[ad_1]
NEW YORK, Oct. 12, 2022 /PRNewswire/ — The “Home Services Market by Type (Home care and design, Repair and maintenance, HWB, and Others) and Geography (APAC, North America, Europe, South Americaand Middle East and Africa) – Forecast and Analysis 2022-2026″ report has been added to Technavio’s offering. The potential growth difference for the home services market size between 2021 and 2026 is USD 5.14 trillion. To get the exact CAGR and the YOY growth rate, Request a FREE PDF Sample Report
- Market Driver: The increasing influence of digital media is one of the key drivers supporting the home services market growth. Nowadays, the increased adoption of Internet-enabled smartphones has emerged digital media as a key communication and marketing channel for vendors operating in the global home services market. There are several innovative features in technologically-advanced smartphones that help online on-demand service providers increase their visibility. For instance, push messages that contain the details of new service launches and discounts offered are sent to consumers for service promotions. Furthermore , as social media is now becoming popular vendors are using various platforms such as YouTube, Facebook, and others for service promotions and campaigns. Thus, the increasing popularity of social media will drive the home services market growth during the forecast period.
- Market Challenges: High competition among vendors is one of the factors impeding the home services market growth. The presence of numerous vendors is intensifying competition and an increasing price war among vendors. Such price wars can potentially erode profit margins and lead to smaller businesses exiting the market. However, the global home services market is highly fragmented, with the presence of numerous unorganized vendors. There are several issues associated with unorganized vendors, such as the incapability to maintain standard service quality and ensure transparency and on-time performance, which adversely affect the overall business. All these factors are expected to hamper the growth of the global home services market during the forecast period.
To learn more about additional key drivers, trends, and challenges available with Technavio. Read our Sample Report right now!
The home services market report is segmented by Type (Home care and design, Repair and maintenance, HWB, and Others) and Geography (APAC, North America, Europe, South Americaand Middle East and Africa). APAC will be the leading region with 43% of the market’s growth during the forecast period. China and India are the key markets for home services in APAC.
View our sample report for additional insights into the contribution of all the segments, and regional opportunities in the report.
The global home services market is competitive and fragmented. This is due to the presence of several regional and global vendors. Only the key vendors provide their products, services, and solutions in all regions. The small vendors offer a limited number of products, services , and solutions in a particular region. With the global vendors consistently increasing their footprint in the market, the regional vendors are finding it increasingly difficult to compete with them, especially on parameters such as quality, pricing, market reach, and financial resources. The competitive environment in the market is expected to intensify further during the forecast period. This will be due to product and service extensions and product innovations. Vendors are constantly competing against each other to increase their market share. Many new vendors are expected to enter the market as it offers growth opportunities. Vendors are capitalizing on the popularity of online media to develop a competitive edge. The market is highly competitive, with all the players competing to increase their market shares. The global home services market is expected to grow steadily during the forecast period.
- Amazon.com Inc.
- Angi Inc.
- AskforTask Inc.
- Frontdoor Inc.
- Gapoon Online Consumer Services Pvt. Ltd.
- Helpling GmbH and Co. KGA
- Home Reno Pte. Ltd.
- Johns Lyng Group Ltd.
- MyClean Inc.
- Oneflare Pty Ltd.
- Paintzen Inc.
- Porch.com Inc.
To gain access to more vendor profiles with their key offerings available with Technavio, Click Here
Consumer Stationery Retailing Market by Type, Application, Segment, and Region Forecast 2021-2025
|
Home Services Market Scope |
|
|
Report Coverage |
Details |
|
Page number |
120 |
|
Base year |
2021 |
|
Forecast period |
2022-2026 |
|
Growth momentum & CAGR |
Accelerate at a CAGR of 36.21% |
|
Market growth 2022-2026 |
USD 5.14 tn |
|
Market structure |
Fragmented |
