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Home Services Market Size And Forecast
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Home Services Market size was valued at USD 370.86 Million in 2021 and is projected to reach USD 1,826.35 Million by 2030, growing at a CAGR of 21.14% from 2022 to 2030.
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An increase in smartphone adoption has allowed for the rise of the home service market through its positive influence on the online on-demand services market. The Global Home Services Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.
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What is Home Services Market?
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Home service is a term that is used to encompass various intangible assets that are provided by businesses for residential homes. There are several businesses that are provided by home services that span across various sectors of business such as repairs and maintenance, installations, home improvement, and others. As the number of services that can be provided by the home service market increases, the scope, and therefore the industry of home services is growing. With the increase in the adoption of technology comes the increase in online as well as mobile booking services. Home services are essentially a more modern and simplified way to buy as well as schedule professional services.
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The recent growth of the adoption of home services can be in part attributed to the evolution of the real estate and building cluster where physical facilities are considered a part of a service system. The advent of new technology coupled with the increasing awareness of services that can be provided in-home services is aiding in the growth of the market. Some of the main reasons for the introduction of home services were the service it provides to the inhabitants of a home as well as the overall cost efficiency of the provision of these services for the service provider.
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Global Home Services Market Overview
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The rise in the adoption of smartphones is significantly aiding in the growth of the home service market. Smartphone technology is developing in such a way that it is influencing the customer’s daily marketing strategies, business activities as well as lifestyle. The acceptance of smartphone technology is a key factor in determining success in today’s technology. Due to this, the identification of the main factors that influence the consumer’s behavior toward smartphone technology is extremely valuable. Besides, smartphones are witnessing substantial growth; their rising adoption has led to the rise in the bulk manufacturing of the product. This growth in the demand for smartphones has led to the lessening of their cost overall. It is factors like these that have led to the increasing adoption of smartphones worldwide. With the increasing convenience that home services provider, the demand for online home services are increasing. Especially in consideration to the present generation, as they are the largest consumers of internet services, on-demand devices are quite popular.
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However, the lack of a standardized pricing model for online home services may restrain the growth of the market. One of the biggest challenges that are facing the home service market is the lack of a pricing model. Due to the relatively new nature of online home services, there is now a standard that has been set for the services that are to be provided. In order to understand what goes behind understanding the prevailing trends and fixing a price for a particular home service.
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Increasing digital transformation in emerging economies offers lucrative growth opportunities for the market. With the middle class growing globally, there is a growth in various aspects i.e. digital technology throughout emerging economies. Emerging economies such as India and China are therefore playing a big role in the opportunities that are faced by the home services market. With the increasing younger population, there are more technologically adept individuals that are leading this period of digital transformation and innovative measures.
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Global Home Services Market: Segmentation Analysis
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The Global Home Services Market is classified on the basis of Deployment, Home Improvement Type, Repairs & Maintenance, and Geography.
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Home Services Market, By Deployment
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- Online
- Offline
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On the basis of Deployment, the Global Home Services Market has been segmented into Offline and Online. Offline accounted for the largest market share in 2021 and is projected to grow at a CAGR of 20.27% during the forecast period. Online was the second-largest market in 2021. The concept of offline home services is traditional. In offline home services, there are physical channels that are essential for customers to provide their services. Unlike online home services, offline home services are not able to provide customers with two different services.
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Home Services Market, By Home Improvement Type
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- Construction
- Interior Design
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On the basis of Home Improvement Type, the Global Home Services Market has been segmented into Interior design and Construction. Interior design accounted for the largest market share in 2021 and is projected to grow at the highest CAGR of 21.69% during the forecast period. Construction was the second-largest market in 2021. Interior design is a wide field that consists of tasks, consisting of abstract development, area planning, site verification, programming, research, construction administration, and design execution. Interior designers create functional, comfortable, and beautiful interior areas by analyzing area requirements and selecting decorative things along with color schemes, lighting, and materials. In addition, with the growing exposure to numerous cultures and international trends, people are opening up to new designs and decorations in their home appearances.
