Moving Industry Market Size
In the United States, the market size of the moving industry was $12.6 billion in 2018. The estimated 2019 market size is $12.978 billion, based on a 3% annual growth rate. There are currently 7,000 moving companies in the US operating within the industry, and 47.8% of them are small-sized (with less than five employees).
THE MOVING INDUSTRY
MARKET SIZE AND ANNUAL GROWTH RATE
- The moving industry revenue totals $12.6 billion annually.
- The total number of moves in the industry is estimated at 32,351,000 moves annually.
- The breakdown of the type of services in the moving industry by their percentage of the total revenue is given as; local and long distance moving (69.6%), storage and warehousing (20.2%), packing and packaging (7.5%), and other related services (2.7%).
- Based on the type of moves, the breakdown is given as; individuals (44%), corporate (39%), military (16%) and other federal government (1%).
- According to Verified Movers, "the moving industry has reported a growth rate of almost 3%".
- The 2018 market size of the US moving industry was about $12,600,000,000.
- The 2019 market size of the US moving industry is estimated to be $12,978,000,000.
NUMBER OF MOVING COMPANIES OPERATING IN THE US
- According to the American Moving & Storage Association, there are 7,000 moving companies in the US.
- 47.8% of the moving companies, which corresponds to 3,346 companies, don’t employ more than five employees. Therefore, they are mostly small-sized companies.
ADDITIONAL INDUSTRY METRICS
- Currently, approximately 122,600 people are working in the US moving industry.
- The top five cities for local moves in 2018 were Atlanta, Houston, Chicago, Brooklyn, and Los Angeles.
- More than 35 million Americans change their location every year.
- The five busiest move routes are California-Texas, New York-Florida, California-Washington, California-Arizona, and New York-California.
- The percentage location move share out of the total annual moves is given as; interstate (15%), intrastate (20.1%), local (61.4%) and international (3.6%).
- A survey of 3,000 people regarding their preferable interstate method of move revealed that 21.7% would hire professionals, 33.3% would take a rental truck, and 45% would manage the move unassisted.
After searching for publicly available information, including industry reports, articles, relevant associations, and official statistics databases, your research team found multiple data points regarding the moving industry in the U.S., including its market size in 2018 and the growth rate of the market. However, data for 2019 was unavailable, as the year is still progressing, and such data might not have been released. The team thus had to triangulate the 2019 information based on the 2018 data. The logic and calculation are as follows:
CALCULATION FOR THE 2019 MOVING INDUSTRY MARKET SIZE IN THE US
From 2018 statistics, the US moving industry had a revenue of $12,600,000,000 at an annual growth rate of 3%. Therefore, to find the market size for 2019, we will add the annual growth in USD to the 2018 market size.
Annual growth in USD = (3/100) * $12,600,000,000 = $378,000,000
2019 market size = 2018 market size + annual growth in USD = $12,600,000,000 + $378,000,000 = $12,978,000,000.