US Home Service Market Size By Maintenance and Repairs, By Home Improvement, By Cleaning Services Geographic Scope And Forecast
Published Date: August - 2024 | Publisher: MIR | No of Pages: 320 | Industry: latest updates trending Report | Format: Report available in PDF / Excel Format
US Home Service Market Size By Maintenance and Repairs, By Home Improvement, By Cleaning Services Geographic Scope And Forecast
US Home Service Market Size And Forecast
US Home Service Market size was valued at USD 90.46 Billion in 2023 and is projected to reach USD 156.29 Billion by 2030, growing at a CAGR of 7.1% during the forecast period 2024-2030.
The US Home Service Market encompasses a broad spectrum of services provided to residential properties, including but not limited to maintenance, repair, and improvement activities. These services are essential for the upkeep, enhancement, and functionality of homes, ranging from routine tasks such as cleaning and landscaping to more specialized services such as plumbing, electrical work, and remodeling. The market caters to homeowners, renters, and property managers seeking professional assistance to ensure the safety, comfort, and aesthetic appeal of their residential spaces.
 US Home Service Market Drivers
The market drivers for the US Home Service Market can be influenced by various factors. These may include
Rising Homeownership Rates The demand for home services rises in tandem with the number of homeowners. The need for home services is fueled by homeowners’ frequent need for varied upkeep, repairs, and upgrades.
Ageing Housing Stock Because older homes need more upkeep and improvements, there is a need for services such general home repairs, roofing, electrical work, and plumbing.
Technological Advancements A major motivator nowadays is the integration of technology into home services, such as energy-efficient solutons, smart home automation, and home automation systems. Technology is being embraced by consumers more and more to improve the ease and effectiveness of their homes.
Consumer Awareness Increasing consumer knowledge of the value of routine house maintenance and the accessibility of expert services supports market expansion. In order to save money on future, expensive repairs, homeowners are more likely to invest in preventative maintenance.
Economic Factors Consumer expenditure on home services is influenced by disposable income and economic stability. Homeowners are more inclined to spend money on upkeep and improvements during times of economic expansion.
Urbanisation and Population expansion In some areas, the trend towards urbanisation and population expansion results in a rise in building activity, home purchases, and, eventually, the need for home services.
DIY Trends Although do-it-yourself (DIY) projects are common, many homeowners would rather hire experts to handle more complex and specialised chores. The home services industry and DIY tendencies can coexist since some people choose to hire professionals for larger work while taking on smaller ones themselves.
Environmental and Energy Efficiency Concerns The demand for eco-friendly home services is being driven by growing concerns about environmental sustainability and energy efficiency. This covers solar energy installations, energy-efficient HVAC systems, and other green house upgrades.
Online Marketplaces and Platforms The rise of online marketplaces and platforms that link homeowners with service providers has expedited the hiring and selection of specialists, hence augmenting the market’s overall expansion.
Changing lives The kinds of home services that are in demand may change as a result of changes in consumer lives, such as an increase in remote employment. To enable remote work, for instance, there can be a higher demand for home office configurations or upgrades.
US Home Service Market Restraints
Several factors can act as restraints or challenges for the US Home Service Market. These may include
Economic Factors Consumer expenditure on home services may decline during economic downturns. Homeowners may be deterred from investing in non-essential services by high unemployment rates or uncertain economic conditions.
Regulatory Difficulties Home service providers may face difficulties due to modifications in laws, licence requirements, or industry standards. Investing more money and resources may be necessary to comply with the new requirements.
Labour Shortages Skilled workers like HVAC specialists, electricians, and plumbers are crucial to the home service sector. Skill shortages have the potential to raise labour costs and affect service availability.
Technological Disruptions Although new developments in technology might bring about opportunities, they can also provide difficulties for established home service providers. Businesses may find it difficult to stay competitive if they don’t adjust to changing technologies.
Consumer Trust and Safety Concerns Consumer confidence in the home service sector may be impacted by problems with trust, security, or safety. Customers may develop unfavourable opinions as a result of well-publicized events or opaque service delivery.
Environmental Considerations Certain home service market categories may be impacted by growing awareness of environmental sustainability. Consumer decisions may be influenced, for instance, by preferences for environmentally friendly goods or services.
Competitive Landscape Price wars among home service providers can result from fierce rivalry, which lowers profit margins for companies. Disruptive business concepts or new competitors could pose a threat to established businesses.
Seasonal Variations The demand for some home services may vary depending on the season or the weather at particular periods of the year. This may make it difficult to keep up a consistent flow of business all year round.
US Home Service Market Segmentation Analysis
The US Home Service Market is Segmented on the basis of Maintenance and Repairs, Home Improvement, Cleaning Services And Geography.
US Home Service Market, By Maintenance and Repairs
Plumbing services Includes fixing leaks, repairing or installing pipes, unclogging drains, and addressing other plumbing issues.
Electrical repairs Covers troubleshooting and fixing electrical problems, installing or repairing outlets, switches, and electrical panels.
HVAC maintenance Involves regular servicing, repairs, and installations of heating, ventilation, and air conditioning systems.
Appliance repairs Encompasses fixing or maintaining household appliances like refrigerators, ovens, washing machines, and more.
US Home Service Market, By Home Improvement
Renovations and remodeling Involves upgrading or transforming parts of the home, such as kitchens, bathrooms, or entire living spaces.
Carpentry and woodworking Covers services like custom furniture creation, cabinetry installation, and general carpentry work.
Painting and wall treatments Includes interior and exterior painting, wallpaper installation, and other wall-related enhancements.
Flooring installation and repair Encompasses installing or repairing various flooring materials like hardwood, tiles, carpets, etc.
US Home Service Market, By Cleaning Services
House cleaning Regular cleaning services for homes, including dusting, vacuuming, and sanitizing various surfaces.
Carpet cleaning Specialized services for cleaning and maintaining carpets and rugs.
Window cleaning Involves cleaning and maintaining windows, both inside and outside.
Gutter cleaning Clearing debris and ensuring proper water drainage by cleaning gutters.
US Home Service Market, By Geography
North America
Us
Key Players
The major players in the US Home Service Market are
Angie’s List (Angie Homeservices)
HomeAdvisor
Thumbtack
Porch
TaskRabbit
Handy
Amazon Home Services
Yelp
Houzz
Nextdoo
Report Scope
REPORT ATTRIBUTES
DETAILS
STUDY PERIOD
2020-2030
BASE YEAR
2023
FORECAST PERIOD
2024-2030
HISTORICAL PERIOD
2020-2022
UNIT
Value (USD Billion)
KEY COMPANIES PROFILED
Angie’s List (Angie Homeservices), HomeAdvisor, Thumbtack, Porch, TaskRabbit, Amazon Home Services, Yelp, Houzz, Nextdoo.
SEGMENTS COVERED
By Maintenance and Repairs, By Home Improvement, By Cleaning Services, And By Geography.
CUSTOMIZATION SCOPE
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Analyst’s Take
In conclusion, the US Home Service Market continues to exhibit steady growth driven by factors such as increasing urbanization, a growing population of homeowners, and rising disposable incomes. The demand for convenient, reliable, and high-quality home services remains strong, fueled by changing lifestyle preferences and an emphasis on convenience and efficiency. Moreover, technological advancements, such as the proliferation of mobile apps and online platforms connecting consumers with service providers, are facilitating market expansion and enhancing customer experiences. As the housing market evolves and consumer expectations continue to evolve, opportunities for innovation and specialization within the home service industry are expected to abound, positioning it as a pivotal sector within the broader service economy.
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