NEW YORK, The online on-demand home services market in Southeast Asia is expected to grow by USD 258.47 billion from 2020 to 2025 at a CAGR of 54% as per the latest market report by Technavio. Also, the market recorded a 41.92% Y-O-Y growth rate in 2021.
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Read the 120-page report with TOC on “Online On-demand Home Services Market in Southeast Asia Analysis Report by Service (Homecare and design, Repair and maintenance, HWB, and Others) and Geography (Singapore, Malaysia, Indonesia, Thailand, and Rest of South-East Asia), and the Segment Forecasts,2021-2025”. Gain competitive intelligence about market leaders. Track key industry opportunities, trends, and threats. Information on marketing, brand, strategy and market development, sales, and supply functions. https://www.technavio.com/report/report/online-on-demand-home-services-market-in-southeast-asia-industry-analysis
Online On-demand Home Services in Southeast Asia – Trends
Digital marketing and consumer engagement on social media platforms is a major trend supporting the online on-demand home services market share growth in Southeast Asia. Service visibility is one of the principal factors of the marketing strategy implemented by online on-demand home service providers globally, including the regional vendors. Service providers are adopting digital and social media promotional activities as part of their marketing strategies to increase their service visibility. The conventional advertising platforms, such as televisions and radios, are now shifting to live TVs and radios on the online media. This drives up the number of advertisement viewers. Social media platforms are another strong component used by vendors to run their service promotions and campaigns. The substantial growth in digital marketing and the increase in the engagement of consumers on social media platforms will promote the growth of the regional market in focus.
Online On-demand Home Services in Southeast Asia – Drivers
The key factor driving growth in the online on-demand home services market in Southeast Asia is the busy lifestyle propelling the demand for home services and solutions. Factors such as the growth in urbanization and the increasing inclination of the younger generation toward exploring new career opportunities have contributed largely to their busy lifestyle, specifically in metro cities across Southeast Asian countries. Professional pressure leaves individuals with very little time for a family outing or taking care of household works such as cleaning, repairing, and maintenance operations. This has subsequently increased the demand for online on-demand home services in Southeast Asian countries. Recognizing the problems faced by the professionals and other employed people, online on-demand home services companies are offering the convenience of doorstep pickup and drop services, thereby making the process more convenient.
Online On-demand Home Services in Southeast Asia – Challenges
The high competition among vendors will be a major challenge for the online on-demand home services market in Southeast Asia during the forecast period. The online on-demand home services market in Southeast Asia is dynamic because of the presence of several regional and country-based players that compete based on parameters such as acquisitions, partnerships, expansions, and marketing and advertising campaigns. The competition among the existing players in the market is expected to intensify during the forecast period with the entry of new startups. The presence of numerous vendors is intensifying competition and increasing the price wars among vendors. Such price wars have the potential to erode profit margins and can lead to smaller businesses exiting the market. All these factors, together, are expected to hamper the growth of the online on-demand home services market in Southeast Asia.
Some of key Online On-demand Home Services in Southeast Asia Players:
The online on-demand home services market in Southeast Asia is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.
Amazon.com Inc.APLUS CLEAN SOLUTIONSBusiness Pixel Sdn BhdEveryworks Services Pte. Ltd.Grab Holdings Inc.KaodimM4U SERVICES SDN.BHD.Maclean Services Sdn BhdUp Your Home Services Sdn BhdUrban Co.
Online On-demand Home Services Market In Southeast Asia – Segmentation Analysis
Service Outlook (Revenue, USD bn, 2020-2025)
Home care and design – size and forecast 2020-2025Repair and maintenance – size and forecast 2020-2025HWB – size and forecast 2020-2025Others – size and forecast 2020-2025
Geography Outlook (Revenue, USD bn, 2020-2025)
Singapore – size and forecast 2020-2025Malaysia – size, and forecast 2020-2025Indonesia – size, and forecast 2020-2025Thailand – size, and forecast 2020-2025Rest of South-East Asia – size and forecast 2020-2025
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