housing III-103 Table 76: UK Recent Past, Current & Future Analysis for Prefabricated Housing with Annual Shipments in Units for Years 2014 through 2020 (includes corresponding Graph/Chart).............. III-103

Table 77: UK Historic Review for Prefabricated Housing with Annual Shipments in Units for Years 2007 through 2013 (includes corresponding Graph/Chart) III-104 Market for Prefabricated Buildings III-105 Table 78: UK Recent Past, Current & Future Analysis for Prefabricated Buildings with Annual Sales in US$ Million for Years 2014 through 2020 (includes corresponding Graph/Chart).............. III-105

Table 79: UK Historic Review for Prefabricated Buildings with Annual Sales in US$ Million for Years 2007 through 2013 (includes corresponding Graph/Chart) III-106

4e. SPAIN.............. III-107 A.Market Analysis.............. III-107 Outlook.............. III-107 Construction Market Takes the Biggest Blow III-107 B.Market Analytics..............III-108 Market for Prefabricated Housing III-108 Table 80: Spanish Recent Past, Current & Future Analysis for Prefabricated Housing with Annual Shipments in Units for Years 2014 through 2020 (includes corresponding Graph/Chart).............. III-108

Table 81: Spanish Historic Review for Prefabricated Housing with Annual Shipments in Units for Years 2007 through 2013 (includes corresponding Graph/Chart) III-109 Market for Prefabricated Buildings III-110 Table 82: Spanish Recent Past, Current & Future Analysis for Prefabricated Buildings with Annual Sales in US$ Million for Years 2014 through 2020 (includes corresponding Graph/Chart).............. III-110

Table 83: Spanish Historic Review for Prefabricated Buildings with Annual Sales in US$ Million for Years 2007 through 2013 (includes corresponding Graph/Chart) III-111

4f. RUSSIA.............. III-112 A.Market Analysis.............. III-112 Outlook.............. III-112 Insi Holding - A Key Russian Player III-112 B.Market Analytics..............III-113 Market for Prefabricated Housing III-113 Table 84: Russian Recent Past, Current & Future Analysis for Prefabricated Housing with Annual Shipments in Units for Years 2014 through 2020 (includes corresponding Graph/Chart).............. III-113

Table 85: Russian Historic Review for Prefabricated Housing with Annual Shipments in Units for Years 2007 through 2013 (includes corresponding Graph/Chart) III-114 Market for Prefabricated Buildings III-115 Table 86: Russian Recent Past, Current & Future Analysis for Prefabricated Buildings with Annual Sales in US$ Million for Years 2014 through 2020 (includes corresponding Graph/Chart).............. III-115

Table 87: Russian Historic Review for Prefabricated Buildings with Annual Sales in US$ Million for Years 2007 through 2013 (includes corresponding Graph/Chart) III-116

4g. REST OF EUROPE.............. III-117 A.Market Analysis.............. III-117 Outlook.............. III-117 Government Push for Green Buildings to Bolster Growth of Prefabricated Housing Market in Austria III-117 Product Introduction..............III-118 Select Key Players..............III-118 B.Market Analytics..............III-121 Market for Prefabricated Housing III-121 Table 88: Rest of Europe Recent Past, Current & Future Analysis for Prefabricated Housing with Annual Shipments in Units for Years 2014 through 2020 (includes corresponding Graph/Chart).............. III-121

Table 89: Rest of Europe Historic Review for Prefabricated Housing with Annual Shipments in Units for Years 2007 through 2013 (includes corresponding Graph/Chart) III-122 Market for Prefabricated Buildings III-123 Table 90: Rest of Europe Recent Past, Current & Future Analysis for Prefabricated Buildings with Annual Sales in US$ Million for Years 2014 through 2020 (includes corresponding Graph/Chart)..............III-123

Table 91: Rest of Europe Historic Review for Prefabricated Buildings with Annual Sales in US$ Million for Years 2007 through 2013 (includes corresponding Graph/Chart) III-124

5. ASIA-PACIFIC.............. III-125 A.Market Analysis.............. III-125 Outlook.............. III-125 Positive Construction Activity Outlook to Drive Growth III-125 Table 92: Projected Growth in the Asian Construction Market by Region and Sector (2014-2020) (includes corresponding Graph/Chart).............. III-126

Table 93: Asian Construction Market (2013): Percentage Breakdown of Spend by Sector (includes corresponding Graph/Chart).............. III-127

