Handyman Service Industry to Expand at a Robust CAGR Of 16.5% through 2033 | FMI

Freeman

The handyman service market size has been estimated to be US$ 390.9 million in 2023 and is projected to increase to US$ 1.8 billion by 2033. Through 2033, the handyman service industry is anticipated to expand at a robust CAGR of 16.5%. Previously, the handyman service sales grew between 2018 and 2022 at a slower CAGR of 14.1%.

In the upcoming years, handyman service sales are to develop steadily. Rising demand for home repair and maintenance services and a growing DIY culture may fuel market expansion for handyman services. Using online platforms for service bookings and technological improvements accelerates market expansion for handyman services.

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The Repair Revolution: Handyman Services are Changing the Home Maintenance Landscape

The growth in dual-income households and hectic lives have raised the demand for professional assistance with home repairs and upkeep. Although the DIY culture has grown in popularity, complex undertakings and a lack of time or skill motivate many to employ handyman services.

Customers may now identify and schedule handyman services online thanks to technological improvements, which provide ease and accessibility. The aging population necessitates help with home maintenance, resulting in a continual demand for handyman services. All of these factors contribute to the growth and expansion of the handyman service market.

Navigating Economic Challenges in the Handyman Service Market

While the handyman service business has potential for expansion, various impediments may limit its advancement. DIY enthusiasts who prefer basic repairs may reduce demand for professional handyman services. Economic downturns or recessions may result in lower home repairs and maintenance expenditures, influencing the handyman service business.

Customers may hesitate to choose unfamiliar handyman services due to concerns about trust and trustworthiness. Customers may be drawn away from general handyman services due to the availability of specialized contractors for difficult work. Finally, regulatory regulations and licensing constraints create entry barriers for new market participants, limiting market expansion for handyman services.

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Regional Perspectives on the Thriving Handyman Service Industry

The demand for handyman services in North America is expanding steadily due to rising urbanization, increasing residential properties, and the need for routine maintenance and repairs. Europe is likewise experiencing a robust handyman service industry fueled by a growing tendency to outsource home improvement jobs and an aging population needing assistance with domestic maintenance.

Rapid urbanization, an expanding middle-class population, and rising disposable incomes are surging demand for handyman services throughout the Asia Pacific. Emerging economies in Latin America and the Middle East are growing their use of professional handyman services, contributing to the regional perspective.

Key Takeaways

  • The United States might increase its market share by 31.6% between 2023 and 2033.
  • Between 2023 and 2033, Germany may hold a share of 7.4% in the handyman service industry.
  • Japan’s share of the handyman service industry is to reach 5.6% between 2023 and 2033.
  • Australia to hold a 3.1% share of the market from 2023 to 2033.
  • During the forecast period, China handyman service business to expand at a CAGR of 20.4%.
  • From 2023 to 2033, the United Kingdom handyman service industry is likely to register a 17.1% CAGR.
  • Through 2033, the India handyman service market is expected to record a CAGR of 22.6%.
  • The online segment of the deployment category is predicted to have a market share of 63.6% by 2033.
  • The repairs and maintenance segment holds a market share of 31.1% in the electricity category between 2023 and 2033.
  • North America may increase its handyman service market share by 36.2% between 2023 and 2033.
  • Between 2023 and 2033, Europe may hold a share of 24.4% in the handyman service business.

Competitive Landscape

The pivotal handyman service participants employ several marketing strategies, such as acquisitions, expansions, and alliances. They are launching new services to increase their market presence among customers.

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Recent Advancements

Expansion

The new collection of services Mr. Handyman offers includes plasterboard, tiling, exterior painting, carpentry, assembly, and repair. Additionally, the business is expanding its service areas. This fuels the need for handyman services.

Launch

The four-city tour reflections from Tennessee through South Florida, Georgia, and South Carolina have been introduced by Ace Handyman Services. The need for handyman services increases as a result.

Key Segments

By Deployment:

By Repairs & Maintenance:

  • Electricity
  • Plumbing
  • Non-HVAC Home Appliances
  • Gas
  • Heating
  • Ventilation and Air Conditioning

By Home Improvement Type:

  • Construction
  • Interior Design

By Region:

  • North America
  • Latin America
  • Europe
  • South Asia
  • East Asia
  • The Middle East & Africa
  • Oceania

About Future Market Insights, Inc.

Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.

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