Portland, OR, Feb. 27, 2023 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global hyperlocal home utility services market generated $617.2 billion in 2021 and is projected to reach $2,393.9 billion by 2031, growing at a CAGR of 14.3% from 2022 to 2031. The report examines changing market dynamics, major segments, the value chain, the competitive scenario, and the regional landscape. This research provides valuable guidance to market leaders, investors, shareholders, and startups in developing strategies for long-term growth and gaining a competitive advantage.
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Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2022–2031 |
| Base Year | 2021 |
| Market Size in 2021 | $617.2 billion |
| Market Size in 2031 | $2,393.9 billion |
| CAGR | 14.3% |
| No. of Pages in Report | 309 |
| Segments Covered | Nature, Type and Region. |
| Drivers |
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| Opportunities |
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| Restraints |
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Covid-19 Scenario:
- The outbreak of the COVID-19 pandemic has negatively impacted the global hyperlocal home service market.
- Limited grocery supply or lack of inventory in the retail outlets further restricts the growth of the hyperlocal grocery delivery market during the lockdown period.
The research report divides the global hyperlocal home utility services market into detailed segments based on nature, type and region. The report uses tables and figures to provide detailed information about the various segments and their sub-segments. Engaged market participants and investors can develop strategies based on the report's highest revenue-generating and fastest-growing segments.
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According to house type, the independent house segment accounted for the majority of the hyperlocal home utility services market in 2021 and is expected to maintain its leadership status during the forecast period, registering the highest growth with a CAGR of 13.7% from 2022 to 2031. Moreover, the hyperlocal service sector is seeing the fastest growth in utility services. This is mostly linked to rising urbanization, a higher standard of living, rising personal disposable income, and a larger number of people of working age. Also, a busy lifestyle and a stressful schedule have strongly encouraged people to outsource a variety of tasks to lessen their workload. Plumbing, electrical work, beauty services, house renovations, and cleaning are just a few of the services that people usually hire from outside. As a result, the expansion of the hyperlocal service market through utility services is expected to be boosted by the rise in service outsourcing.
Based on service type, the electronic appliance repair and maintenance segment accounted for the highest share in 2021, holding the majority of the global hyperlocal home utility services market, and is expected to continue its leadership status during the forecast period. This segment is estimated to grow at the highest CAGR of 14.1% during the forecast period. The market for home utility services is expected to develop as a result of innovations in service delivery and user-friendly design. Vendors are being prompted by the rising popularity of smartphones to use digital media marketing to increase brand recognition and revenue. In order to advertise their company, vendors are sending clients push notifications and emails with information about new services and deals. Moreover, there is a rise in awareness among consumers of new home utility services due to social media channels. Home utility services are expanding rapidly and gaining popularity as a result of the expansion of m- and e-commerce platforms.
According to region, North America held the largest share in 2021, accounting for nearly half of the global hyperlocal home utility services market share and is expected to maintain its dominant revenue share in 2031. Furthermore, during the forecast period, the Asia-Pacific region is expected to exhibit the fastest CAGR of 15.2%. The study also looks at regions such as Europe and Latin America.
Leading market players of the global hyperlocal home utility services market analyzed in the research include 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.
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The report examines these key players in the global hyperlocal home utility services market in depth. To increase their market share and maintain dominant positions in various regions, these players have used various strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others. To highlight the competitive scenario, the report highlights business performance, operating segments, product portfolio, and strategic moves of market players.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