Table 94: Construction Spending by Country in Asia in US$ Billion: 2013 (includes corresponding Graph/Chart) III-127 Market Overview of Select Regions III-128 Australia.............. III-128 Residential Construction Market in Australia III-128 Table 95: Australian Residential Construction Market with Annual Revenues in US$ Billion for Years 2008 through 2017 (includes corresponding Graph/Chart) III-128

Table 96: Australian Residential Construction Market: Percentage Value Breakdown by Type for New Construction and Renovations for Years 2008 through 2017 (includes corresponding Graph/Chart)..............III-129 Prefabricated Housing - A Nascent Industry in Australia III-129 Opportunities Galore for Prefabricated Housing in Australian Market..............III-130 Baby Boomers Offer Strong Opportunities for Manufactured Housing Estate Developers..............III-131 Remote Housing a Small Yet Potent Market III-131 Factors Inhibiting Adoption of Prefabricated Housing III-131 Lack of Skilled Workforce III-131 Low Acceptance of Prefab Techniques Among Major Builders III-132 Underdeveloped Regulatory Framework for Prefabricated Housing.............. III-132 Low Research & Development Expenditure III-133 Hurdles for Transportation and Installation of Product III-133 Difficulties in Sourcing Finance for Buying Prefabricated Homes.............. III-134 Extreme Climatic Variations III-134 Prefabricated Buildings Market Overview III-134 Table 97: Australian Recent Past, Current & Future Analysis for Prefabricated Buildings with Annual Sales in US$ Million for Years 2014 through 2020 (includes corresponding Graph/Chart)..............III-135

Table 98: Australian Historic Review for Prefabricated Buildings with Annual Sales in US$ Million for Years 2007 through 2013 (includes corresponding Graph/Chart) III-136 Decline in Mining Activity to Impact Demand for Prefabricated Modular Accommodation III-136 China.............. III-137 Urbanization Trend: Positive Impact on Construction Sector III-137 Table 99: urbanization rate (%) in china by region (2014) (includes corresponding Graph/Chart) III-137

Table 100: Chinese Construction Market (2015E): Percentage Share Breakdown of Spending by Segment - Residential, Non-Residential, and Non-Building (includes corresponding Graph/Chart)..............III-138 Government Policy Changes to Drive Sales of Eco-friendly Construction Materials..............III-138 WWCBs and CCABs Gain Popularity Among builders III-138 Technological Advancements to Spearhead Growth in Chinese Prefab Housing Market..............III-139 A Peek into the Chinese Construction Industry III-139 Prefabricated Buildings Market in China III-140 Table 101: Chinese Recent Past, Current & Future Analysis for Prefabricated Buildings with Annual Sales in US$ Million for Years 2014 through 2020 (includes corresponding Graph/Chart)..............III-140

Table 102: Chinese Historic Review for Prefabricated Buildings with Annual Sales in US$ Million for Years 2007 through 2013 (includes corresponding Graph/Chart) III-141 India.............. III-141 Resurgence of Construction Activity Portends Positive Outlook III-141 Key Statistics.............. III-142 Table 103: Urbanization Trends in India: Number of Inhabitants (in Million) for Years 1991, 2001, 2011 & 2021 (includes corresponding Graph/Chart) III-142

Table 104: Urbanization Trends in India: Number of Cities with more than One Million Inhabitants for Years 1991, 2001 & 2013 (includes corresponding Graph/Chart) III-143

Table 105: Percentage Breakdown of Indian Households by Income Group (2015 & 2025) (includes corresponding Graph/Chart)..............III-143 Indian Market Yet to Unlock Full Potential of Prefabricated Technologies..............III-144 Affinity for Modular Buildings on the Rise III-144 New Zealand.............. III-145 Evolution of Prefabrication Techniques in New Zealand III-145 Urgent Need for Prefabricated Housing III-145 New Zealand Offsite Construction Market Remains Shackled III-146 Small Market Size Impacts Economies of Scale III-146 High Start-up Costs Pose a Barrier to New Entrants III-147 Lack of Technical Knowhow Among Consumers III-147 Thailand.............. III-147 Evolution of Prefabrication Housing in Thailand III-147 Prefabricated Concrete, Modular, and Knockdown Houses Gain Traction.............. III-149 Panelized Systems to Compete with Existing Prefab Housing Systems.............. III-149 Prefabricated Buildings Market in Rest of Asia-Pacific III-150 Table 106: Rest of Asia-Pacific Recent Past, Current & Future Analysis for Prefabricated Buildings with Annual Sales in US$ Million for Years 2014 through 2020 (includes corresponding Graph/Chart)..............III-150

