Hyperlocal Home Utility Services Market Research, 2031
The global hyperlocal home utility services market was valued at $617.3 billion in 2021, and is projected to reach $2393.9 billion by 2031, growing at a CAGR of 14.3% from 2022 to 2031.
The hyperlocal home utility services market is segmented into House Type and Service Type.
The online hyperlocal home utility services industry comprises 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 in the hyperlocal home utility services market.
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 Hyperlocal home utility services market growth over the hyperlocal home utility services market forecast period.
Many brands and companies int the hyperlocal home utility services market 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 home utility services market 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 hyperlocal home utility services market demand.
E-commerce and M-commerce platforms are increasingly adopting and acquiring hyperlocal home utility service markets to reduce delivery costs and time resulting in hyperlocal home utility services market trends. Growth in e-commerce business creates extensive demand for hyperlocal home utility service markets. For instance, according to India Brand Equity Foundation, The Indian e-commerce market is expected to grow to $200 billion by 2026 from $38.5 billion as of 2017. Hyperlocal utility services are expected to gain major traction in developing countries during the forecast period; this is majorly attributed to growing disposable income, high working-age population, and high inclination to have comfort providing services which create demand for the various utility services including home services, logistic, and personal tuitions services, such factors surge the hyperlocal home utility services market size.
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.
In hyperlocal (or direct-to-consumer) commerce, brands provide delivery of goods and utility services directly to the consumers, such as groceries, food, personal items, medicines, courier items, and other products and services in the hyperlocal home utility services market. They also include utility services like plumbing, home cleaning, and others. The lifestyle change has boosted the growth of the online food and grocery ordering market leading to the growth of the hyperlocal/D2C services industry. Consumer behavior has changed drastically due to the pandemic making the hyperlocal model more relevant, as it enables us to cater to all kinds of needs, not just in the metro cities but also in small towns, which surge the hyperlocal home utility services market size during the forecast period.
The expanding e-commerce and m-commerce platforms are driving the market for on-demand hyperlocal home utility services market. The online on-demand home services industry is experiencing growth because of widespread smartphone and internet usage. Millennials are using the internet majorly to access information and use services. The hyperlocal home utility service fills the gaps left by offline services and frequently serves as a middleman to effectively deliver services to customers when they need them, such factors surge the hyperlocal home utility services market share during the forecast period.
Increased internet use and changed consumer behavior have led to tremendous disruptions in the hyperlocal market. The hyperlocal approach enables brands to reach their target customers directly, removing the middlemen and retail stores as part of the traditional business model. Many brands are taking advantage of the hyperlocal model and are adopting its way of doing business. Being able to sell products and services directly to the consumers allows brands to save on the product costing and utilize funds in improving the services and limiting their expenses. The hyperlocal model also lets businesses understand the customer's demands.
The hyperlocal home utility services industry space has seen the rise of niche brands across categories including home décor, home services, groceries, essentials, and pharmacy sectors. A direct-to-consumer business sells its products under its brand directly to the final users, via the internet by positioning itself in a niche market. It does not require an intermediary wherein brands have full control of their product range, their sales strategy and their message and they can adapt their products according to the customer's needs. This transition has been accelerated further by the pandemic. Even the tech giant Apple launched its native online store in India during the pandemic.
The hyperlocal home utility services market share is segmented on the basis of house type, service type, and region. Based on house type market is segmented into independent houses and apartments. 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. Hyperlocal Home Utility Services Market Forecast from 2022 to 2031. Region-wise, it is analyzed across North America (the U.S., Canada, and Mexico), Europe (France, Germany, Italy, UK, Spain, UK, Russia, and the 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).
Based on house type, the independent house segment held the major share in the market. With more people spending more time at home, there is a growing demand for home cleaning and maintenance services. This includes regular cleaning services, as well as deep cleaning, window cleaning, and laundry services. However, the apartment segment is projected to manifest the highest CAGR of 14.9% from 2022 to 2031. Many apartment buildings are now offering concierge services to residents, such as package delivery, mail handling, and dry cleaning. This trend is driven by the convenience factor, as well as the increased safety and security of having a concierge on-site.
On the basis of service type, the Electronic Appliance Repair and Maintenance segment held the major share in the market. The rise in prominence of refurbished business for electronic devices is one of the major factors fostering the electronic appliances repair and maintenance service market trends. However, the pest control segment is projected to manifest the highest CAGR of 17.2% from 2022 to 2031. Increasing focus on the usage of biocides is acting as a major factor for market growth. These are increasingly being used to replace traditional pesticides as they are more environmentally friendly. For instance, Rentokil registered CO2 for use in the control of rodents under EU biocidal regulations.
Based on region, North America held the major share in 2021 and is anticipated to hold its position throughout the forecast period. Increasing adoption of advanced technology in daily life is the major driving factor in North America and is expected to fuel the overall market growth of the online hyper-local services market during the forecast period. However, Asa-Pacific is projected to manifest the highest CAGR of 15.2% from 2022 to 2031.
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.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the hyperlocal home utility services market analysis from 2021 to 2031 to identify the prevailing hyperlocal home utility services market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the hyperlocal home utility services market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global hyperlocal home utility services market trends, key players, market segments, application areas, and market growth strategies.
Hyperlocal Home Utility Services Market Report Highlights
Market Size By 2031
USD 2393.9 billion
CAGR of 14.3%
2021 - 2031
By House Type
By Service Type
Key Market Players
MyClean, Inc., White Whiskers Aging Pet Care, Homesjoy Material pvt ltd, USA Clean Master, Arrow Exterminators, Inc., Authority Brands, Inc., Zixdo Technologies Private Limited, GetLook Beauty Pvt. Ltd., Rentokil Initial plc, The ServiceMaster Company, LLC., Neighborly, UrbanClap Technologies Private limited, Localoye, Maid Brigade Systems, Inc., ByNext, Inc.
Innovation in services is key for the growth of global hyperlocal home utility services market in terms of value sales. Customers are increasingly inclined to have comfortable, convenient and hustle free shopping, which is anticipated to fuel the growth of the Hyperlocal home utility service markets during the forecast period. In addition, discounts, combo offers, referring rewards and first-time ordering discounts are increasing customers on the online ordering platforms. Growing utility of smartphones and its user base is lucrative opportunities for the new entrants and growing funding for the start-ups through government and big giants are further adding to the growth of the Hyperlocal home utility service markets market.
However, unorganized retail sector, improper transportation facilities, growing cybercrimes and digital illiteracy, has been hampering the growth of the Hyperlocal home utility service markets market during the forecast period. Additionally, customers’ lack of trust on online shopping is a big challenge for the online business operating firms.