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The home service market in US study is a comprehensive report with in-depth qualitative and quantitative research evaluating the current scenario and analyzing the growth of 26.85 and a CAGR of 36.22% with market size of USD 1.08 billion during the forecast period 2021 to 2026.
This home service market in US research report provides valuable insights on the post-COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers the home service market in US segmentation by distribution channel (online and offline) and type (home care and design, repair and maintenance, HW and B, and others). The US Home service market report also offers information on several market vendors, including Ace Handyman Services, Amazon.com Inc., American Home Shield Corp., Angi Inc., Chemed Corp., Handy Technologies Inc., Handyman Connection, HOMEE Inc., HomeServe Plc, Ingka Holding B.V., Mister Sparky Franchising SPE LLC, Reliance Network and Home Services of America, Smiths Plumbing Services, TechCrunch, The Home Depot Inc., USA Plumbing Service, and Yelp Inc among others.
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The researcher studied the historical data considered for years, with 2021 as the base year and 2022 as the estimated year, and produced drivers, trends, and challenges for the home service market in US.
Key Home Service Market in US Driver
The increasing influence of digital media is notably driving the home service market in US' growth. With the proliferation of Internet-enabled smartphones, digital media has emerged as a key communication and marketing channel for vendors operating in the US Home Service market. Service visibility is one of the principal factors in the marketing strategy implemented by home service providers. Therefore, several online home service providers are widely adopting digital media marketing strategies to increase service visibility and promote sales. Several innovative features in technologically-advanced smartphones help online on-demand home service providers increase their visibility. For instance, push messages and e-mails that contain the details of new home service launches and discounts offered are sent to consumers for service promotions. These promotions help increase awareness about the availability of new home services among consumers. Vendors use various social media platforms such as YouTube, Facebook, Twitter, Instagram, and Google+ for service promotions and campaigns. These platforms enable consumer engagement with popular brands and help increase consumer awareness about several new services offered by home service brands. The rising popularity of social media is expected to expand rapidly, which will boost the growth of the home service market in US during the forecast period.
Key Home Service Market in US Trend
The increasing number of advertising and marketing campaigns is the key trend driving the home service market in US growth. Marketing and advertising campaigns are crucial for the growth of vendors operating in different industries. Currently, vendors operating in the home service market in US focus on launching advertisement campaigns through various platforms to generate customer awareness and retain a strong customer base. Vendors have started using various strategic marketing tools to gain the attention of customers. For instance, Amazon Home Services guarantees the quality of its services under the Happiness Guarantee. If the company fails to provide quality services, it pays an amount as compensation. The focus on launching new advertisement campaigns by vendors is expected to drive the growth of the home service market in US during the forecast period.
Key Home Service Market in US Challenge
High competition among vendors is the major challenge impeding the home service market in US' growth. The home service market in US is dynamic due to the presence of several regional and global players that compete based on acquisitions, expansions, and marketing and advertising campaigns. The competition among the existing players in the market in focus is expected to increase during the forecast period with the entry of new start-ups such as Zimbber Inc., AtoZ services, and others. The presence of numerous vendors is increasing the competition and increasing the price wars among vendors. Such price wars potentially erode profit margins and lead to smaller businesses exiting the market. The US Home service market is highly fragmented due to the presence of numerous unorganized vendors. There are several issues associated with unorganized vendors, such as the incapability to maintain standard quality of service and ensure transparency and on-time performance, which adversely affect the overall business. Moreover, the US Home service market faces tough competition from various small local brick-and-mortar stores. All these factors are expected to hamper the growth of the home service market in US during the forecast period.
This US Home service market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Technavio categorizes the US Home service market as a part of the global specialized consumer services market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the US Home service market during the forecast period.
The report analyzes the market’s competitive landscape and offers information on several market vendors, including:
This statistical study of the Home service market in US encompasses successful business strategies deployed by the key vendors. The home service market in the US is fragmented, and the vendors are deploying organic and inorganic growth strategies such as to compete in the market.
To make the most of the opportunities and recover from the post-COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments while maintaining their positions in the slow-growing segments.
The home service market in the US forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the home service market in US, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
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The home service market share growth in us by the online segment will be significant during the forecast period. The online segment of the home service market in the US is growing, driven by the ease of convenience of availing and accessibility provided by these services. Therefore, the home service market in US is expected to register steady growth through the online segment during the forecast period.
This report provides an accurate prediction of the contribution of all the segments to the growth of the home service market size in the US and actionable market insights on the post-COVID-19 impact on each segment.
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Home Service Market Scope in the US |
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Report Coverage |
Details |
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Page number |
120 |
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Base year |
2021 |
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Forecast period |
2022-2026 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 36.22% |
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Market growth 2022-2026 |
$1.08 billion |
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Market structure |
Fragmented |
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YoY growth (%) |
26.85 |
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Regional analysis |
US |
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Competitive landscape |
Leading companies, Competitive Strategies, Consumer engagement scope |
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Key companies profiled |
Ace Handyman Services, Amazon.com Inc., American Home Shield Corp., Angi Inc., Chemed Corp., Handy Technologies Inc., Handyman Connection, HOMEE Inc., HomeServe Plc, Ingka Holding B.V., Mister Sparky Franchising SPE LLC, Reliance Network and Home Services of America, Smiths Plumbing Services, TechCrunch, The Home Depot Inc., USA Plumbing Service, and Yelp Inc |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Distribution Channel
6 Market Segmentation by Type
7 Customer Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
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