Table 107: Rest of Asia-Pacific Historic Review for Prefabricated Buildings with Annual Sales in US$ Million for Years 2007 through 2013 (includes corresponding Graph/Chart).............. III-151 Product Introductions..............III-151 Strategic Corporate Developments III-152 Select Key Players..............III-152 B.Market Analytics..............III-155 Market for Prefabricated Housing III-155 Table 108: Asia-Pacific Recent Past, Current & Future Analysis for Prefabricated Housing with Annual Shipments in Units for Years 2014 through 2020 (includes corresponding Graph/Chart).............. III-155

Table 109: Asia-Pacific Historic Review for Prefabricated Housing with Annual Shipments in Units for Years 2007 through 2013 (includes corresponding Graph/Chart) III-156 Market for Prefabricated Buildings III-157 Table 110: Asia-Pacific Recent Past, Current & Future Analysis for Prefabricated Buildings by Geographic Region - Australia, China, and Rest of Asia-Pacific Markets Independently Analyzed with Annual Sales in US$ Million for Years 2014 through 2020 (includes corresponding Graph/Chart).............. III-157

Table 111: Asia-Pacific Historic Review for Prefabricated Buildings by Geographic Region - Australia, China, and Rest of Asia-Pacific Markets Independently Analyzed with Annual Sales in US$ Million for Years 2007 through 2013 (includes corresponding Graph/Chart)..............III-158

Table 112: Asia-Pacific 14-Year Perspective for Prefabricated Buildings by Geographic Region - Percentage Share Breakdown of Dollar Sales for Australia, China, and Rest of Asia-Pacific Markets for Years 2007, 2015 and 2020 (includes corresponding Graph/Chart) III-159

6. MIDDLE EAST & AFRICA.............. III-160 A.Market Analysis.............. III-160 Review of Construction Sector in The Middle East III-160 High Potential for Off-site Construction in The Middle East III-160 Kenyan Low-end Housing Market to Open Up III-161 Panelized Housing to Take Off in Kenya III-161 Product Introductions..............III-162 Strategic Corporate Development III-162 B.Market Analytics..............III-163 Market for Prefabricated Housing III-163 Table 113: Middle East & Africa Recent Past, Current & Future Analysis for Prefabricated Housing with Annual Shipments in Units for Years 2014 through 2020 (includes corresponding Graph/Chart)..............III-163

Table 114: Middle East & Africa Historic Review for Prefabricated Housing with Annual Shipments in Units for Years 2007 through 2013 (includes corresponding Graph/Chart).............. III-164 Market for Prefabricated Buildings III-165 Table 115: Middle East & Africa Recent Past, Current & Future Analysis for Prefabricated Buildings with Annual Sales in US$ Million for Years 2014 through 2020 (includes corresponding Graph/Chart)..............III-165

Table 116: Middle East & Africa Historic Review for Prefabricated Buildings with Annual Sales in US$ Million for Years 2007 through 2013 (includes corresponding Graph/Chart).............. III-166

7. LATIN AMERICA.............. III-167 A.Market Analysis.............. III-167 Outlook.............. III-167 Review of Latin American Construction Industry III-167 Infiniski - A Key Chilean Player III-167 B.Market Analytics..............III-168 Market for Prefabricated Housing III-168 Table 117: Latin American Recent Past, Current & Future Analysis for Prefabricated Housing with Annual Shipments in Units for Years 2014 through 2020 (includes corresponding Graph/Chart).............. III-168

Table 118: Latin American Historic Review for Prefabricated Housing with Annual Shipments in Units for Years 2007 through 2013 (includes corresponding Graph/Chart) III-169 Market for Prefabricated Buildings III-170 Table 119: Latin American Recent Past, Current & Future Analysis for Prefabricated Buildings with Annual Sales in US$ Million for Years 2014 through 2020 (includes corresponding Graph/Chart)..............III-170

Table 120: Latin American Historic Review for Prefabricated Buildings with Annual Sales in US$ Million for Years 2007 through 2013 (includes corresponding Graph/Chart) III-171

IV. COMPETITIVE LANDSCAPE

Total Companies Profiled: 295 (including Divisions/Subsidiaries - 299)

The United States (183) Canada (49) Japan (6) Europe (30) - Germany (9) - The United Kingdom (4) - Italy (1) - Spain (1) - Rest of Europe (15) Asia-Pacific (Excluding Japan) (30) Africa (1)