The home services market share will post an incremental growth of USD 5.14 trillion, progressing at a CAGR of 36.21% during the forecast period. The increasing influence of digital media will offer immense growth opportunities to market vendors. The home services market is fragmented, and the vendors are deploying growth strategies such as low-pricing strategies and strengthening the local customer base to compete in the market.
Technavio’s report on “Home Services Market Growth, Size, Trends, Analysis Report by Type, Application, Region and Segment Forecast 2022-2026” provides a detailed analysis of the prevalent market forces, trends, and challenges likely to impact the market in focus.
The home services market is segmented by type (home care and design, repair and maintenance, HWB, and others) and geography (APAC, North America, Europe, South America, and the Middle East and Africa).
The growth of the home services market in the home care and design segment will be significant during the forecast period. The increasing number of smartphone and Internet users, which makes home service apps easily accessible will increase the home services market size in APAC. 43% of the market's growth will originate from APAC during the forecast period. China and India are the key markets for home services in APAC.
The increasing influence of digital media will directly influence the sales of home services. In addition, the increasing number of startups entering the market is one of the major home services market trends that will positively impact the market growth. However, the high competition among vendors will hamper the home services market growth.
The market is fragmented due to the presence of several players. Some of the major home services market vendors are 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., SC Pointer Systems Srl, Super Home Inc., TaskEasy Inc., TaskRabbit Inc., The Home Depot Inc., The ServiceMaster Co. LLC, Urban Co., and Zauba Technologies and Data Services Pvt. Ltd.
To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their position in the slow-growing segments. To survive and succeed in such an intensely competitive market, players must distinguish their product and service offerings through clear and unique value propositions.
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Precise market size estimation during the forecast period 2022-2026.
CAGR of the home services market forecast during 2022-2026.
Market-level data on units, average selling prices, and values of the home services market share.
Prediction on the upcoming trends, drivers, and factors that challenge the growth of the home services market.
Home services industry growth across APAC, North America, Europe, South America, and the Middle East and Africa.