PUBLISHER: Allied Market Research | PRODUCT CODE: 1266512
PUBLISHER: Allied Market Research | PRODUCT CODE: 1266512
The Hyperlocal Home Utility Services Market valued for $617,250.00 million in 2021 and is estimated to reach $2,393,913.35 million by 2031, exhibiting a CAGR of 14.3% from 2022 to 2031. Hyperlocal home utility service companies provide delivery of utility services to consumers, including medicines, personal items plumbing, home cleaning, lawn care, electrical, and drainage. All these utility services are provided through a network of people from businesses or individuals in local areas.
The online home utility services comprise businesses that aim to work on residential home utilities; this includes flooring, landscaping, concrete, appliance repair, electrical, house cleaning, lawn care, personal and beauty care, pest control, and plumbing., and moving & storage services. It is in continuous demand, as it offers benefits such as convenience and saving time. With increasing internet penetration, consumers can now check product specifications and buy the correct products online. This helps the vendors conduct their business online.
Innovations in providing home services and user-friendly experiences are expected to boost the growth of the home utility services market. The growing adoption of smartphones is encouraging vendors to leverage digital media marketing to improve visibility and sales. Vendors are sending customers to push messages and emails that contain information about new services and offers to promote their business. With the help of social media platforms, customers are becoming aware of new home utility services. Home utility services are gaining significant traction and growing at the highest pace owing to growing e-commerce and m-commerce platforms. Furthermore, the increase in working women population, and changing lifestyle patterns are considerable factors favoring the growth of the hyperlocal home utility service market. Besides, growing digital marketing and advertising is further expected to increase customer engagement thereby fostering the market growth over the next few years.
Many brands and companies are exploring the shift toward a hyperlocal and direct-to-customer delivery model, where several players in the market have evolved their distribution channels and execute direct deliveries to the customers. The model enables local retailers to increase their market coverage and allows FMCG players to push their inventories and effectively scale the business. The consumer lifestyle has undergone an unprecedented transformation due to the pandemic with their demand patterns shifting to online shopping. Brands faced challenges such as maintaining inventory levels for essentials, shortage of personnel, urgent dependencies on intermediaries, and delayed delivery cycles during the initial pandemic stage. The situation pushed multiple brands and sellers to come together and build partnerships, thereby creating a strong ecosystem for hyperlocal services. These hyperlocal apps offered contactless and cashless delivery thereby providing convenience and safety while leveraging evolving consumer behavior brought on by the pandemic.
Smartphone accessibility and user-friendly applications have been triggering the growth of the online home utility services market during the forecast period, through smartphones customers can efficiently book the services which they are seeking. Hyperlocal home utility services are bridging the gap between real-world services and instant online services to provide efficient services Thus, all these attributes collectively boost the growth of hyperlocal services through the home utility service segment. This is expected to boost the demand for the hyperlocal home utility service market.
Hyperlocal utility services are expected to gain traction, and this can majorly be attributed to the growing disposable income, and living a comfortable lifestyle. This creates demand for various utility and home services. The hyperlocal services adoption and accelerated growth in the e-commerce sector have changed the paradigm as first-time e-commerce users increased during the lockdown and contactless delivery and digital payments became the norm. Start-ups have implemented the hyperlocal ecosystem to connect local businesses with nearby buyers. Hyperlocal economy is projected to flourish in India and the hyperlocal services will notice waves of positive developments during the forecast period.
The hyperlocal home utility service market is segmented on the basis of house type, service type and region. Based on house type market is segmented into independent house and apartment. As per service type market is categorized into interior design. furniture installation services, home painting services, plumbing services, electronic appliance repair and maintenance, kitchen cleaning and maintenance, car cleaning services, carpet sofa and curtain cleaning, home cleaning, pest control services, beauty and spa services, salon services, pet care services, childcare services, waste disposal, professional photographers, yoga and fitness, and others. Region wise, it is analyzed across North America (the U.S., Canada, and Mexico), Europe (France , Germany, Italy, UK, Spain , UK, Russia, , , and rest of Europe), Asia-Pacific (China, Japan, India, , South Korea, Australia, , and rest of Asia-Pacific), and LAMEA (Brazil, Argentina, UAE, Saudi Arabia, Egypt, Saudi Arabia, Nigeria, and Rest of LAMEA).
The major players operating in the market are: Arrow Exterminators, Inc., Rentokil Initial plc, White Whiskers Aging Pet Care, ByNext, Inc., UrbanClap Technologies Private limited, Homesjoy Material pvt ltd, GetLook Beauty Pvt. Ltd., Zixdo Technologies Private Limited, Neighborly, Authority Brands, Inc, Localoye, Maid Brigade Systems, Inc., The ServiceMaster Company, LLC., MyClean, Inc., USA Clean Master.