Hyperlocal Service Market Expected to Reach $5,188.60 Billion by 2030

iCrowd Newswire
12 May 2022, 19:20 GMT+10

Various factors driving the growth of the Hyperlocal Service Market include growing urbanization, changing food habits, and proliferation of the smartphones. Furthermore, increasing working age population and busy lifestyle leads to increase the demand for home utility services such as appliance repair, house cleaning, lawn care, pest control, and plumbing, which in turn boost the demand for hyperlocal service

According to a new report published by Allied Market Research, titled, "Hyperlocal Service Market," TheHyperlocal Service Market Size was valued at $1,714.60 billion in 2020, and is estimated to reach $5,188.60 billion by 2030, growing at a CAGR of 14.9% from 2021 to 2030.

Hyperlocal service refer to order services and goods by consumers within limited or well-defined geographic location, from where seller delivers goods in minimum time period. Hyperlocal service includes online delivery of goods such as food, grocery, and online services including personal care and growing, house cleaning, plumbing and lawn care. These delivery services are ordered form local services providers in nearby places, which results in decrease in delivery time and cost.

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Growing smartphone user base and internet accessibility is majorly driving the growth of the hyperlocal service market. The Hyperlocal Service Market is also being driven by changing lifestyle and willingness to adopt with technological changes. Furthermore, consumers are more including toward online purchasing owing to benefits associated such as time saving, discounts, and number of options to choose. Collectively, all these Hyperlocal Service Market Trends are favoring the growth of the market. The market is highly unorganized with numerous small localized players, which restrains the market. In addition, growth in consumer preference for premium services and brands, and penetration of the hyperlocal service even in remote areas are expected to drive the market.

According to the analysis of Hyperlocal Service Market Analysis, the market is segmented on the basis of type, nature, and region. By type, it is categorized into food ordering, grocery ordering, home utility service, logistic service providers, others. By nature, it is divided into goods delivery and utility services. Region wise, it is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, the UK, France, Russia, Italy, Spain, Rest Of Europe), Asia-Pacific (China, India, Japan, Australia, South Korea, Rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa).

On the basis of type, the food ordering segment was valued at $349.7 billion in 2020, and is projected to reach $1,178.2 billion by 2030, registering a CAGR of 16.1% from 2021 to 2030. This is majorly attributed to extensive promotion of the online food delivery platforms through discounts, referring awards, and TV and social media advertisements. Many companies are expanding their market share by applying various strategies such as merger, acquisitions, and partnership, which likely to boost the growth of the online food delivery market during the Hyperlocal Service Market Forecast period. For instance, Zomato, an Indian food delivery service company, acquired Indian penetration of Uber Eats for $350 million. This acquisition deal is expected to help Zomato to cover more than 50% of Hyperlocal Service Industry share in India.

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On the basis of nature, the utility services segment was valued at $1000.6 billion in 2020, and is expected to reach $2,896.8 billion by 2030, registering a CAGR of 14.4% from 2021 to 2030. Utility services 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 utility services of Hyperlocal Service Market Growth . Furthermore, increased utility of smartphones and its user base is projected to offer lucrative Hyperlocal Service Market Opportunities for offline services providers to use online platforms to boost their business. On the basis of region, Europe has gained significant market share in hyperlocal service in 2020 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 service business, which further adds to the growth of the Europe hyperlocal service market.

In addition, Lockdown in Europe has been creating more demand for food and grocery delivery, which is expected to fuel the growth of the market. For instance, according to German based food delivery company, Delivery Hero SE, 92% online orders increased in the first quarter of lockdown, which is expected to intensify the growing demand for online food ordering services.

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Key findings of the study

The hyperlocal service market was valued at $1714.6 billion in 2020, and is estimated to reach $5188.6 billion by 2030, growing at a CAGR of 14.9% during the forecast period.

By type, the grocery ordering segment is estimated to witness the fastest growth, registering a CAGR of 17.5% during the forecast period.

In 2020, by nature, the goods delivery segment was valued at $714.0 billion in 2020 and it accounted for 41.6% of the global Hyperlocal Service Market Share.

In 2020, the U.S. was the most prominent market in North America, and is projected to reach $1,885.3 billion by 2030, growing at a CAGR of 13.7% during the forecast period.

Tags: Hyperlocal Services Market Share, Hyperlocal Services Market size, Hyperlocal Services Market industry, Hyperlocal Services Market Growth, Hyperlocal Services Market, Hyperlocal Services Market Trends