LONDON--(BUSINESS WIRE)--According to the latest market study released by Technavio, the moving services market in the US is expected to reach USD 16.11 billion by 2021.
This research report titled 'Moving Services Market in the US' provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes up to date analysis and forecasts for various market segments and all geographical regions.
The primary driver responsible for the growth of the moving services market in the US originates from residential relocation and corporate relocation. Residential relocation is taking place due to the increase in the number of renters when compared with ownership rates. Owing to the increase in the employment relocation rate, the percentage of renters in the US rose from 32.13% in 2006 to 41.23% in the year 2016.
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Technavio’s analysts categorize the moving services market in the US into the following four segments by types of moves. They are:
- Corporate
- Residential
- Military and Government
- Other
The top three revenue-generating segment by types of moves for the moving services market in the US are discussed below:
Corporate
The moving services market in the US by the corporate segment is expected to witness a growth of more than 4% CAGR, during the forecast period. One of the major drivers for the moving services in the US is corporate relocation. The growing number of short-term assignments both within the country and internationally are driving the market for relocation services in the US. On an average, companies relocate 10-12 employees every year.
According to Sharan Raj, a lead logistics research analyst from Technavio, “The employee relocation per person costs up to USD 22,000 to USD 80,000, depending on the place and the duration of the assignment. For avoiding this, companies are tying up with relocation services. These services offer packages at lower costs and provide full services, which are fully or partially reimbursed to the employee depending upon policies of each company.”
Residential
The moving services market in the US by the residential segment is expected to witness a growth of more than 3% during the forecast period. There has been a considerable growth in the number of people renting out houses because of the decrease in the number of home buyers. Increasing home prices is a major reason that is forcing people to move from expensive cities, such as California, Arizona, and Colorado, to less expensive cities like Texas, Massachusetts, and North Carolina.
“Nearly 23%-25% of the population relocates to less expensive cities like Texas and North Carolina where the additional income required is only 2%-5%, which is much lesser compared to California And Arizona, which records almost 25%-30% of additional income requirement,” adds Sharan.
Military and government
Each year, the US military, on an average scale moves over 650,000 military personnel to a different location. Most companies, as a part of the government relocation service programs, extend full-service help to military personnel. However, depending on the rank and family status, the government sets a weight limit on the baggage of personnel and their families.
The top vendors highlighted by Technavio’s research analysts in this report are:
- Atlas Van Lines
- Arpin Van Lines
- Bekins
- Mayflower Transit
- United Van Lines
- Wheaton World Wide Moving
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Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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