Moving Services Market Size, Share & Growth | Forecast 2031

Report Description

The global moving services market size was USD XX Million in 2022 and is likely to reach USD XX Million by 2031, expanding at a CAGR of XX% during 2023–2031. The market growth is attributed to the rising number of residential and commercial transfers across the world.

Moving services market is driven by the increasing number of families, working individuals, and businesses frequently shifting to a new place or area across the globe. Commonly identified reasons to shift include better cultural acceptance, change of job, weather, political reasons, and lifestyle preferences. People prefer moving solutions as they are convenient for packing, loading, unloading, and unpacking various types of items under a single service. For instance,

• As per a report published on April 12, 2023, by Nexus Auto Transport 2023, around 44% of people shifting annually in the US are individuals or families. Whereas around 38% are corporate business movers. Such a rise in the trend of moving from one to another location for convenience and cost saving is likely to propel the market.

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The market report finds that the COVID-19 pandemic restrained the growth of the moving services market, as many commercial businesses and industries were either shut down or postponed their operations to be completed in the future. Additionally, governments of various nations implemented lockdowns and restrictions on movement & traveling to curb virus spread, which further reduced the demand for relocation services and hampered the market during the pandemic. However, the moving service companies offered discounts and maintained social distancing regulations, which helped in recovering the market loss caused due to the pandemic.

Moving Services Market Dynamics

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Major Drivers

Professional relocators lower customers’ stress of shifting, which is a major reason they opt for relocating services, and thus drives the market. This service offers flexibility to the customers to focus on other important things than shifting. Moreover, the rising population across the world is facilitating people to move from rural to urban areas, thus they require relocating solutions. In addition, urban areas with lower mortgage rates are prime locations for people to shift, which further boosts the market.

Increasing availability of websites and mobile applications designated for moving services is projected to drive the market. The rise of smartphone subscriptions and internet penetration facilitates easy accessibility to moving service providers. The apps and websites are convenient for people living in urban cities due to busy schedules. With simple procedures on digital moving services platforms, one can ensure several factors of shifting from one place to another are being taken care of, without any hassle. This factor significantly contributes to the growth of the market.

Existing Restraints

High costs associated with transportation and packaging involved in relocating services are expected to restrain the market. Additionally, increasing prices of packaging materials and fuel required for goods transportation are expected to impede market growth. Moreover, as moving services usually charge as per allotted hours, the customers have less flexibility and control. This leads customer to withdraw their interest in opting for relocating services and go for moving on their own. Thus, these factors affect the market growth.

Emerging Opportunities

Rising scope of the real estate industry in developed countries is projected to create numerous opportunities for the market. As the real estate industry blooms, there is a high chance that people shift to different places. Additionally, the implementation of technological advancements in relocation solutions is expected to create novel growth scenarios for the market. Moreover, rising government initiatives for improving relocation services quality and introducing the service in developing countries are further likely to create lucrative opportunities in the market during the projection period.

Scope of Moving Services Market Report

The report includes an assessment of trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Moving Services Market Segment Insights

Service Segment Analysis

Based on service, the market is divided into packing & unpacking, transportation, loading & unloading, storage, moving insurance, DIY moving truck rental, and others. The packing & unpacking segment is expected to expand at a significant growth rate during the projection period, as it requires effective handling and packaging of items. The segment growth is further attributed to the increasing use of smart packaging and effective material handling.

The transportation segment is anticipated to account for a significant market share during the forecast period, as it is one of the important steps in moving belongings to a different place. The overall relocating experience is determined by how effectively the goods were transported, thus, fueling the segment. Furthermore, better transportation services help retain customer trust in keeping their goods safe, which in turn boosts the segment.

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Distance Segment Analysis

On the basis of distance, the global market is segregated into local, inter-state, and international. The interstate segment is projected to register a considerable CAGR during the forecast period, due to the rising number of people moving to other states across various nations. States in different countries have varied cultures, economic support, and political backgrounds, which are major reasons people prefer interstate moving, and further propel the segment. For instance,

• According to the United States Census Bureau, about 27 million people in the US moved from one place to another in 2021. The number totals around 8.4% of the total population. The report also mentions that Florida, Texas, and California are the top states preferred by the people to shift.

The international segment accounts for a significant market share, owing to the surging number of people who are moving to different countries for various reasons such as better lifestyle preferences and higher education. Moreover, as international moving takes a long time and distance, people often prefer to choose moving services to have easy goods transportation with highly effective safety and convenience. These factors increase the demand for moving and relocating services among international shifters.

Application Segment Analysis

Based on application, the global market is segregated into household, commercial, military, and others. The household segment is projected to register a considerable CAGR during the forecast period, due to the rising domestic and international transporting of people. This is further attributed to professional and personal reasons, where people move for reasons such as jobs, affordable cost of living, and climate change issues.

The commercial segment accounts for a significant market share, due to the surging number of developing commercial areas across emerging countries. Many commercial giants often transfer their employees to different locations as a job promotion, such factors propel the segment. Moreover, commercial relocating services offer corporate and office furniture storage moving solutions, protecting them from external environments such as moisture and sun exposure, which further facilitates segment growth.

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Regional Outlook

In terms of region, the global moving services market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is expected to dominate the market during the forecast period, owing to the rising number of key players in the region. These leading companies adopt consistent growth strategies such as partnerships and research & development, which helps in fueling the regional market.

• As per a survey by Move.org., 26% of the people in the US move to different states for career and job reasons, whereas, 20% of them move for a better lifestyle. The report also mentions some of the other reasons people move to different houses and states such as better culture, weather, political, and economic reasons.

The market in Asia Pacific is anticipated to expand at a rapid pace during the forecast period, due to the rising demand for shifting services in emerging regions such as India and China. These countries have had a hub for corporate culture in recent years and are anticipated to grow significantly, thus they require infrastructure relocating solutions, which in turn boosts the market in the region.

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