The analysts forecast the moving services market in US to grow at a CAGR of 3.75% during the period 2017-2021.
Moving Services Market in US 2017-2021, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market. To calculate the market size, the report presents the vendor landscape and a corresponding analysis of the vendors operating in the market.
One trend in market is implementation of CRM and engagement analytics in moving industries. Moving companies and relocation services offer a wide range of amenities, which often leads to confusion among clients. To have a proper client interaction and to increase visibility online, companies need to integrate engagement analytics and customer relationship management (CRM) to increase client interactions. This will help in boosting the company's growth.
According to the report, one driver in market is growth in real estate agency. The revival of the housing market from 2010 to 2016 in the US has improved the real estate scenario, which has driven the growth of relocation services in the region. The existing home sales since 2010 increased by $4.45 billion to $ 5.56 billion in 2016. This is due to strong hiring rates and job sales across the US. The overall housing market is expected to grow at a moderate to fast pace during the forecast period. The increase in buyer interest, better credit rates, and overgrowth in the number of sales will drive the market for relocation services Through affordable housing loans, buyers are investing in houses, which will increase the real estate market in the US. This, in turn, will drive the market for relocation services.
Further, the report states that one challenges in market is high costs involved with relocation services. Relocation, whether residential or corporate, costs a large amount of money. It costs even more when a relocation service operator is hired to do the job. Although relocation services provide an estimate for the cost of relocation, the actual cost figures at the end are always 35%-40% higher than the estimated cost. In addition, the damage of equipment/personnel belongings results in extra costs. This is particularly a concern for corporates as any damage caused to the building during relocation can increase their lease payments. The cost estimated by clients for interstate movement is around $800-$900, and the cost of moving between states is around $4,000-$4,800.