Hyperlocal Home Utility Services Market Expected to Reach $2393.9 Billion by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Hyperlocal Home Utility Services Market," The hyperlocal home utility services market was valued at $617.3 billion in 2021, and is estimated to reach $2393.9 billion by 2031, growing at a CAGR of 14.3% from 2022 to 2031.

Hyperlocal home utility services industry refer to order services by consumers within limited or well-defined geographic locations, from where the seller delivers goods in the minimum time. Hyperlocal home utility services include personal care and growing, house cleaning, plumbing, and lawn care. These delivery services are ordered from local service providers in nearby places, which results in a decrease in delivery time and cost results in hyperlocal home utility services market trends.  

Surge in smartphone user base and internet accessibility are majorly driving the growth of the hyperlocal home utility service market. The market is also being driven by changes in lifestyles and willingness to adopt technological changes. Furthermore, consumers are majorly interested in online purchasing owing to the benefits associated such as timesaving, discounts, and several options to choose. Collectively, all these factors favor the growth of the hyperlocal home utility service market . In addition, growth in consumer preference for premium services and brands, and penetration of hyperlocal home utility service markets even in remote areas are expected to drive the market growth and hyperlocal home utility services market trends. 

In addition to being the largest Internet users, the nuclear family-based urban environment that exists today is a key factor in the quick development of e-services in the hyperlocal home utility services market. Moreover, increasing use of on-demand and gig economy platforms. These platforms connect customers with local service providers, such as delivery drivers, house cleaners, and handymen, in real-time. This allows customers to easily find and book services in their local area, and it also provides opportunities for people to earn money by offering their skills and services as independent contractors. The efforts of the Indian government to demonetize currency, as well as the days that followed, highlighted the advantages of e-services in India. The fast Internet helped the people of developing countries for the first time they might live in a cashless society and this quick shift was made possible through e-services which surge the demand for the hyperlocal home utility services market. 

Hyperlocal home utility services market analysis on utility services, which include home services, logistic services, and tuition services. For instance, home moving, plumbing, lawn care, appliance repair, house cleaning, roofing, fencing and electrical are some of the home services gaining huge demand from consumer end. Growing urbanization, busy lifestyle and increasing working age population leads to high demand for home utility services, whereas, increasing working population of women has triggered the growth of the hyperlocal based utility services. Furthermore, increased utility of smartphones and its user base is projected to offer lucrative opportunities for offline services providers to use online platforms to boost their business. Based on region, Europe has gained a significant market share in hyperlocal home utility service market in 2021 and is expected to continue its market holding during the forecast period. This was attributed to the presence of international brands in the region, and growing funding for the start-up business. Big giants in Europe have been consistently expanding their market share by acquiring hyperlocal home utility service markets business, which further adds to the growth of the Europe hyperlocal home utility service market.

Hyperlocal home utility services market businesses have been rapidly growing with the potential of expanding exponentially. There has been an increase in the number of brands emerging in this space and it will consolidate over the next few years. Hyperlocal’s collaboration with local stores and connecting them with their customers in a digital way is benefiting all the stakeholders as all of them are now connected to the supply chain model for the Hyperlocal Home Utility Services Industry. 

Most of the customers use hyperlocal apps because of the quick delivery followed by availability of unique products/services, easier return, and offered products/services at affordable prices. Most of the female customers use hyperlocal apps services as they provide quality products at affordable prices and feel that the delivery mechanism is quick. Most of the customers belonging to the age group of 25 years to 44 years use hyperlocal apps because of the quick delivery services which is driver for the hyperlocal home utility services market. 

The hyperlocal home utility services market opportunities are start-ups that are concentrating on establishing their hold around the hyperlocal environment, new players are focusing on the local areas which lead to the wider expansion of their hyperlocal environment. For example, home utility service start-ups such as UrbanCompany, HouseJoy, etc. provide routine home services such as repairs, painting, plumbing, etc. Logistics start-ups such as Dunzo, Grab, 1mg, and others provide a delivery platform for the transport of utilities such as medicines, office supplies, and simple items such as books, bags, etc. 

According to the report analysis, the Hyperlocal home utility services market share is segmented on the basis of house type, service type and region. On the basis of house type 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. The hyperlocal home utility services market forecast from 2022 to 2031.

Based on house type, the independent house was valued at $ 340,379.2 million in 2021, and is projected to reach $1,256,094.5 million by 2031, registering a CAGR of 13.7% from 2022 to 2031.

Based on service type, the electronic appliance repair and maintenance segment was valued at $89,007.5 million in 2021 and is expected to reach $340,238.8 million by 2031, registering a CAGR of 14.4% from 2022 to 2031. The rise in prominence of refurbished business for electronic devices is one of the major factors fostering the electronic appliances repair and maintenance service segment trends, which surge the hyperlocal home utility services market share.

Based on region, North America held the major share with 50.64% of the total market. In addition, Lockdown in North America increased the demand for utility services, which is expected to fuel the growth of the market. Increase in adoption of advanced technology in daily life is the major driving factor in North America and is expected to fuel the overall hyperlocal home utility services market growth during the forecast period.

The players in the hyperlocal home utility services market have adopted product launch and business expansion as their key developmental strategies to expand their market share, increase profitability, and remain competitive in the market. The key players profiled in this report include 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 findings of the study

• The Hyperlocal home utility services market size was valued at $ 617,250.0 million in 2021, and is estimated to reach $ 2,393,913.4 million by 2031, growing at a CAGR of 14.3% during the forecast period.
• By house type, the apartment segment is estimated to witness the fastest growth, registering a CAGR of 14.9% in the hyperlocal home utility services market size during the forecast period.
• In 2021, by service type, the electronic appliance repair and maintenance segment is accounted for 41.6% of the global Hyperlocal home utility service markets market share.
• In 2021, the North America held the major share in the market, and is projected to growing at a CAGR of 13.5% during the forecast period.