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Home Services Market, By Repairs & Maintenance
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- Electricity
- Plumbing
- Gas
- Heating
- Ventilation
- Air Conditioning
- Non-HVAC Home Appliances
- Handyman
- Others
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On the basis of Repairs & Maintenance, the Global Home Services Market has been segmented into Electricity, Plumbing, Non-HVAC Home Appliances, Gas, Heating, Ventilation and Air Conditioning, and Others. Electricity accounted for the largest market share in 2021 and is projected to grow at a CAGR of 21.34% during the forecast period. Plumbing was the second-largest market in 2021. Home services offer simple and easy way to deal with home repair of electrical lines in order to provide fast and reliable emergency repair services. Using online or offline mode of home service, one can easily fix an appointment with an electrician. Online home services also give customers an option of choosing electrician of their own choice. In a digital world, electricity holds a great importance. Any blown circuit or as serious as damage to the exterior line or hardware need to be repaired or replaced by an electrician.
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Home Services Market, By Geography
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- North America
- Europe
- Asia Pacific
- Middle east and Africa
- Latin America
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On the basis of Geography, the market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. As seen in the above figure, North America accounted for the largest market share in 2021 and is projected to grow at a CAGR of 19.87% during the forecast period. The Asia Pacific was the second-largest market in 2021. The market exhibits strong growth in terms of its revenue. The economy of North America is dominated by the United States due to its highly diverse industrial market. Compared to those in Europe and some areas of Asia, industries in this region are more flexible in terms of growth and innovation. However, several North American industries have reached a point of saturation, necessitating the development of new tactics in order to address the market’s inadequacies. In the forecasted period, North America is sustaining well for the global Home Services market on account of an increase in the industries and a substantial rise in innovations and ideas.
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Key Players
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The “Global Home Services Market” study report offers valuable insight with an emphasis on the global market including some of the major players such as Amazon Home Service, Home Depot, American Home Shield, Angie’s List, Japan Best Recuse, Myhammer, Johns Lyng Group, Korea Housing Management Co., Ltd, Sodimac, Dapenaro, Pointer Systems Srl and others.
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Our market analysis also entails a section solely dedicated to such major players wherein our analysts provide an insight into the financial statements of all the major players, along with its product benchmarking and SWOT analysis. The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players globally.
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Global Home Service Market Size And Forecast
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Key Developments
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• The Home Depot, the world’s largest home improvement retailer, announced it has entered into a definitive agreement to acquire HD Supply Holdings, Inc., a leading national distributor of maintenance, repair and operations (MRO) products in the multifamily and hospitality end markets. The acquisition is expected to position The Home Depot as a premier provider in the MRO marketplace
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Report Scope
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| Report Attributes | Details |
|---|---|
| Study Period |
2018-2030 _x000D_ |
| Base Year |
2021 _x000D_ |
| Forecast Period |
2022-2030 _x000D_ |
| Historical Period |
2018-2020 _x000D_ |
| Unit |
Value (USD Billion) _x000D_ |
| Key Companies Profiled |
Amazon Home Service, Home Depot, American Home Shield, Angie’s List, Japan Best Recuse, Myhammer, Johns Lyng Group, Korea Housing Management Co., Ltd, Sodimac, Dapenaro, Pointer Systems Srl and others. _x000D_ |
| Segments Covered |
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| Customization scope |
Free report customization (equivalent up to 4 analyst’s working days) with purchase. Addition or alteration to country, regional & segment scope _x000D_ |
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Reasons to Purchase this Report
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• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors
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• Provision of market value (USD Billion) data for each segment and sub-segment
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• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market
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• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region
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• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions and acquisitions in the past five years of companies profiled
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• Extensive company profiles comprising of company overview, company insights, product benchmarking and SWOT analysis for the major market players
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• The current as well as the future market outlook of the industry with respect to recent developments (which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions
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• Includes in-depth analysis of the market of various perspectives through Porter’s five forces analysis
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