Economic upsurge and increased disposable income and hygiene consciousness drive the growth of the global home care service market
PORTLAND, Oregon, May 19, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, "Home Care Service Market by Services (Maid services, Carpet and upholstery, and Other Home care services) and Duration (Daily, Weekly, Monthly, Quarterly, and Annually): Global Opportunity Analysis and Industry Forecast, 2018-2026." According to the report, the global home care service industry was estimated at $15.77 billion in 2019, and is anticipated to hit $27.94 billion by 2026, registering a CAGR of 8.5% from 2019 to 2026.
Drivers, restraints, and opportunities-
Economic upsurge and increased disposable income & hygiene consciousness drive the growth of the global home care service market. On the other hand, intense competition hinders the market growth. However, rise in number of working women is expected to create multiple opportunities in the industry.
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COVID-19 scenario-
- With the outbreak of the pandemic, people have become more conscious about cleanliness, hygiene and keeping themselves and their environment germ-free. To make the residents avoid close contacts with outside people and prevent the transmission of COVID-19, several precautionary measures have been ordained by the government bodies in most of the countries and the maid services sector has experienced a steep decline all over the world.
- Health stipulations have mandated several important facets to help protect against the deadly virus. And, quite naturally, along with the maid services segment, the commercial services segment has also confronted a downfall in the growth margin during lockdown.
The maid services segment to dominate by 2026-
Based on service, the maid services segment contributed to nearly two-thirds of the global home care service market share in 2019, and is expected to rule the roost by the end of 2026. Changing consumer lifestyle and increase in the number of working women, majorly in emerging countries drive the growth of the segment. The carpet and upholstery segment, on the other hand, would grow at the fastest CAGR of 9.1% throughout the forecast period. Rise in construction activities and increase in adoption of carpet and upholstery cleaning equipment, such as carpet extractors, vacuum cleaners, automatic polishers, and scrubbers fuel the segment growth.
The daily segment to maintain the dominant share-
Based on duration, the daily segment accounted for more than two-fifths of the global home care service market revenue in 2019, and is anticipated to lead the trail till 2026, owing to rise in demand for housekeeping staff for daily maintenance. Simultaneously, the monthly segment would cite the fastest CAGR of 10.4% during the study period, owing to busy corporate lifestyle.
North America garnered the major share in 2019 -
Based on geography, North America generated the highest share in 2019, holding nearly one-third of the global home care service market. This is due to increase in dual-income households in this province. At the same time, Asia-Pacific is projected to manifest the fastest CAGR of 9.4% by 2026. This is attributed to rising economy and mounting construction of commercial and residential buildings in the region.
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Key players in the industry-
- Anago Cleaning Systems
- Aramark corporation
- Chemdry
- ABM Industries Inc.
- The Servicemaster Company, LLC.
- Cleannet
- Jani-king Inc
- Pritchard industries Inc
- Stanley Steemer International, Inc.
- Sodexo
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