India Packers & Movers Market to Witness Robust Growth through 2028
Published | 17 May 2022
The expansion in the Packers & Movers market can be primarily attributed to high rate of urbanization, changing lifestyle pattens, growing floating population of the country, development of right and massive infrastructures for both personal and professional use and incorporation of technological advancements such as AI, chatbots, etc. to provide enhanced support like real-time tracking to the customers…
A recent study by the strategic consulting and market research firm; BlueWeave Consulting revealed that the India Packers and Movers Market is expected to grow at a significant rate during 2022-2028. The expansion in the Packers & Movers market can be primarily attributed to the high rate of urbanization, changing lifestyle patterns, growing floating population of the country, development of right and massive infrastructures for both personal and professional use, and incorporation of technological advancements such as AI, chatbots, etc. to provide enhanced support like real-time tracking to the customers. These factors are anticipated to propel the growth of the India packers and movers market over the forecast period.
Surge in Urbanization and Infrastructure Development To Bolster the India Packers and Movers Market Over Forecast Period.
India has been experiencing an economic boom leading to rapid urbanization and infrastructure development. The increment in the floating population and influx of MNCs in the urbanized areas attract many professionals from outside, thus creating relocation demands and propelling the growth of the packers and movers industry. Most of the customers are from cities like Bangalore and Mumbai and are in constant need of shifting. Usually, these corporate professionals come to work on a project basis, and once their project gets over, they leave. Moreover, the players associated with the business have reported that there has been a major expansion in the infrastructure and planned development of cities in India that has been propelling business prospects for the Indian packers and movers market.
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Residential Segment Accounted for Largest Market Share and is Expected to Grow at Highest CAGR in Coming Years
Based on the end-user, the India Packers & Movers market has been segmented into residential and commercial. The residential segment has been further classified into home relocation, vehicle transportation, and others. On the other hand, the commercial segment has been classified into corporate shifting, office relocation, and others. The residential segment accounted for the largest market share in 2021 and is expected to exhibit the highest growth rate over the forecast period. This can be attributed to the growing demand for local as well as inter-state domestic shifting, packing and unpacking services, car and bike transportation, door to door service, and warehousing and goods storage services. Moreover, as a result of the COVID induced work from home culture, there was a temporary spike in the revenue generated from the residential segment as people considered it a wise decision to relocate to their hometowns in order to save on the rent during the lockdown. This aggravated the demand for the packers and movers services from this segment.
Impact Of COVID-19 on India Packers & Movers Market
The India Packers & Movers market has also been brutally impacted by the emergence of the COVID-19 pandemic. Several governments around the world imposed rigorous lockdowns, thus vividly hampering the operations of the packer and mover businesses. Since the major role of this industry is to aid people in shifting from one place to another with their belongings, the unexpected enforcement of complete lockdown in the country halted their operations abruptly. There was a standstill in the transportation process since the highways connecting the cities closed, and the transportation of goods became non-operational. Numerous truck drivers returned to their hometowns with no work. Moreover, the cost of petrol kept on fluctuating owing to the fall in the GDP, resulting in fewer transport vehicles on the roads. Nevertheless, with the improving market circumstances in the post covid era, the growth of the packers & movers market is likely to recover during the forecast period.
North India Region to Grow at Highest CAGR
In terms of regional analysis, the India Packers & Movers market has been classified into North India, South India, East India, and West India. The market presence of relocation firms is gradually rising in the North Indian region, which reflects itself in the form of growing demand for the industry from regions like Delhi, Uttar Pradesh, Rajasthan, and Punjab and its bright future in the upcoming years. South India hosts a robust Packers and Movers industry owing to the heavy demand created by the working-class population residing in cities like Chennai and Bangalore.
Competitive Landscape
The India Packers & Movers market is a fragmented market. The key players operating in the India Packers & Movers market are UrbanClub Logistics India Pvt. Ltd., All India Packers and Movers, India Packers Group, Agarwal Packers and Movers Ltd., Gati Packers and Movers, Express, India Packers and Movers Pvt. Ltd., CTC Cargo Packers & Movers, Eureka Packers and Movers, Speedex Packers and Movers, ShiftKarado and other prominent players. The players maintain their dominance in the market by enhancing their service portfolios and launching improved packages and deals for the customers. Different strategies are adopted, like engaging in strategic alliances, agreements, mergers, and collaborations.
The report's in-depth analysis provides information about growth potential, upcoming trends, and the India Packers & Movers market statistics. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the India Packers & Movers market along with industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the market's growth drivers, challenges, and competitive dynamics.
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